Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge.
The new late payment interest rate, applied to the main taxes and duties, took effect from 30 March
During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively.
A number of businesses will be in the fortunate position of heading into the current COVID-19
As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments.
VAT
HMRC will not enforce payment of VAT liabilities that fall due between 20 March 2020
1 April 2020 – Due date for Corporation Tax due for the year ended 30 June 2019.
19 April 2020 – PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020).
19 April 2020 – Filing
Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support the employed and the self-employed.
In the first news story
The government has issued a bulletin providing advice for employers regarding compliance with the National Minimum Wage (NMW) framework, particularly with regard to the effect under that framework of pay advances and loans to workers, in the context
The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from
Employees who are unable to work for more than seven days because of coronavirus (COVID-19) can now obtain an “isolation note” through a new online service. The new isolation note, which can be used by employees as evidence of their