While our businesses have been able to maintain or increase profits there has been an unwritten acceptance that we will pay for current taxes out of future cash resources.
For example, if you are self-employed, payments on account for
Last week, we considered one of the issues that employers will likely need to consider in the coming weeks and months: productivity.
This week we have listed other factors that you may need to consider if you presently have staff furloughed under
We reported late last month on the extension of the Coronavirus Job Retention Scheme to 31 October 2020 following the announcement by the Chancellor, Rishi Sunak. At the time, the Chancellor confirmed that further guidance on the workings of the
The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period of time
HM Treasury has published its weekly update (to close of business on 7 June 2020) on COVID-19 lending schemes designed to support businesses impacted by the pandemic.
Under the Coronavirus Business Interruption Loan Scheme (CBILS), 47,650 businesses
The deadline for submitting the 2019-20 forms P11D, P11D(b) and P9D is 6 July 2020. Employees must also be provided with a copy of their P11D by the same date.
Employers pay Class 1A National Insurance contributions on most benefits. If you provided
The VAT rule changes for building contractors and sub-contractors that were expected to come into effect on 1 October 2020 have been delayed for a further 5 months until 1 March 2021. The delay is due to the impact of the Coronavirus pandemic.
The
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below then you can get a £1,000 allowance for each.
The £1,000 exemptions from tax apply
A voluntary VAT deregistration can be made if you do not expect your taxable turnover to exceed the VAT deregistration limit. The current deregistration limit is £83,000.
If you are running a small business that has been adversely affected by
As our readers will be aware, the Coronavirus Job Retention Scheme (CJRS), has been extended until 31 October 2020. There are a number of important changes to the way the scheme works that will start to come into effect from 1 July 2020, when