We can expect major tax reform in the new year as we head towards a new economic climate. The Treasury is clamouring to answer how will the government manage the £300bn deficit? Which is forecast for the current fiscal year. As we bear witness to the unfolding financial crisis resulting from the pandemic, tax reform is becoming increasingly necessary. Tax reform could provide the Treasury...
The money in your limited company bank account belongs to the company, however as a director of the company you can make withdrawals using what is known as a director’s loan. Limited Company The main difference between registering a limited company and self-employment, is that a limited company is an entity in its own right. An individual can own part or the whole limited company,...
Last month the Chancellor announced that HM Revenue and Customs (HMRC) will allow self employed workers more flexibility to pay their personal self-assessment tax bills with an enhanced self employed payment plan known as Time to Pay. Time to Pay A Time to Pay Arrangement with HMRC is a debt repayment plan for self employed workers outstanding taxes. Recently HMRC announced an increase in the...
The Construction Industry Scheme (CIS) VAT reverse charge will come into force on 1st March 2021. The CIS VAT reverse charge was due to commence in October 2019, but this was delayed twice, firstly as a result of Brexit and then the outbreak of COVID-19. The construction industry reversed charge will apply to supplies of construction work in the UK. When the reverse charge applies...
August 2020 News Update – featuring additional news developments from our newsletter series The second round of SEISS grants is open for applications from Self-Employed workers and can be accessed between 17th August until 19th October. Furthermore eligibility has been extended to new parents. Over 860,000 ‘Bounce Back Loans’ have been issued since the Coronavirus Business Interruption Loan Scheme opened in May, with new applicants...
Now is the best time to make sure you are covered by our Tax Enquiry Protection Insurance against an HMRC Investigation. We’ve heard Chancellor Rishi Sunak state in his 2020 Budget that “The government is investing in additional compliance officers and new technology… enabling HMRC to further reduce the tax gap.” Likely with an uptick in tax investigation. Following the outbreak of COVID-19...
The Chancellor has set out more details on how the Coronavirus Job Retention Scheme will continue to support jobs and business as people return to work, following the announcement of an extension of the scheme on 12th of May. So far, the CJRS has helped one million employees across the UK furlough 8.4 million jobs, protecting people’s livelihoods. In addition the government’s self-employment income support...
Millions of UK employees are now working from home due to the coronavirus outbreak. If you are an employee working from home, you could be eligible to claim a working from home tax refund for the extra expenses that you incur as a result, such as gas and electricity. Typically as an employee working from home during Covid-19, you will be making great savings by...
The COVID-19 pandemic has upended UK Government rules and regulations on a whole raft of important areas. The massive bailout of business, individuals and the self-employed highlights the damage that this pandemic will do to the wider economy without adequate state support. To help prevent this damage, the Government has announced a selection of payment delays on Self-Assessment and VAT. The Government has announced that...
We are living in very different times and business is not running as usual thanks to Coronavirus. The UK is in the midst of a nationwide lockdown. We have social distancing rules in place that inform our social decision-making. This article will bring together the latest announcements and make sense of these big changes. The Government has announced £330 billion pounds worth of loan guarantees...
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