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Tax Diary April/May 2020

31/03/2020

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 deadline for the CIS300 monthly return for the month ended 5 April 2020. 19 April 2020 -...

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National Minimum Wage compliance in relation to pay advances and loans

30/03/2020

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 of the coronavirus pandemic. The bulletin sets out how the practice of an employer making...

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Self-Employed Income Support Scheme

26/03/2020

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 self-employment. A list of the scheme features as announced, and published, are as follows: Those...

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Coronavirus: government launches online “isolation notes” service

25/03/2020

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 coronavirus-related absence from work (either because they have symptoms or they live with...

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Acas publishes updated coronavirus resources

25/03/2020

Acas has published updated guidance for employers and employees on the coronavirus (COVID-19). The guidance now covers: social distancing and vulnerable people self-isolation and sick pay what to do if the employer needs to close the workplace what to do if an employee needs time off work to look after someone what to do if someone...

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Television licence fees for over-75s

24/03/2020

In a joint statement from the BBC and the Department for Digital, Culture, Media & Sport it has been announced that the changes introducing television licence charges for the over-75s has been delayed. These changes had been due to come into effect from 1 June 2020 but have now been delayed until at least 1 August 2020 due to...

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Companies House deadlines and Coronavirus

24/03/2020

There are automatic late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. Companies House is advising businesses to take appropriate measures to file on time. If,...

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Sick pay if you are unable to work

24/03/2020

The government has announced a number of funding and support measures to help those affected by the COVID-19 virus outbreak. A significant number of the measures are designed to help provide financial support at this most difficult time. One of the main measures announced relates to the provision of sick pay. You are entitled to receive...

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Coronavirus Job Retention Scheme

24/03/2020

If you have been 'furloughed' then the new Coronavirus Job Retention Scheme may be able to help. If you are furloughed it essentially means that your employer has given you a temporary leave of absence or a type of sabbatical to help cope with the economic turmoil resulting from COVID-19. If you are on furlough, then you should be...

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COVID-19 and claiming benefits

24/03/2020

The government has announced that certain benefits will be increased as part of the package of measures to help households affected by COVID-19. This will see the standard rate of Universal Credit and Tax Credits increased by £20 a week (£1,040 per year) for one year from 6 April 2020. It has earlier been announced as part of...

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Business rates and grants - regional variations

24/03/2020

We have written about the changes to business rates for businesses in England due to COVID-19. There is also a Retail and Hospitality Grant Scheme that provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property as well as a one-off Small Business Grant of up to £10,000 to...

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The importance of credit control

24/03/2020

Most business owners are rightly focussed on sales. If sales dry up business costs will quickly result in losses; and losses will eventually burn through your assets until insolvency rears its ugly head. In the current “lock-down” environment there is a temptation to ease back on collecting cash from customers if you offer...

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Please read our emails and news updates

24/03/2020

The current “lock-down” to slow down the Coronavirus epidemic is a sensible medical response, but a potential disaster for small businesses desperately trying to keep their businesses open and operational. Since the 10 March, we have had a formal budget and at least two major “mini-budget” announcements bringing...

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Further details on Hardship Fund published

24/03/2020

The launch of a new £500 million Hardship Fund in England was announced at Spring Budget 2020 by the Chancellor. On 24 March 2020, the Local Government Secretary Rt Hon Robert Jenrick MP confirmed the Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by Coronavirus. This...

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Paper tax returns

24/03/2020

HMRC has announced that taxpayers still using paper returns will no longer routinely do so. This is part of the efforts to encourage the use of online services and reduce the unnecessary use of paper. Last year, HMRC automatically sent out more than 500,000 blank paper tax returns, while more than 10.4 million taxpayers filed their...

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Tax-Free Childcare scheme

24/03/2020

The Tax-Free Childcare Scheme (TFCS) is open to all eligible families with children under 12. It was announced as part of the Budget measures that a service improvement will be made to ensure the TFCS is compatible with school payment agents. This will allow parents of up to 500,000 school-aged children across the UK to access the TFCS...

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COVID-19 - new ministerial structures

24/03/2020

The Prime Minister, Boris Johnson has set up four new ministerial structures to coordinate, prioritise and respond to the Coronavirus pandemic. The new implementation committees will focus on health, public sector preparedness, economy and international response. This new structure is in addition to the regular UK COBR meetings to take...

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Tax relief for pension contributions

24/03/2020

The decision of the Chancellor, Rishi Sunak to increase the tapered annual allowance thresholds in the Budget earlier this month will have been welcomed by many high earners. From 6 April 2020, the tapered annual allowance will increase from £150,000 to £240,000. The annual allowance for tax relief on pensions will remain at...

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