On the 12th of May 2020, the Government announced a further extension to the Coronavirus Job Retention Scheme. The scheme will not remain open until the end of August with employers able to furlough employees and receive funding for 80% of the employees wages.
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Marks and Spencer’s have announced that they will be making significant changes in their business over the next few months as a result of the Coronavirus pandemic. They have agreed a deal with the online retailer Ocado as they seek to transition to an online delivery model for the food business.
Read MoreOn the 27th of April 2020, the Government announced a new small business bounce back loan scheme. This scheme will provide a 100% government backed loan, interest free for the first twelve months, up to 25% of the business turnover with the maximum loan value of £50,000.
Read MoreEvery year a company must file a confirmation statement this includes if your company is not trading or dormant. When it is time to file the confirmation statement you will receive a letter from Companies House to inform you it is time to file the statement again, if you signed up for online filing and have chosen to get email reminders you will still get a reminder but it will be sent to the email address nominated.
Read MoreResearch and Development Tax Credits support companies that make investment in projects that seek to further technology or create new processes in developing existing products or services. It is designed to encourage companies to invest in new advances in science and technology that will benefit the UK economy.
Read MoreANNA Stands for Absolutely No Nonsense Admin and it is a banking app designed for small businesses. ANNA seeks to remove all the admin involved with running your own business and gives options in the app to prepare invoices, send payment reminders, track expenses, and remind you about the payment of taxes.
Read MoreIt is now possible to claim for staff that were employed as of the 19th of March 2020 and were reported to HMRC on a real time information submission on or before March 19th, 2020. This was extended from the previous qualifying date of the 28th of February 2020.
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The impact of the Coronavirus on the UK economy will be profound and will certainly mean that a lot of business will face challenges over the next twelve months and possibly longer into the future. It is important that you use this time if your business is suffering a downturn in trading to spend time and resources on your business.
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A Self-Assessment Tax Return is document that may be normally prepared by your accountant and will gather all the sources of your income for a tax year and present them in one document. It will contain all the P45’s and P60’s relevant to the tax year along with the details of any sources of income that you may have such as dividends, rental income, capital gains and pensions.
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One of the measures that the Chancellor has announced to protect jobs and businesses throughout the COVID-19 outbreak was the Coronavirus Job Retention Scheme. This allows a business to claim 80% of the wages of staff, up to a maximum of £2500 per month, that have been furloughed as a result of the Coronavirus outbreak.
Read MoreOn the 8th of April 2020 The Chancellor announced a £750million support package for UK Charities to ensure that they can continue to work through the COVID-19 outbreak. This package will help to support hospices and charities caring for people suffering from domestic abuse.
Read MoreYour accountant should be your major source of support for your business during both good and bad times. They give you advice and support how to run your business and help you keep up to date with changes in tax and regulations. It should therefore be the case that during the current COVID-19 outbreak that your accountant should be your guide to navigating your business through this crisis.
Read MoreIt was announced on the 3rd of April 2020 that The Chancellor is to take further action to increase the support given to businesses under the Coronavirus Business Interruption Loan Scheme. The scheme is to be extended so that more businesses can benefit, and it is easier to apply and access essential funds during the current COVID-19 Crisis.
Read MoreThere have been several updates in the tax rates for the tax year April 6th 2020 to April 5th 2021, these changes affect the tax rates for England & Wales and the tax rates for Scotland. The tax-free allowance remains unchanged at £12500 per year.
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As a company director you have responsibilities to co-operate with your accountant on the preparation and submission of your accounts, taxes and VAT. To think that because you appoint an accountant to do this work there is no responsibility is wrong, and if a filing is missed it is the Directors who will be held responsible by HM Revenue and Customs and Companies House.
Read MoreAs well as help for businesses and self employed the government as also announced help for individuals during the COVID-19 outbreak.
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We have been asked by several our clients how they can access funding from The Government for their business due to Coronavirus. Due to the nature of the current outbreak a lot of the funding as been announced, but a lot of the systems are not fully working yet and are currently being set up by HM Revenue and Customs.
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The Governments response to the COVID-19 has been swift and comprehensive, the level of support given to business was also required since the guidance has been that employees where possible should work from home.
Read MoreYou are entitled to use this scheme if you have lost income due to the Coronavirus and are self-employed or if you are a member of a partnership. This scheme will give you a taxable grant of 80% of your trading profits up to £2500 per month for the next three months and may be extended if required.
Read MoreYou will have several responsibilities from the day that you are appointed a Director to your company.
Your main responsibilities are to perform a number of duties under the Companies Act 2006 and these will still apply if you are either not active in the role as a director, you have not yet been formally appointed as a director or you control a board of directors without actually being on it.
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