Government support for Businesses and individuals during Covid-1920200324084641

Government support for Businesses and individuals during Covid-19

March 24, 2020
What Support can businesses get during the CoronavirusCoronavirus Job Retention SchemeHMRC will set up a new online portal so that ALL UK employers, regardless of size, will be eligible for assistance where an employee has been designated as a ‘furlo...
November Budget cancelled20191025040000

November Budget cancelled

October 25, 2019
Sajid Javid has cancelled the Budget that was due to be presented to Parliament 6th November. As the UK will not be leaving the EU at the end of this month and as Boris Johnson is proposing a general election on 12th December, both of these events...
Compensation limits for bank deposits20191023040000

Compensation limits for bank deposits

October 23, 2019
What happens if your bank becomes insolvent and you stand to lose any funds deposited? The bank deposit guarantee limit is the amount of money that is guaranteed, for savers in UK banks and building societies, should the institution become...
Making Tax Digital (MTD)20191023040000

Making Tax Digital (MTD)

October 23, 2019
Since April 2019, VAT registered businesses with a turnover above the VAT threshold need to keep digital records for VAT purposes using the Making Tax Digital (MTD) protocols. This means that businesses must keep their records digitally (for VAT...
What is a Close Company?20191023040000

What is a Close Company?

October 23, 2019
A Close Company is broadly defined as a company that is controlled by: five or fewer participators or any number of participators who are also directors or where more than half the assets of which would be distributed to five or fewer...
Tax deducted from payments by companies20191023040000

Tax deducted from payments by companies

October 23, 2019
Under certain circumstances, companies (including non-resident companies trading from a branch or agency in the UK and local authorities) can have a duty to deduct tax in connection with certain payments. In effect the company accounts for all or...
Lump sums paid in continuing employment20191023040000

Lump sums paid in continuing employment

October 23, 2019
A lump sum payment can sometimes be made in lieu of all or part of an employee’s salary, wage, commission or other amounts to which they are entitled by virtue of their employment. Under these circumstances, the lump sum payments are taxable as...
Tax implications for construction industry20191023040000

Tax implications for construction industry

October 23, 2019
If you run a construction business and secure the services of sub-contractors, or if you are a building sub-contractor, you will need to comply with a special set of tax rules collectively known as the Construction Industry Scheme (CIS). The CIS...
What is a reasonable excuse?20191023040000

What is a reasonable excuse?

October 23, 2019
There are a number of options if you find yourself in disagreement with a tax decision issued by HMRC. As a first step, it is usually possible to make an appeal against a tax decision. There is normally a 30-day deadline for making a claim, so time...
Win while you save20191023040000

Win while you save

October 23, 2019
HM Treasury has announced the trial launch of a new PrizeSaver account with participating credit unions. The new account was launched as part of the International Credit Union Day. Eligible savers who open the new account can win up to £5,000 a...
31 October paper Self-Assessment filing deadline20191023040000

31 October paper Self-Assessment filing deadline

October 23, 2019
The 2018-19 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2019. Late submission of a Self-Assessment return will trigger a £100 late filing penalty. The penalty usually applies even if there is no liability...
Simplified import procedures20191016040000

Simplified import procedures

October 16, 2019
HMRC has automatically registered many businesses to use simplified import procedures should the UK leave the EU without a deal on 31 October 2019. The scheme, called the Transitional Simplified Procedures (TSP) will make importing from the EU bloc...
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