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Tax rates 2020/21

April 6th, 2020 Posted by Accountancy 0 thoughts on “Tax rates 2020/21”

Tax rates and allowance for 2020/21 are detailed below:

INCOME TAX RATES (INDIVIDUALS UK)2020/212019/20
Starting rate£1 – £5,00020%£1 – £5,00020%
Basic rate£5,001 – £37,50020%£5,001 – £37,50020%
Higher rate£37,501 – £150,00040%£37,501 – £150,00040%
Additional rateOver £150,00045%Over £150,00045%
INCOME TAX RATES (DIVIDENDS)2020/212019/20
Basic rate£12,501 – £50,0007.5%£12,501 – £50,0007.5%
Higher Rate£50,001- £150,00032.5%£50,001- £150,00032.5%
Additional Rate150,00038.1%150,00038.1%
INCOME TAX ALLOWANCES2020/212019/20
Basic personal allowance£12,500£12,500
Married/civil partners transferable allowance£1,250£1,250
Blind persons allowance£2,500£2,450
Rent a room relief limit£7,500£7,500
Savings allowance£1,000£1,000
Trading income allowance£1,000£1,000
Property income allowance£1,000£1,000
PENSION CONTRIBUTIONS2020/212019/20
Annual allowance£40,000£40,000
Lifetime allowance£1,073,100£1,055,000
CAPITAL GAINS TAX2020/212019/20
Annual exemption
Individuals£12,300£12,000
Trusts£6,150£6,000
Entrepreneurs’ relief lifetime allowance£1m£10m
Individuals and trusts
Basic and starting rate taxpayers10%10%
Higher and additional rate taxpayers20%20%
Trusts and personal representatives20%20%
Rate where entrepreneurs’/investors’ relief applies10%10%
INDIVIDUAL SAVINGS ACCOUNTS2020/212019/20
Maximum annual investment
Cash and shares combined limit£20,000£20,000
Lifetime ISA£4,000£4,000
Junior ISA£9,000£4,368

National Minimum Wage

April 6th, 2020 Posted by Accountancy 0 thoughts on “National Minimum Wage”

The National Minimum Wage is the minimum pay per hour almost all employees are entitled to be paid by law.

These rates apply from 1 April 2020.

Category of workerHourly rate
Aged 25 and above (national living wage rate)£8.72
Aged 21 to 24 inclusive£8.20
Aged 18 to 20 inclusive£6.45
Aged under 18 (but above compulsory school leaving age)£4.55
Apprentices aged under 19£4.15
Apprentices aged 19 and over, but in the first year of their apprenticeship£4.15

Furough workers

April 6th, 2020 Posted by Accountancy 0 thoughts on “Furough workers”

Furlough workers during COVID19 (Coronavirus)

HMRC have released additional guidance in relation to furlough workers which now includes provision for directors, please see the link to the full guidance from HMRC:-

 

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

As always if you have any questions please get in touch.

Business loans

April 3rd, 2020 Posted by Accountancy 0 thoughts on “Business loans”

Business loans for COVID19 (Coronavirus)

From Friday 03 April 2020 Chancellor Rishi Sunak has extended the current Coronavirus Business Interruption Loan Scheme (CBILS) to help more small businesses access loans.

  • The Scheme supports SMEs with accessing loans of up to £5 million for up to 6 years.
  • The government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees so that there are no upfront costs.
  • Loan scheme extended to include all small companies affected by Covid-19, and not just those unable to get commercial funding
  • The government is providing lenders with a guarantee for 80% of the loan amount.
  • Provided you are borrowing less than £250,000, there can be no personal guarantee on the remaining 20%

 

There are only 40 accredited lenders, so make sure you are applying through a legitimate channel. You can view authorised lenders/partners on the following link:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/

Loan details

If applying, you will need to provide your lender with details of the loan you’re asking for:

  • How much you need to borrow
  • What the money is for
  • The period of time you want the loan for

 

Supporting documents

You need to provide evidence that shows you can afford the loan repayments. This will vary from lender to lender, but may include:

  • 3-months’ bank statements
  • Management accounts
  • Cash flow forecasts
  • Business plan
  • Annual accounts
  • Details of assets owned

 

If you need any help, or require additional financial reports in order to access these loans, please get in touch.

 

 

Grant funding

April 1st, 2020 Posted by Accountancy 0 thoughts on “Grant funding”

Grant funding for COVID19 (Coronavirus)

The claim forms are now available on both the Northumberland County Council and Newcastle City Council websites, see links below:-

https://www.northumberland.gov.uk/Business/Grants/Grants-Funding.aspx

https://www.newcastle.gov.uk/services/public-health-wellbeing-and-leisure/public-health-services/coronavirus-covid-19/support-business-coronavirus

Financial support

April 1st, 2020 Posted by Accountancy 0 thoughts on “Financial support”

Financial support during COVID19 (Coronavirus)

During these difficult times there are many forms of financial support available, below is a summary of what’s on offer:-

  • If you have to furlough your staff there are grants available to cover 80% of their salary costs, up to a maximum of £2,500. The portal is not yet up and running, but is expected to be in April.

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

  • If you have business premises (even if you get small business rates relief) there are grants available of £10k. Check your local authority website for updates, Northumberland County Council and Newcastle City Council already have online claim forms. Businesses in some sectors such as hospitality and retail will be eligible for up to £25k

 

  • Self employed people can claim a grant of up to 80% of their average earnings

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

  • VAT deferment – you will need to cancel your direct debit to ensure payments are not taken automatically

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

 

  • Business interruption loan scheme, contact your bank to see if you may be eligible
  • Mortgage payment holidays – many banks now have an online form to apply for this
  • Loan payment holidays – some banks (such as Barclays) have stated than an online form to apply for this is coming soon
  • Apply for universal credit, this will be a financial life line to many people while they wait for other support to come through

https://www.gov.uk/apply-universal-credit

If you have any questions please get in touch.

Tax rates 2020/21

National Minimum Wage

Furough workers

Business loans

Grant funding

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