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Financial support: further updates…

November 9th, 2020 Posted by Accountancy 0 thoughts on “Financial support: further updates…”

Further changes made to the support available. The changes are as follows: –

Coronavirus Job Retention Scheme (Furlough)

  • The furlough scheme has been extended until March 2021.
  • The employee will continue to receive 80% of their normal pay.
  • For November and December the employer only has to pay the national insurance and pension contributions.
    • This will be reviewed in January and further details will be announced then.
  • Currently, the full guidance on calculating the November figures is still not released.

 

Self-Employed the Self Employed Income Support Scheme (SEISS)

The SEISS has been updated as follows:-

  • For the period November 2020 to January 2021, the payment will be equivalent to 80% of trading profits based on the same figures used previously.
    • This results in a maximum claim of £7,500 for the three month period (the same as the first grant).
  • The claim period will open at the end of November.

 

If you have any questions or need further assistance please just get in touch.

Financial support update (changes as predicted)

November 2nd, 2020 Posted by Accountancy 0 thoughts on “Financial support update (changes as predicted)”

As predicted the changes to the agreed financial support packages are starting to be announced…..

Self-Employed the Self Employed Income Support Scheme (SEISS)

The SEISS has been updated as follows:-

  • The percentage of trading profits will be increased for November to 80% (from 40%) making the average percentage 55% for the period November 2020 to January 2021, this results in a maximum claim of £5,160 for the three month period
  • The claim period will open at the end of November 2020

 

Government loan schemes

  • The schemes have been extended to the end of January 2021
  • Firms can “top up” existing bounce back loans if they require additional finance

 

Further details on the above announcements can be found on the below link:-

https://www.gov.uk/government/news/government-increases-support-for-self-employed-across-the-uk

We’re expecting further announcements over the coming days so will keep you updated as these announcements are made.

COVID-19 Financial support update

November 2nd, 2020 Posted by Accountancy 0 thoughts on “COVID-19 Financial support update”

There are new business support measures that have been announced, we will keep you updated as these evolve:-

Coronavirus Job Retention Scheme (CJRS) extended

Furlough scheme extended until 02 December 2020.

To be eligible, employees must have been on a PAYE submission by 23:59 on 30 October 2020.

Employees can be furloughed/flexible-furloughed.

Employees must receive 80% of normal pay, up to a maximum of £2,500

  • Government will pay the full 80%.
  • Employer must pay national insurance and pension contributions.
  • Employer can top-up wages, but will be responsible for paying full top-up amount.

Details can be found here although more detailed guidance is expected to be announced in the next few days:-

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

Job support scheme

This scheme was due to begin from 01 November but has now been put on hold until the above CJRS scheme ends.

Bounce back loans

Loan terms can now been extended to 10 years from 6 years.

Grants

Businesses required to close in England due to local or national restrictions will be eligible for the following:

  • For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
  • For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

Mortgage holidays

Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday.

Those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

VAT deferment

The VAT liabilities that were deferred earlier in the year were due to be paid in March 2021. It has now been announced that these can be repaid over 11 months during the 2021/22 tax year.

Full details can be found here:-

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

Self-assessment January 2021 payment

The January 2021 payment can be split over 12 months. In order to take advantage of this, you must personally call HMRC to enter into a “time-to-pay” arrangement; failure to do so will mean you may be charged penalties and interest.

Full details can be found here:-

https://www.gov.uk/guidance/defer-your-self-assessment-payment-on-account-due-to-coronavirus-covid-19

VAT on hospitality

The reduction in VAT to 5% has been extended to 31 March 2020. This excludes sales of alcohol.

Full details can be found here:-

https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions

Self employed income support scheme (SEISS)

There will be two additional grant payments for the self-employed.

One covering the period November 2020 to January 2021, this will be 40% of profits up to a maximum of £3,750.

The second grant will cover February to April 2021 but the details have not been announced as yet.

Current information can be found here:-

https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension

If you have any questions or need any assistance then please get in touch.

We are hiring!

September 7th, 2020 Posted by Accountancy 0 thoughts on “We are hiring!”

Administrative Assistant

An opportunity has arisen for an administrative assistant to join our team at the Stocksfield office. We are looking for an exceptional candidate who will complement our growing team.

22.5 hours per week, potentially leading to full-time in the future for the right candidate.

Requirements

  • Proficient with Microsoft Word and Outlook.
  • Personal time-management and organisational skills.
  • Excellent written and verbal communication.
  • Must be a team player and able to work as individual.

 

Job Role

  • Database management and digital filing
  • Written correspondence and telephone duties
  • Diary management
  • Client meet and greet
  • Scanning
  • Other duties as required

 

Benefits

  • Competitive salary
  • Vitality healthcare
  • Bupa cashplan
  • Onsite parking

 

To apply, please send your CV and covering letter to [email protected]

Summer statement

July 10th, 2020 Posted by Accountancy 0 thoughts on “Summer statement”

The chancellor Rishi Sunak has announced new measures to support business and employment as a result of Covid-19 impact. We will keep you updated as further details are announced, but please find a summary below:-

Furlough job retention

  • UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.

 

KickStart Scheme

  • A new £2 billion Kickstart Scheme will also be launched to create hundreds of thousands of new, fully subsidised jobs for young people across the country.
  • Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible.
  • Funding available for each six-month job placement will cover 100% of the National Minimum Wage for 25 hours a week – and employers will be able to top this wage up.

 

Additional employment

  • Businesses will be given £2,000 for each new apprentice they hire under the age of 25.

This is in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and those aged under 25 with an Education, Health and Care Plan.

  • Where hiring apprentices aged 25 and over, business will receive a payment of £1,500.

 

Tourism and Hospitality sector

 

Self employed income support scheme

May 5th, 2020 Posted by Accountancy 0 thoughts on “Self employed income support scheme”

HMRC have issued further guidance on the Self-Employed Income Support Scheme (SEISS) which I have detailed below:-

How to claim

The online service will be available from 13 May 2020. If you’re eligible, HMRC will tell you the date you can make your claim from. If your claim is approved you’ll receive your payment within 6 working days.

 If you receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam. You should email it to [email protected] and then delete it.

When you make your claim

You’ll only need your:

  • Self Assessment UTR – if you do not have this find out how to get your lost UTR
  • National Insurance number – if you do not have this find out how to get your lost National Insurance number
  • Government Gateway user ID and password – if you do not have a user ID, you can create one when you check your eligibility online
  • Bank account number and sort code you want HMRC to pay the grant into (only provide bank account details where a Bacs payment can be accepted)

 

You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus.

If you claim the grant HMRC will treat this as confirmation you’re below the state aid limits.

HMRC will check claims and take appropriate action to withhold or recover payments found to be dishonest or inaccurate.

After you’ve claimed

Once you’ve submitted your claim, you will be told straight away if your grant is approved. HMRC will pay the grant into your bank account within 6 working days.

You must keep a copy of all records in line with normal self-employment record keeping requirements, including:

  • the amount claimed
  • the claim reference number for your records
  • evidence that your business has been adversely affected by coronavirus

 

You will need to report the grant:

  • on your Self Assessment tax return
  • as self-employed income for any Universal Credit claims
  • as self-employed income and that you’re working 16 hours a week for any tax credits claims

 

If you have any questions just let me know.

 

Self employed income support scheme

May 5th, 2020 Posted by Accountancy 0 thoughts on “Self employed income support scheme”

Additional information – Self employed income support scheme

The self employment income support scheme will be available from mid-May.

Based on the current guidance we will not be able to submit the claims for you but we will be able to assist with queries.

Please click on the below link to see if you are eligible:-

https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

If you get a response stating you’re not eligible and you think you should be, please get in touch and we can look at the figures for you in case we need to appeal the decision.

If you don’t have a government gateway account then please set this up ASAP – you will need this to be able to make a claim.

As ever if you have any questions just shout.

New business loans

April 28th, 2020 Posted by Accountancy 0 thoughts on “New business loans”

Bounce Back Loan Scheme

On 27 April 2020 the government released a new scheme called the “Bounce back loan scheme”.

This scheme is not available yet. It will launch on 4 May 2020.

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

 

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

 

Who cannot apply

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • further-education establishments, if they are grant-funded
  • state-funded primary and secondary schools

 

If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

 

How to apply

The Bounce Back Loan scheme will launch on 4 May 2020.

More information about the scheme will be published shortly.

I have already spoken to one high street lender who have confirmed:-

“A new Government loan scheme (Business Bounce Back loan) will be available from Monday the 4th May.  While we don’t yet have all of the information available the Chancellor confirmed in his Statement to Parliament that the loan terms for the new scheme will include no capital or interest repayments in the first year, compared to 6 months with the current scheme.  The new scheme can only be applied for using an online form and doesn’t require an interview or any financial information.  We are still waiting for full details, such as the interest rate, however Lloyds Bank / Bank of Scotland will participate in the scheme.  Full details of the scheme and the application form will be available on our website from Monday.  If you would like to apply for this loan there will be no need to call in, you can apply directly online.”

As ever if you have any queries please do not hesitate to get in touch.

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

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