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Directors and the Coronovirus Job Retention Scheme

The vast majority of our clients are director/shareholder owner-managed limited companies. Typically the directors take some remuneration through PAYE by way of salary, usually at a level just above the NIC threshold, with the remainder taken as dividends. Can these directors make use of the Coronavirus Job Retention Scheme? The simple answer is yes, but only based on their PAYE salary. Dividends are not included as part of the amount that can be claimed. The other key issue is that the director...

Business Tax Account

How Do I Set Up a Business Tax Account? Business Tax Accounts (BTA) have been available for a number of years now and are used to file a variety of returns with HMRC. They are increasingly being used by HMRC and have become the easiest way to settle tax liabilities. If you have an accountant you may not have set up a business account. Your accountant can access your details through their own agent account and simply advise you to make a bank transfer to settle any tax liabilities. As we move to ...

New Capital Gains Tax for Residential Property

Capital gains tax changes introduced this month mean that landlords and second home owners may pay tax earlier than they anticipate.The changes introduced on 6th April 2020 bring forward the payment of capital gains tax on residential property to 30 days from the completion date.The sale will continue to be disclosed on self-assessment tax returns but there are additional reporting requirements.What are the new rules?The disposal of UK residential properties after 6 April 2020 that generate a ca...

The Self-Employed Income Support Scheme

It has only been a week since the Chancellor announced the Coronavirus Job Retention Scheme but it has been a very long week for those waiting for a similar announcement for the self-employed. The Self-employed Income Support Scheme is good news for a large proportion of self-employed individuals but unfortunately it is not available for everyone. Here are the details we know so far: Am I eligible? You must have submitted your self-assessment tax return for the tax year 2018/...

Coronovirus Job Retention Scheme

The Chancellor announced on Friday that government grants will cover 80% of the salary of PAYE employees who are furloughed (temporarily laid off) due to the virus. The scheme will run to 31 October and will change after 31 July with employers bearing more of the costs. What do I need to do as an employer? Identify your furloughed workers.You must notify your furloughed workers that they have been designated as such.  This will be subject to your normal employment contracts so you should se...

Support For Employees and the Self-employed

Late Friday afternoon a number of support packages for employees and the self-employed were announced for the coming months at the same time as many businesses were told to close down. The key points were: 1. Pubs, restaurants, entertainment and leisure centres have been asked to close.      - places where you gather socially will close.    - shops can stay open (although many have announced they are closing).     - you can still exercise outdoors but...

Covid-19 Update

This week has been quite extraordinary with the Government’s unprecedented steps towards tackling the Covid-19 epidemic with personal, social and business implications for everyone.  Business as Usual The health and well being of our people, clients and loved ones is our top priority. Andrea will be working remotely as from Monday and for the time being I shall be mainly in the office.  Calls to the office will be diverted if I am working from home so please allow a little extra time...