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Following many questions from clients, we have compiled a list of frequently asked questions regarding COVID-19. The Coronavirus Job Retention Scheme Who is eligible to be furloughed? Any employees of the business who were on the payroll as at 28th February 2020 will be entitled to the furlough payment. If they were employed after this,
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At a time of economic uncertainty and facing unprecedented challenges in our lives, I have compiled details below of the measures announced by the Government to help and support businesses and individuals, which I hope will be of some use. Many forms of support and funding have been announced in recent days, but how these
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The Government announced some changes in last weeks’ budget, but these are changing and evolving day by day. The key highlights so far are as follows: Statutory Sick Pay for Employees Normal Rules Normal rules in a nutshell for Statutory Sick Pay (SSP) are: To qualify for SSP employees must: Have an employment contract Have
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Massive changes to the income tax rates for 2018/19 have been announced by Scotland’s Finance Secretary, but how will these affect Scottish taxpayers and their employers, not just in Scotland but all over the UK. Read on to find out more. More or less tax? Scotland’s Finance Secretary previously declared he would cut the tax
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The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. Here we detail the key changes to both personal and business tax. Personal Tax – Key Points The personal allowance is currently £11,000. Legislation has already been enacted to increase the allowance to £11,500 for 2017/18. The basic rate of tax
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There’s only a few weeks left to complete and file your self assessment tax return or you will be faced with an automatic £100 penalty for late submission. The last date you can file your return is 31st January 2017. By following the five steps below and your life will be easier! 1. Register for
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Self assessment tax returns You need to complete a tax return if any of the following conditions apply: You’re self employed, a partner in a business or a director of a limited company You’re an employee or a pensioner with an income of £100,000 or more You have pre-tax investment income of £10,000 or more
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I started off speaking to one person, then every year I hand my records in I speak to another person. There’s no continuity! If I had a pound for every time I heard this I wouldn’t need to work! As my business grows and I get the opportunity to meet more and more people every
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First Minister Nicola Sturgeon has announced plans that income tax rates in Scotland will be frozen, with no increases in the basic, higher or additional rates. However the significant cuts (reduction in income tax liabilities) which would result from the increases to the higher rate threshold proposed by the UK government would not be adopted
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Personal taxation The 40% income tax threshold will rise from £42,385 now to £45,000 in April 2017 Tax-free personal allowance to rise to £11,500 in April 2017, and £12,500 by 2020 Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers 0.5% rise in insurance premium tax