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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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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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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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Many company directors will soon be receiving PAYE coding notices for 2016/17, meaning the tax due on dividends drawn will be collected through PAYE. The rules on dividends are set to change from 6th April 2016. Up to now as a company director you could take your personal allowance plus just over £31,000 in dividends
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The deadline for submitting self-assessment tax returns is less than two weeks away. There’s an automatic £100 penalty for missing the 31st January deadline. Of the 11 million people who have registered for self assessment or need to fill in a tax return, 4.5 million this year have yet to complete one. Here are seven
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I was in Austalia… Evidently travelling to the other side of the world is not a reasonable excuse for filing your tax return late. HMRC has revealed its annual top 10 late filing excuses and some of them are hilarious! My pet dog ate my tax return and all the reminders I was up a