Today the Chancellor announced the introduction of the Job Retention Bonus
This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. To be eligible, employees will need to: Employers will be able to claim the bonus from […]
The Chancellor has announced a new scheme to help restaurants, bars and cafés
During August, diners can get 50% off Monday to Wednesday on meals and non-alcoholic drinks, up to £10 per person, when eating at participating restaurants, bars, cafés and other establishments that have registered. Once we know details of how you can apply for registration and administer the scheme we will provide further details. This article […]
VAT cut from 20% to 5% on food, drink, accommodation and attractions
VAT has been reduced from 15 July until 12 January 2021. The UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. This VAT reduction also applies to all holiday accommodation in hotels, B&Bs, campsites and caravan sites, as well […]
The Government has announced an increase in the Stamp Duty Land Tax (SDLT) threshold
The Government has announced an increase in the Stamp Duty Land Tax (SDLT) threshold in England and Northern Ireland, increasing the threshold under which no SDLT is paid on the purchase of a main home from £125,000 to £500,000, with immediate effect until 31 March 2021. This article is published for information only. It provides […]
As part of the Chancellor’s “Plan For Jobs” he has announced a new kickstart scheme and employment support schemes will be scaled up
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 […]
If you are entitled to claim for the SEISS grant and haven’t already done so, don’t delay!
If you are entitled to claim for the first Self-Employed Income Support Scheme grant and haven’t already done so act now. The deadline for making your claim is next Monday, 13 July 2020. The scheme has been extended. If you’re eligible for the second and final grant, and your business has been adversely affected on or […]
From today (6 July 2020) our office will be opening again for appointments if you need to see an accountant
Throughout this difficult and challenging time we have been available remotely but we are now please to say our office is open if you need to see an accountant in person. If you need to come and see us please contact us for an appointment. Currently we are still operating on reduced staff numbers due […]
You let several holiday lodges. You are approaching retirement, and are considering selling the properties in the next few years. How could coronavirus cause a nasty tax trap, and how can this be avoided?
FHL status. If your lettings qualify as furnished holiday lettings (FHLs), the properties can enjoy a number of tax benefits not usually available to rental businesses. In the context of this client, the relief that is relevant is the entitlement to claim business asset disposal relief (BADR) on a sale. In order to qualify as an […]
Your firm’s financial year ends soon and while the accounts will show a profit you’re expecting them to include significant bad debts. How long will you have to wait to claim a tax deduction for these?
Increased debtors As a result of coronavirus unpaid invoices are likely to feature more than usual in the accounts of many businesses. While for accounting and tax purposes unpaid invoices count as income, if it becomes clear that they’ll never be paid you can claim a corresponding tax deduction from your profits. Tip. The rules for […]
The latest update from HMRC on border controls in 2021 and package for custom intermediaries.
The government have announced the approach to border controls on GB-EU trade in 2021 and it formally notified the EU that it will not accept or seek an extension to the Transition Period. In recognition of the unprecedented impact that coronavirus has had on all aspects of life, border controls are being introduced in stages, to give […]