“What are the main differences between being self-employed and running a limited company?” “What are the advantages and disadvantages of having a private limited company?” The major difference between running a private limited company and being self-employed are the administrative requirements you are required to do by law & although the volume is more, the […]
The deadline for the 2nd SEISS grant looms, please apply before it is too late. The second SEISS grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. If you’re eligible and your business has been adversely […]
The Job Retention Scheme (JRS) winds down at the end of October. It will be followed, for the next six months, by a new job support scheme, which subsidises the wages of employees working at least a third of their normal hours, to further support viable UK employers who face lower demands due to COVID-19.
In an attempt to keep employees attached to the workforce, the Government will be introducing a new Job Support Scheme from 1 November 2020, where employees will need to work a minimum of 33% of their usual hours.
For every hour not worked the employer and the Government will each pay one third of the employee’s usual pay. The government contribution will be capped at £697.92 per month.
Employees using the scheme will receive at least 77% of their pay (where the Government contribution has not been capped) & the employer will be reimbursed in arrears for the government contribution. The employee must not be on a redundancy notice.
The scheme will run for six months from 1 November 2020 and is open to all employers with a UK bank account and a UK PAYE scheme.
All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large businesses will be required to demonstrate that
The Government has now pencilled in what they regard as a firm date to implement MTD for IT, for all landlords and business owners that have an income above £10,000. The next accounting period starting on or after 06/04/2023 that meet the above mentioned criteria will need to be compiled & submitted via MTD-compatible software. […]
The domestic reverse-charge is a major change to the way VAT is collected by HMRC in the building and construction industry reporting under the Construction Industry Scheme (CIS).
It was being introduced to combat VAT fraud in the sector and the initial roll-out on 1st October 2019 was delayed due to a combination of the sector being ill-prepared for the change and Brexit. The date was moved forward 12-months to 1st October 2020 but due to COVID-19 the start date has been further advanced to 1st March 2021.
At Taxfile, we will start contacting our VAT clients working under the CIS, in preparation for the 1st March 2021 start date.
If you would like to know how to prepare your business for this, you will need to:
Making Tax Digital (‘MTD’) was announced as the new initiative by HMRC to revolutionise and modernise the tax system in the UK. MTD centres around keeping digital financial records that can then be accessed by software to calculate and submit taxes through to HMRC. The goal is that there will be direct ‘digital link’ between the financial […]
The self-assessment tax line usually follows the process outlined in the image below, with 31st July signalling the last day you can make your second payment on account before interest would be charged. However, due to COVID-19, the 2nd payment on account can now be deferred till 31/01/2021. This means that the amount needs to […]
The Government previously announced that, much like the furlough scheme, the Self-Employment Income Support Scheme (‘SEISS’) is to be extended for a second period and in fact it’s now open for applications. If your business has been adversely affected as a result of COVID-19 on or after 14th July 2020 you can make a claim […]
Back in April, as a result of the Coronavirus pandemic, the Government announced the Self Employment Income Support Scheme (‘SEISS’), a taxable grant to support self-employed individuals and businesses affected by COVID-19. The deadline for claiming this initial grant has been set as Monday 13 July 2020. After this date you will no longer be […]
In an extraordinary measure to help its community, Wandsworth council has set up a Tax Return Support Scheme for those needing to do a 2018/19 tax return in order to qualify for the Self-employment Income Support Scheme (SEISS). In response to COVID-19, SEISS will provide direct cash grants worth 80% of trading profits up to […]