Tax planning options for 2020-21
April 9, 2020

The 6th April marks the beginning of a new tax, and for the coming year, unprecedented challenges. As with most things in life, problems are a necessary precursor to finding solutions. We have listed below a few reminders of the issues...

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How to apply for a Business Interruption Loan
April 7, 2020

The British Business Bank has updated its guidance on how to apply for the recently changed Coronavirus Business Interruption Loan Scheme (CBILS). A summary follows;

Who can you apply to?

Most...

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Dividends excluded from job support scheme calculations
April 3, 2020

When first announced as a news story, published by government 26 March 2020, information regarding the support scheme for the self-employed included a telling paragraph. It said:

Those who pay themselves a salary...

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Tax Diary April/May 2020
March 31, 2020

1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019.

19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020).

19...

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Changes to Entrepreneurs Relief
March 31, 2020

Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would...

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Protecting cash flow – tax payments
March 31, 2020

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite.

Maintaining a strict control over your personal and business cash-flow is going to be a...

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Business rates changes
March 31, 2020

In England

The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000....

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Statutory Sick Pay (SSP)
March 31, 2020

Employers have been rightly worried about the cost of funding SSP for employees that are self-isolating or suffering from the COVID-19 virus. Especially as SSP is now due on day one of absences.

The Chancellor has now confirmed that he...

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Self-Employed Income Support Scheme
March 27, 2020

The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from...

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Support with paying your taxes
March 26, 2020

Further support to businesses and the self-employed, to delay the payment of various taxes was announced last week. They include:

VAT

Any VAT that falls due for payment in the period from 20...

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