25 March 2020
Details of the Job Retention Scheme and Business Interruption Loans, as updated on 2/4/20.
The published version of the information is at https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme and covers the scheme in some detail. HMRC will issue further guidance using their new powers to explain precisely how the scheme will operate.
The Coronavirus Job Retention scheme provide for government grants which will cover 80% of the normal salary of PAYE employees who would otherwise have been laid off as a result of this crisis. The scheme is open to any employer and will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.
17 March 2020
Payroll continuity is vital in these troubled and unprecedented times. One of the major concerns for business is ensuring the resilience of payments to all their employees.
We totally understand that many businesses and accountancy firms rely on a single individual to process their payroll. Therefore, employers have to hope that staff holidays aren’t at times that disrupt this process. In addition, that staff illness does not interrupt the work.
24 January 2020
The AIA – the Annual Investment Allowance – will drop to £200,000 at the end of 2020. If your accounting year crosses that date, then you can expect the new transitional rules to unexpectedly restrict your entitlement further. Are there any steps can you take to work around this? (Spoiler alert: yes)
1 November 2019
Payments on Account are the way in which HMRC get you to pay next year’s tax bill in advance. As a result, the idea is very simple but, inevitably, there are added complications that leave everyone scratching their heads.
