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Taxation will not vanish
Paul Phillips offers some guidance on staying ahead of tax liabilities.
The 31st July normally is a period when the tax man knocks for his second instalment on account of income tax.
VAT payments due in April through June 2020 likewise have a deferment date until 31st March 2021.
The good news is that in the difficult days when no cash was coming in there was some help; the bad news is the liability does not go away.
The message therefore is to plan to settle the relevant liability when cash flow allows. For example you could set up a voluntary standing order to HMRC to clear the debt down over the period of grace.
If this is not possible, especially in respect of your next VAT liability, then it is worth speaking to HMRC Payment Support Service to agree a payment plan. They can be contacted on 0300-200-3835. You will need your VAT number, bank account details and a payment proposal.
The message from HMRC is clear – we have helped, now don’t bury your head. For more information feel free to contact us on 020 8366 4200
The Chancellor’s Summer Statement
Paul Phillips takes us through the latest economic stimulus initiatives from Rishi Sunak.
In order to protect employment and kick start the economy the Chancellor has announced the following:
Job Retention Bonus
To encourage retention of employees there will be a one-off payment of £1,000 to employers who have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021
To be eligible, employees will need to:
• earn at least £520 per month on average for November, December and January.
• have been furloughed at any point and legitimately claimed for under the Coronavirus Job Retention Scheme.
• have been continuously employed until at least 31 January 2021.
If you are prepared to create new jobs for 16 to 24-year-olds the scheme will cover their wages (plus associated overheads) for six months. To qualify, these must be new jobs which offer at least 25 hours a week for youngsters paid the National Minimum Wage or above. Employers will need to provide training and support to find a permanent job. Employers can apply to benefit from this scheme from next month – August 2020.
Employers who create new apprenticeships for the next six-months will be eligible to claim a new grant. The scheme will pay £2,000 for each apprentice up to the age of 25 and £1,500 thereafter.
From 15 July 2020 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 as attractions like cinemas, theme parks and zoos
Stamp Duty Land Tax (SDLT)
The threshold in England and Northern Ireland under which no SDLT is paid on the purchase of a main home is increased from £125,000 to £500,000, with immediate effect until 31 March 2021.
The Eat Out to Help Out Scheme
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, cafes and other registered establishments
Green Homes initiative
From September 2020, home owners and landlords will be able to apply for a grant to make their home more energy efficient. The grant will cover at least two-thirds of the cost up to £5,000 per household. For low income households these grants will cover all costs up to £10,000.
For more information, search 'plan for jobs' on GOV.UK. or feel free to contact us on 020 8366 4200
Paul Phillips writes about the need for innovation and how your accountant can help.
So after a 30 year wait Liverpool (Congratulations!) have finally been crowned top-flight champions again! What does this tell us?
It provides evidence that a once great organisation can reinvent itself. But will it continue?
The same question can be asked of businesses. Just because a company had a successful product it cannot rest on its laurels. It needs in the words of Doctor Who not to self-exterminate but to continually regenerate (and innovate).
Whilst the company might develop its product lines it needs not only to assure itself of operational and manufacturing matters such as supply chains, and how these are affected by Covid-19 and Brexit, but also, and importantly, it needs to know about costs, cost structures and pricing.
This is where the much derided accountant can shift from being an overhead to a positive influence in the business. By having the right reliable data to hand, financial or not, decisions can be taken on a real time basis to the best advantage of the business.
Accounting software is now cloud based resulting in management being able to use business data to the business’ advantage. It no longer remains a secret held by the accounts department.
Speak to us (020 8366 4200) to see how we can assist you – a small investment can maximise your working capital and ultimately cash. As they say cash is king.
Paul Phillips writes about HMRC scammers and offers some advice on how to avoid them.
We often receive from clients comments that they have received emails calls or texts from HMRC advising of a tax refund. Banking details are asked for.
It is quite simple. HMRC do not contact tax payers in this manner.
If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as your name, credit card or bank details, please do not respond. You can forward suspicious emails claiming to be from HMRC to firstname.lastname@example.org and texts to 60599.
Common scams are summarised by HMRC here.
Scammers have more opportunity during the Covid-19 outbreak to ply their “trade”. HMRC also provide a very useful link on how to keep safe during this period not only from scammers but in terms of general health. Details can be found at https://www.gov.uk/guidance/covid-19-staying-safe-online
Contact us now for more details on how we can help you.