Dividends excluded from job support scheme calculations

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 and dividends through their own company are not covered by the scheme [the self-employed scheme] but will be covered for their salary by the Coronavirus Job Retention Scheme...

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Muras Matters: Coronavirus (COVID-19) – Support for the Self-Employed and Other Updates

Background The past week has seen more announcements by the Government to help businesses and individuals as the Country continues to fight the Coronavirus (COVID-19). The main announcement made on Thursday 26 March 2020 was the Coronavirus Self-employment Income Support Scheme to provide financial support for the self-employed and members of partnerships in the form of a taxable cash grant. There has...

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Muras Matters: Coronavirus (COVID-19) – Help and Support Available

Background As the Country continues to fight the Coronavirus (COVID-19), the Government are implementing new measures to help businesses and individuals. Emergency legislation is being brought forward however at this stage there is still little in terms of detailed guidance available. Summary measures Support for Businesses Job Retention Scheme; Under the scheme all UK employers will be able to access support to continue to...

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Tax Diary April/May 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 April 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 April...

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Tax Diary April/May 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 April 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 April...

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Changes to Entrepreneurs Relief

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 apply. Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m. Business owners who are contemplating a sale of their...

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Protecting cash flow – tax payments

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 key decider in surviving this process. A major expenditure item is taxation whether that be VAT, PAYE/NIC, self-assessed liabilities or Corporation Tax. We suggest that...

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Business rates changes

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. Taken together with existing small business rate relief (which provides full relief for businesses using a single property with a rateable value of £12,000 or less), an...

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Statutory Sick Pay (SSP)

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 will create a means for employers to recover any SSP paid for the first 14 days of sick leave. Additionally, employees who...

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Self-Employed Income Support Scheme

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 self-employment. A list of the scheme features as announced, and published, are as follows: Those that qualify will receive a cash grant from HMRC based on...

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