Tax Diary June/July 2020

1 June 2020 - Due date for Corporation Tax due for the year ended 31 August 2019. 19 June 2020 - PAYE and NIC deductions due for month ended 5 June 2020. (If you pay your tax electronically the due date is 22 June 2020) 19 June 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 June...

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Self-employed grants claim process now open

Since 13 May 2020, it has been possible to use online processes, accessed via the gov.uk website, to: Clarify if you are eligible to apply for the Self-Employed Income Support Scheme, and Lodge your claim. Payment should usually be in your bank account within 6 days. Are you eligible? By entering your unique tax reference number and National Insurance number you will be advised...

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Calculating holiday pay for workers without fixed hours

Government guidelines on this topic advise: The amount of pay that a worker receives for the holiday they take depends on the number of hours they work and how they are paid for those hours. The principle is that pay received by a worker while they are on holiday should reflect what they would have earned if they had been at...

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Murray Matters: Coronavirus (COVID-19) – New Flexible Furlough and Support for the Self-Employed

Background On Friday the Chancellor, Rishi Sunak, announced further details on the extension of the Coronavirus Job Retention Scheme (CJRS) as the Government seeks to continue to support jobs and business as people return to work. The announcement included the option of improved flexibility to bring furloughed employees back part time in July, and a new taper requiring employers to contribute...

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Changes to Self-Employed and furlough schemes

The Chancellor, Rishi Sunak, announced the following changes to the Self-Employed Income Support (SEISS) and Coronavirus Job Retention Schemes (CJRS) at the close of business last week. SEISS changes In response to lobbying by interested business groups this scheme has been extended for a final three-month period (June – August 2020). The amount being offered is reduced, as compared with support provided...

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Waiving salaries or dividends

HMRC advice for people choosing to give up their income to support their business or donate to charity during the coronavirus (COVID-19) pandemic has been published. Business owners who have decided to give-up their rights to receive dividends, salary or bonuses from their companies need to follow HMRC’s guidelines to be effective. To be effective tax-wise, the pay-back or waiving of remuneration...

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Coronavirus – Business update 27 May 2020

This week, the formal process to claim back certain Statutory Sick Pay (SSP) payments is launched. From 26 May 2020, employers can register their claim using a new online process. Making a claim To use the online service, you will need the Government Gateway user ID you received when you registered for PAYE Online. If you did not register online you will...

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Cash boost for new business start-ups

Innovative businesses and start-ups are set to benefit from a £40 million government investment to drive forward new technological advances. It was announced 20 May 2020, that government is doubling investment in the Fast Start Competition with an additional £20 million. The competition aims to fast-track the development of innovations borne out of the coronavirus crisis while supporting the UK’s next...

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Social distancing at work

The following guidelines have been released to cover social distancing concerns if working in offices or call centres. The objective being to maintain 2m social distancing whenever possible. The published guidelines are: You must maintain social distancing in the workplace wherever possible. Where the social distancing guidelines cannot be followed in full in relation to a particular activity, businesses should consider whether...

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Title: Coronavirus – Business support updates 19 May 2020

Trade credit insurance guarantee Last week, the government announced that businesses with supply chains that rely on Trade Credit Insurance, and who are experiencing difficulties maintaining cover due to coronavirus disruption, will get support from government. In a news story released 13 May 2020, the Treasury said: Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in...

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