If you are faced with making employees redundant, the terms that determine the amount payable may be written into your staff contracts of employment. Otherwise, employees will normally be entitled to statutory redundancy pay if they have been working with you for two years or more. Entitlement is usually based on: half a week’s pay […]

If you are presently registered for VAT but your turnover has dropped below £83,000 you could deregister for VAT. However, you do not have to deregister. Disadvantages and advantages of deregistration If you buy significant amounts of goods and services that include a VAT charge, then if you deregister you will not be able to […]

Your UK residence status affects whether you need to pay tax in the UK on your foreign income. For example, non-residents only pay tax on their UK income – they do not pay UK tax on their foreign income. Whereas UK residents normally pay UK tax on all their income, whether it’s from the UK […]

As readers will no doubt be aware the present Coronavirus Job Retention Scheme is due to cease at the end of October 2020. However, there is a bonus claim that certain employers can make next year if they retain employees beyond the present 31 October 2020 deadline. The Job Retention Bonus (JRB) is subject to […]

Thrifty teenagers, or rather teenagers with thrifty parents, will soon gain access to their Child Trust Fund (CTFs) savings, and some, may not even know it is there…   CTFs were originally set up for children born between 1st September 2002 and 2nd January 2011, with a live Child Benefit claim. Parents and guardians received […]

Students grappling with the latest A level results will no doubt be faced with decisions regarding student loans to finance their time at university if they chose that option. There are a number of myths surrounding this source of funding and in a recent news story government attempted to dispel some of these myths. They […]

The government is keen to sell its Green Home Grant policy to the building trade. In a recent press release Business Secretary, Alok Sharma, said: Tradespeople across England are urged to step forward and sign up to be able to offer services through the government’s new Green Homes Grants scheme – as over 1,000 businesses […]

It is tempting to assume that government departments are drawing back from exercising their powers to challenge taxpayers due to COVID disruption, but it would be unwise to assume this is the case. For example, in a recent legal action undertaken by the Insolvency Service, a construction boss was banned from running companies for nine […]

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

In an update to the GOV.UK website recently the following post appeared: The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses. As well as looking at […]