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In light of the COVID-19 Pandemic, HMRC has updated it’s guidance for employers who offer salary sacrifice arrangements.   Under the terms of a salary sacrifice arrangement, a ‘life event’ is a permitted reason to break the arrangement mid-term.  Previously the list of life events was limited to marriage, divorce, and a partner becoming redundant…

Earlier this week, HMRC reached out to their ‘customers’ to inform them about the information which will be required for the Coronavirus Job Retention Scheme online portal, due to be open from 20th April 2020.   The online portal will allow employers to submit information to HM Revenue & Customs about furloughed workers in order…

With an increasing pressure on the government to provide financial support to UK taxpayers during the COVID-19 pandemic, amongst other proposals, the government announced the option for taxpayers to defer the payment of their second payment on account for 2019/20. Provided the required payment is made before 31 January 2021, no interest charges will be…

Has your income dropped as a result of the COVID-19 crisis?  If it has, and you have children under the age of 16 and don’t ordinarily claim Child Benefit, you should evaluate whether you are now eligible to claim this benefit.   If you expect both you and your partner will each earn less than…

At a time when cash flow is key, don’t forget to claim VAT relief on bad debts when preparing your VAT return.  To claim relief, a debt must have remained unpaid for a period of six months from the later of the date payment was due or the date of the supply. If all or…

Companies that require their accounts to be audited, and hold significant levels of stock at their year-end, expect a visit from their auditors annually to perform test counts of their stock.   However, during the current lockdown, auditors are considering other ways to gain the assurance they need over the stock levels held. Some suggestions…

COVID-19 – More Help for Small and Medium-Sized Businesses   In a move aimed at combating fears that small and medium-sized businesses may become insolvent accessing emergency funds, the Chancellor has extended the Coronavirus Business Interruption Loan Scheme to all viable small businesses affected by COVID-19.  The new rules will prevent lenders from requesting personal…

James Palmer, the Cambridgeshire & Peterborough Mayor has introduced a new Covid-19 Capital Grant Scheme.   Grants available are from£2,000 to £150,000 for new capital investments to help companies buy new equipment, build extensions, update production lines, IT and for upgrading logistics during these difficult times.   The capital investment grant is to help qualifying…

Employment Allowance can be claimed to reduce the amount of Employer National Insurance payable. The 2020/21 tax year has introduced the following changes to Employment Allowance: The allowance has been increased from £3,000 per year to £4,000 per year You can only claim the Employment Allowance if your total Secondary Class 1 National Insurance liability…

We have just heard from one of our clients who has already managed to successfully claim the £10,000 small business grant funding being made available to all businesses in receipt of small business rate relief or rural rate relief.  This is one of the measures being administered by local councils, rather than HMRC,  and it…