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Welcome to the May 2020 issue of our newsletter.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered.
Your views are always important to us and we welcome your feedback.
This is a time of unparalleled change for business and the wider community. We are privileged to act as your professional advisers, and if there are matters of concern to you, please do not hesitate to get in touch. Some questions may still be under discussion at government level, but we will do our very best to help.
If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems.
The coronavirus crisis has the potential to be big business for criminals. Stressed business owners and employees make easy prey and HMRC warns that fraudsters are already looking to capitalise on the situation.
At this time of unprecedented challenge, employers will have many concerns, from issues around health and safety in the workplace (where this remains open), to how best to facilitate homeworking. Please do not hesitate to contact us for advice on these or any of the areas outlined below.
Before the Budget, there were fears that it might be scrapped altogether. It wasn't. Entrepreneurs' Relief (ER) lives on, but with a new name - business asset disposal relief - and a new, lower lifetime limit.
Government help for business is being put in place, with schemes evolving in real time. Some measures vary across the UK.
The rollout of the IR35 rules to the private sector, set to come in on 6 April 2020, is now on hold until 6 April 2021. This is to help the business community cope with the impact of coronavirus, and the government emphasises that it is a 'deferral, not a cancellation' of the policy. So what do contractors do now?
Change to National Insurance contributions (NICs) limits and thresholds took effect from 6 April. The Treasury says the 'typical' employee will pay around £104 less in NICs in 2020/21. Before the coronavirus crisis, there were plans to raise the NICs threshold to £12,500. What will happen now is more uncertain.
Notable for what didn't change, as well as what did.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm.
HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.