Latest News
More adjustments to the furlough scheme
Further changes to the Coronavirus Job Retention Scheme (CJRS) come into force from 1 October. From that date, HMRC will pay 60% of usual wages up to a cap of £1,875 per month for the hours furloughed employees do not work. Employers must continue to pay furloughed employees at least 80% of their usual wages for the hours they do
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Businesses given flexibility to pay back loans
More than a million businesses that took out a Bounce Back Loan are to be offered more flexible repayment terms through a new ‘Pay as You Grow’ initiative. They will now have the option of extending the length of the loan from six years to 10, projected to cut monthly repayments by nearly half. Interest-only periods of up to six
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Eat Out to Help Out deadline looms
Businesses who registered for the Eat Out to Help Out initiative have until Wednesday 30 September to claim for the days they operated the scheme. The Treasury has pledged that the money claimed will be paid out within five working days. To make a claim go to https://tinyurl.com/y599cead
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VAT cuts and deferrals announced by government
As part of a package of new measures to deal with the coronavirus pandemic, the government is to extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021. This will give businesses in the sector, which has been severely impacted by the pandemic, the confidence to maintain staff as they adapt to
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A Guide To Record-Keeping And Expenses For Bookkeepers
Whether your client is new or not to self-employment, record-keeping might sound like hard work to them – and certainly will be to you when they have days to spare for the deadline and cannot find ‘that receipt’. And while that may be true, it does come with its own reward – namely, that sole traders can claim back allowable
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Where do tax avoiders live?
Towns commonly associated with City workers have the biggest concentration of people who admit to tax avoidance. A study by UHY Hacker Young found Windsor leads the UK for the highest concentration of ‘avoiders’. The Berkshire town saw 23 disclosures to HMRC of unpaid tax per 100,000 population last year. The UK average is seven disclosures per 100,000 people. Affluent
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‘Household tax’ could replace TV licence fee
The TV licence fee could be replaced by a compulsory ‘household tax’ that would mean richer people pay more, says the outgoing director-general at the BBC, Lord Hall. He believes more progressive alternatives to the TV licence has to be looked at. Collection of the licence and tracking down evaders would be streamlined if the tax was collected with council
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Scammers target students
HMRC is warning students about a fresh wave of cyber frauds, offering them bogus tax refunds. The department explained it would normally expect to see a small, regular flow of scam referrals from students, but it has recently seen a sudden spike in students reporting suspected scams sent to their official university and college email addresses. When new scams emerge
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Google to pass on new digital tax
Google plans to pass on the entire cost of a new UK 2% digital services tax to advertisers. It has written to its clients to tell them that, from 1 November, they will be paying a new 2% charge on their adverts served in the UK. Where the charge is higher – like in Austria and Turkey – the increase
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