Yesterday the Chancellor announced various measures to help both businesses and employees. The following links give a lot of detail into what has been put in place so far to help:
Guidance for businesses:
Guidance for employees:
More information will follow in the next few days and we will update you when we know more.
We are here to help so please get in touch if you have any queries on 01242 370278 or email email@example.com
The UK Government have postponed changes to IR35 tax rules from April 2020 to April 2021. For more information please follow the link below:
On Wednesday 11 March 2020, the Chancellor of the Exchequer announced in his budget £7 billion of extraordinary measures to help support businesses and individuals who will be affected by the COVID-19 Coronavirus outbreak.
A brief summary of the Budget in respect of the Coronavirus is as follows:
- The cost of statutory sick pay (SSP) for Coronavirus-related absence will be covered for businesses with fewer than 250 employees. SSP will be available to all those advised to self-isolate even if they haven’t yet presented with symptoms, people will soon be able to obtain a sick note by contacting 111 rather than having to go to the doctors.
- For businesses with fewer than 250 employees, the cost of providing statutory sick pay to any employee of work due to Coronavirus will, for up to 14 days, be refunded by the government in full.
- Those on contributory Employment and Support Allowance (ESA) will be able to claim from day one instead of day eight.
- HM Revenue & Customs will “scale up” the Time To Pay service, which enables tax owed to be paid in instalments, allowing businesses and the self-employed to defer tax payments over an agreed period of time. A dedicated helpline with 2,000 staff has now launched.
- Business rates will be abolished for shops, cinemas, restaurants and music venues with a rateable value of less than £51,000.
- Extending this, 100% retail discount to others in the leisure and hospitality sector: museums, art galleries and theatres, caravan parks and gyms, small hotels and B&Bs, sports clubs, nightclubs, clubhouses and guest houses.
- For small businesses currently eligible for the small business rate relief, there will be a £3,000 cash grant per business, representing a £2 billion cash injection to 700,000 small businesses.
Information correct as at 11 March 2020.
If you have any questions please get in touch by emailing firstname.lastname@example.org or call 01242 370298.
Yesterday, the Chancellor Rishi Sunak delivered his first Budget in the House of Commons, announcing the government’s tax and spending plans for the year ahead. Please see the link below that summarises the key points:
HMRC have said that there are still three million tax returns left to submit by Friday 31st January 2020. HMRC started 2020 with five million tax returns still outstanding. Although two million have been filed this month, there is still a considerable amount left to submit in the last four days!
The Money Matters event last night for Cheltenham Wellbeing Festival was a success!
We hope that everyone who attended found it useful!
The below link explains that the introduction of the VAT domestic reverse charge for construction services that was due to be introduced in October 2019, will be delayed for a period of 12 months until 1 October 2020.
Find out more here
On Saturday our tax manager Michelle is going to be walking 26 miles from Newport to Cardiff to help raise money for Prostate Cancer UK.
If you would like to show your support to her and this amazing charity, please donate via her Just Giving page!
Francis & Co are an official sponsor of the Cheltenham Wellbeing Festival 2019
Over the week there are various fitness classes, talks, workshops and events to get involved in.
For further information on the Main Stage talks and to purchase tickets please follow this link: https://www.cheltenhamwellbeingfestival.com/main-stage
Inheritance Tax: Rules on gifts to loved ones ‘should be simplified’
Fewer people should have to pay tax on gifts given just before death, under proposals for a major overhaul of the inheritance tax system. Please see the link below for more information: