Articles

HMRC Tax Investigations And COVID-19

June 23rd, 2020 | Categories: News, Tax

Due to social distancing restrictions, there has been a reduction in face-to-face HMRC tax investigations. HMRC staff are mainly working from home and not carrying out customer-facing compliance work. They have therefore given taxpayers extensions and/or the option to suspend compliance work. However, compliance works have not completely stopped and some taxpayers are being notified of new tax enquiries. We as accountants are also receiving correspondence regarding ongoing enquiries on a regular basis. Whilst this is certainly a quiet period for tax investigations, this will not continue in the long term. Tax Investigations Into Coronavirus Support Claims Many of the […]

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Part-time Furlough And Self-Employed Scheme Update

June 5th, 2020 | Categories: coronavirus support, Employment, Legislation, News, Payroll

Update On Part-time Furlough, Changes To The Coronavirus Job Retention Scheme And The Second Self-employed Income Support Scheme. On the 28th of May, the Chancellor Rishi Sunak announced plans to end the eight-month coronavirus job retention scheme (CJRS) and self-employed income support scheme (SEISS) by gradually withdrawing taxpayers’ contributions from August. Whilst outlining his plans Mr Sunak said that he intends to reduce contributions to the furlough scheme as it “cannot continue indefinitely”. This means that in the final phase of the eight-month scheme employers will be asked to “contribute, alongside the taxpayer, towards the wages of their staff”. CJRS […]

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How To Apply For The Self-employed Income Support Scheme

May 11th, 2020 | Categories: coronavirus support, Legislation

The self-employed income support scheme (SEISS) allows self-employed tax-payers to claim a taxable grant of 80% of their average monthly trading profits. This will cover 3 months and will be paid in one instalment (capped at £7,500). The grant will be subject to Income Tax and self-employed National Insurance. Work Restrictions Unlike the furlough scheme, if you receive the grant you CAN continue to work, start a new trade or take on other employment. You are also able to take part in voluntary work, or duties as an armed forces reservist. When Is It Open? The self-employed income support scheme […]

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Coronavirus Job Retention Scheme FAQ’s

May 6th, 2020 | Categories: coronavirus support, Legislation, Payroll

The coronavirus job retention scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. This scheme exists to allow employers to claim for 80% of furloughed employees’ (employees on a leave of absence) via an online portal. The claim can be made for usual monthly wage costs, up to £2,500 a month. (plus associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions.) The scheme is now up and running and you can make a claim here. Frequently Asked Questions This scheme works very differently from standard payroll […]

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Changes To Statutory Sick Pay Under The Coronavirus Act

April 30th, 2020 | Categories: coronavirus support, Legislation

The topic of Statutory Sick Pay (SSP) for employees who are sick or in self-isolation is still a hot topic for employers. This is mostly due to the raft of information and misinformation being circulated. With this in mind, we wanted to put together the key points of the current legislation for employers with staff claiming SSP. Advice About Self Isolating On the 12th of March 2020 Public Health England, NHS National Services Scotland, Public Health Wales, the Regional Agency for Public Health and Social Well-being in Northern Ireland on 12 March 2020 made an announcement which stated that anyone […]

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Budget 2020 – How It Affects You

March 13th, 2020 | Categories: Legislation, News

Key Points For The Budget 2020 Whilst the Chancellor’s budget 2020 was heavily focused on boosting the economy to mitigate the effect of coronavirus, it didn’t stop him from implementing a number of pledges. To help our clients understand the impact this will have on them and their businesses, we’ve identified a few key points that may be of interest. Base Lending Cut From 0.75% to 0.25% Before Rishi Sunak got the chance to deliver his debut Budget, The Bank of England opened up proceedings with an announcement that £10bn will be deployed from business and bank support reserves to […]

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It’s All Fun And Games After Self Assessment

February 19th, 2020 | Categories: News

January isn’t just the start of a new year for us it’s also our busiest time of the year. We prepare and submit lots of self-assessment returns for our many clients which all need to be completed by 31st January. This is no mean feat, but our amazing team have once again powered through the workload and got the job done. Fun And Games To say thank you for all of their hard work we organised a night of fun and games for the whole team. So as Friday the 31st drew to a close we shut our doors and […]

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Big Tax Changes For Buy To Let Property

February 17th, 2020 | Categories: News, Tax

There have been some very big changes to the rules and tax rates for buy to let property over the last 4 years. These changes began in 2016 when former Chancellor George Osborne introduced a raft of reforms specifically aimed at buy to let property. This made it more expensive to start a property portfolio, and less profitable to add to an existing one. A downturn in profitability meant that the amount of money borrowed to invest in buy-to-let properties had plunged from £25bn in 2015 to just £5bn in 2017. Changes for 2020 There are three big changes which […]

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Making Tax Digital Deadline – Act Now To Avoid Penalties

January 23rd, 2020 | Categories: News, Tax

Whilst Making Tax Digital (MTD) has been the law since the 1st of April 2019, no filing or record keeping penalties have been handed out to businesses that are doing their best to comply. This is because the government recognises that businesses need time to become familiar with the new requirements. The ‘soft landing period’ is coming to an end on the 1st of April 2020 Which means that those businesses above the VAT threshold will need to keep their records digitally and submit their previous quarter’s VAT return using MTD-compatible software by the deadline. Failure to do so can […]

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Merry Christmas 

December 23rd, 2019 | Categories: News

Merry Christmas & A Happy New Year It’s the most wonderful time of the year! (Did you sing that in your head?!) The whole team is excited for Christmas and all that it brings.  Christmas Jumper day was enjoyed last Thursday, with some outstanding efforts. The decision was unanimous that Lisa‘s was the best with a lovely flashing jumper.  Christmas Celebrations On Friday the whole team partook in some Christmas spirit at their favourite event of the year – The Christmas Party! It’s the perfect opportunity to celebrate another fantastic year at K.A.Farr & Co. and to thank the wonderful […]

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