Monthly Archives: October 2020

HMRC have recently published a press release entitled “Just 100 days left for Self -Assessment”. Before readers make the obvious connection, that this heralds the end of tax returns in the UK, it is purely a reminder that 2019-20 Self-Assessment returns need to be filed by 31 January 2021. Gathering together the information to complete…

The revised Job Support Scheme (JSS) announced in the last few days comes in two varieties: Open and Closed. JSS Open Businesses in Tier 2 areas, that suffer the restrictions to sociability rules, never-the-less are not required to close. This is an insidious outcome for these traders, particularly those in the hospitality sector, as they…

A package of measures to help businesses in England build back better following the pandemic was recently announced by the Government. The Department for International Trade’s (DIT) Export Growth Plan provides additional financial support and expertise, some of which is targeted towards specific regions that are most in need. The plan includes a £38 million…

If you are starting to give serious consideration to setting up your own business one of the issues you will need to consider is the type of business structure that best fits your planned business activity. How risky is your business? All business activity involves a certain degree of risk. Many of these risks can…

The government has outlined new plans for Freeports to turbo-charge post-Brexit trade. Details have been released that assert a number of new freeports are being planned across the UK. The first new Freeport is on track to open by the end of 2021. Responding to the consultation on the proposals the government confirmed that sea,…

The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result of new rules proposed by the Treasury last week. The aim is to reduce stress and anxiety that borrowers may experience if they are unable to keep up with repayments…

This extended support will be available to businesses across the UK that are required to close their premises due to coronavirus restrictions. Businesses required to close as a result of specific workplace outbreaks by local public health authorities are not eligible to claim under this extended JSS scheme. To make a claim, employers must have…

Readers who may have inadvertently over-claimed grants, the furlough scheme for example, should remedy the situation before HMRC start pro-actively investigating claims. The Finance Act 2020, contains an amnesty for notifying HMRC of any errors or overclaims within 90 days of the later of: any tax charge being payable due to the overclaim and the…

New proposals have been outlined by government to ensure small businesses in the UK are paid on time. Currently £23.4 billion worth of late invoices are owed to small firms across Britain, impacting on businesses’ cash flow and ultimate survival. The proposals, as part of a new consultation launched 1 October 2020, look to give…

1 October 2020 - Due date for Corporation Tax due for the year ended 31 December 2019. 19 October 2020 - PAYE and NIC deductions due for month ended 5 October 2020. (If you pay your tax electronically the due date is 22 October 2020.) 19 October 2020 - Filing deadline for the CIS300 monthly…