E Kounting News
The new deemed employment rules for IR35 have now come into play. If you have a personal service company and have been caught by these new rules and you need help filing your companies accounts & tax return, please get in touch.
The reverse charge for VAT came in on the 1st March 2021 for the construction industry. Are you ready or do you need help with this change. Contact us to find out more & how we can help get you underway.
HMRC has postponed the £100 penalty for late submission of 2019/20 personal tax returns, as long as the return is submitted by 28th February 2021. However they will still charge interest on any tax which is due. Therefore, if you haven't already done your personal tax return, the sooner you get it done and submitted the better. Contact us for advice and assistance on your personal tax return.
Are you paying your current accountant too much for services you don't need? We have services such as limited company accounts from as little as £500 And sole trader tax returns from £100 If you need help with submissions or just some advice without paying the earth - get in touch.
Personal tax returns are due to be submitted and the tax due must be paid before 31st January 2021. Automatic penalties are issued by HMRC if this deadline is missed, so please get in touch if you need any help with calculating or submitting your tax return.
The final month of the job retention scheme is now upon us. The government will pay up to 60% of the employees wages for the period of time they do not work and are on furlough. After that the Job Support Scheme will start from 1st November. The employee must be working for a minimum of 1/3 of their 'normal' hours, which the employer will pay for. The government and the employer will then split the remaining 2/3 into 3 and will pay 1/3 each, with a reduction in the employees wage by the final 1/3. For further information please contact me or review HMRC website: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/921389/Job_Support_Scheme_Factsheet.pdf
From the 1st of September you will only be allowed to claim 70% of the furloughed employees salary - if you need help with this claim please contact me.
HMRC has now opened the second stage grant for the self-employed. HMRC will write to you to invite you to apply for the grant. If you need any assistance with this please contact us.
The 1st of August sees the next change to the governments job retention scheme. 80% of the employees pay upto £2,500 can still be claimed by the employer, however the employers national insurance and pension costs can no longer also be claimed. https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme
Use the Eat Out to Help Out Scheme at a participating establishment: to get a 50% discount on food or non-alcoholic drinks to eat or drink in (up to a maximum of £10 discount per diner) every Monday, Tuesday and Wednesday between 3 and 31 August as many times as you like Find a restaurant now from HMRC's link: https://www.tax.service.gov.uk/eat-out-to-help-out/find-a-restaurant/
