AEL Markhams Blog

UPDATE – 24th September 2020 Two additional grants under the Self Employed Income Support Scheme (SEISS) will be issued. First grant available from November 2020 – 20% of average monthly profits for 3 months until the end of January, up to a total of £1,875. It will be available to current SEISS recipients who continue to face reduced demand due …

Under the Scheme, for any employees who work at least one third of their usual working hours, the Government will provide a grant worth one third of the employees’ pay for the remaining hours, capped at £697.92 per month. Under the scheme, the government will subsidise the pay of employees who are working fewer than normal hours due to lower …

Business Interruption Action Steps (BIAS)   Update as at 24/09/2020 1. “Pay As You Grow” scheme • Bounce Back Loans can now be repaid over extended periods from 6 to 10 years to reduce repayments by almost 50%; • This extension will NOT affect your credit rating; • Interest only repayments or total loan suspension for up to 6 months …

Tax Detail Original Deadline  Extended Deadline How to Apply Self Assessment / Personal Tax Second Payment On Account 31/07/2020 31/01/2021 Automatic, no application required VAT Making Tax Digital – Requirement to digitally link software 01/04/2020 01/04/2021 Automatic, no application required Defer VAT Payments due between March and June 2020 20/03/2020 – 20/06/2020 31/03/2021 Automatic, no application required PAYE/NICs IR35 off-payroll …

The amount of money paid out for information about individuals or companies in relation to small-scale tax evasion came to £473,000 in 2019/20, and increase of  from £182,000 from the previous year. HMRC is under pressure to investigate bigger companies for tax evasion and is paying key informants for information to fraudulent activities. A big potential fraud opportunity at the …

See Job Support Scheme post for developments from October 2020: https://www.aelmarkhams.co.uk/jobsupportscheme/ Further developments regarding  the flexible JRS/Furlough scheme have now been announced by HMRC, effective from 1st July. As this is a little more complex than the current scheme, we have answered the most common questions below. Q:   I don’t know yet when I will re-open my business. Can I …

The government has revealed that a revaluation of business rates, scheduled to have taken place next year, will now be deferred until 2022 to help reduce uncertainty for firms affected by the impacts of coronavirus. The government is continuing work on the fundamental review of business rates, with the key aims of reducing the overall burden on businesses, improving the current business rates system, …

Application deadlines for Government Loan Schemes are extended until the end of November 2020. Bounce Back Loans can be extended from 6 to 10 years. Interest-only periods of up to 6 months and payment holidays will also be available. Coronavirus Bounce Back Loan – Open 4th May 2020 The Bounce Back Loan scheme will help small and medium-sized businesses to …