Covid-19 Financial Update

Click here for a PDF download – Version 20 as at 01/06/2020 Business Interruption Action Steps (BIAS) Update as at 01/06/2020 1. Coronavirus Job Retention Scheme The following updates were announced on the 29th May to ease employees back into work. 2020 Government Pays Company /Employer Pays Additional Information June – 80% of employees wages up to £2500. – All …

Business rates revaluation postponed

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, …

Business Bounce Back Loan Scheme (BBLS)

Coronavirus Bounce Back Loan – Open 4th May 2020 The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000 The government will guarantee 100% of the loan No fees or interest to pay for the first 12 months. Loan terms will be up to 6 years. No repayments will be due during the …

HMRC puts pause on investigations

HM Revenue & Customs has suspended some investigations into taxpayers and businesses due to constraints on resources during the coronavirus crisis. The tax authority have written to taxpayers currently under investigation, stating they will not request information or documents during the current lockdown, nor press for responses to requests already made. In some cases, HMRC has said it will temporarily suspend inquiries. …

Government Aid for Retail Opticians

Yesterday (26th March 2020) our CEO, Marc Bennett, presented during the Stronger Together webinar, a community for independent opticians. The webinar focused on unlocking the various government support packages, government aid and cashflow management as at 26th March. Please click here to read through the slides. We are constantly updating information on Covid-19 and how it affects businesses in general. …

YEAR END TAX REVIEW 2019-2020

The Conservative Government now has a healthy majority which will allow it to change the tax law as it wishes, with little effective opposition. The tax and economic changes were announced on the 11 March 2020 as part of the Budget. The end of the accounting period for your business is a key point for tax planning. You can save …

2020 Budget – What’s in store?

Chancellor Rishi Sunak presented his 2020 Budget on Wednesday 11th March. We have summarised the top headlines business owners and employees need to be aware of: Business Owners Corporation tax: The main rate of corporation tax will remain at 19% for 2020/21 Employment Allowance: Employer National Insurance Contributions is increasing from £3,000 to £4,000. Helping with the reduction to costs …

Your auto enrolment solution

The pitfalls of auto enrolment Since April 2012, all UK employers are legally obliged to automatically enroll all eligible workers into a qualifying pension scheme by a specific deadline (‘staging date’). This is one of the most onerous challenges to face businesses in recent years and the financial penalties for breach can be severe. AEL Markhams can assist you every …