Wokingham Accountants
The Coronavirus Statutory Sick Pay Rebate Scheme allows smaller employers to reclaim some or all of the Statutory Sick Pay (SSP) paid to employees who are absent from work due to a Coronavirus-related absence. Eligible employers An employer is eligible to use the scheme if the employer had fewer than 250 employees across all their … Read more
The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake a review and to ensure that allowance for the year is not wasted. So think about the dividend allowance. Nature of the dividend allowance One allowance that is available to … Read more
What tax do I need to pay by 31 January 2021? The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC … Read more
The Brexit transitional period comes to an end of 31 December 2020 and various changes come into effect from 1 January 2021. One of these changes is the introduction of postponed VAT accounting. This will affect you if you are a VAT-registered business and you import goods into the UK, particularly if you do not … Read more
From 1 January 2021, you will need an Economic Operators Registration and Identification (EORI) number to move goods between Great Britain and the EU. Prior to 1 January 2021, you only needed an EORI number if you move goods between the UK and non-EU countries. If you do not already have an EORI number, you … Read more
Many businesses have been forced to close as a result of the national and local restrictions introduced to slow the spread of Coronavirus. Where this is the case, the business may be eligible for a grant from their local authority. The following grant support is available to businesses in England during the second national lockdown. … Read more
Where a family company has cash in the bank but profits have been adversely affected by the pandemic, directors of a family company may wish to take a short term loan to enable them to meet personal bills, with a view to clearing the loan with a dividend payment when business picks up. This can … Read more
The Government has extended Furlough to March and increases the self-employed support scheme. As the lockdown has now started for England and continues elsewhere, the Government has changed its mind again about business supports and decided to extend the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) across all regions of … Read more
In June 2020, the Government announced that it was making funding available to customs intermediaries and businesses to help increase their capacity to make customs declarations. Broadly, businesses need to prepare ahead of new procedures coming into play in 2021 following the end of the UK’s EU withdrawal transition period. As well as injecting a … Read more
The hospitality and leisure industries as we all know, have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, the Government has reduced the rate of VAT to 5% rather than the standard rate of 20%. This applies to certain supplies and has now been … Read more
