When you buy stock or small or everyday things for your business, you can deduct the cost from your income before having to calculate the tax that is due. This is why it is called tax deductible (business) expenses. In your accounts, you might categorise them as stock, materials or office supplies as appropriate… and […]
Tax
Director’s Salary and Dividends 2020-21
As we start a new tax year, the question of what directors of their own limited company should pay themselves arises. Since the coronavirus/covid-19 crisis, this has taken on new significance, as directors who are able to furlough themselves can only claim 80% of their PAYE salary through the coronavirus job retention scheme. This is […]
Government Help for Self-Employed People affected by Coronavirus
The government has announced further help, this time for self-employed people (sole traders and partnerships) The government will make a taxable grant of 80% of your average trading profits, up to £2,500. This will be calculated on the average of your trading profits over the following tax years. 2016/17 2017/18 2018/19 You do not have […]
Information for Employers Affected by Coronavirus
[Last Updated 26 June 2020] Coronavirus Job Retention Scheme The Government has announced the Coronavirus Job Retention Scheme. Under this scheme, HMRC will reimburse your business 80% of furloughed employees wages up to a maximum of £2,500 per month. This is a temporary scheme that is currently in place from 1 March to 30 June […]
Government Support for Businesses Affected by Coronavirus
[Updated 26 June 2020] If you have been following the news on Coronavirus/Covid 19, you’ll know that the government has introduced some measures to help businesses. Coronavirus Job Retention scheme HMRC will reimburse 80% of furloughed workers wages up to a cap of 80% or £2,500 per month. Employers will need to designate affected employees […]
What To Do If You Cannot Pay Your Taxes Due To Coronavirus
If you cannot pay your tax due to the Coronavirus (or Covid-19) Contact the HMRC Coronavirus Helpline on 0800 015 9559. The line is open Monday – Friday 8am-8pm and Saturday 8am-4pm Ask to arrange a “time to pay” plan or discuss suspending debt collecting proceedings or ask for penalties and interest to be cancelled. […]