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 […]
Tax
Information for Employers Affected by Coronavirus
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. Employees must be on the payroll on 28 February 2020. Employers may opt to continue paying employees who are not eligible […]
Government Support for Businesses Affected by Coronavirus
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 as “furloughed” (and you […]
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. […]
A Guide to IR35 and Personal Service Companies for Contractors
IR35 is supposed to deter consultants from trading through a limited company, a personal services company. The reason for this being to prevent the avoidance of tax and national insurance by trading through an “intermediary” rather than being an employee. IR35 came into effect in 2000 and has been contentious ever since. An entire IR35 […]
Accounting for eBay Traders
From it’s humble beginnings in 1995, where one of it’s first auctions was the sale of a broken printer, Ebay is one of the dot.com’s success stories. Trading on Ebay has exploded in recent years and many people use an eBay shop as their sole online outlet. The Advantages of Selling on eBay It’s easy to […]