Archive:June 2020

Please find below all the articles from June 2020.

GUIDANCE FOR OUR CLIENTS – CORONAVIRUS (COVID-19) UPDATE 7 – Furlough/Coronavirus Job Retention Scheme – 8th June 2020

Monday, June 8, 2020

It was announced on 29th May 2020 that the furlough scheme (also known as the Coronavirus Job Retention Scheme) would be extended along with changes to how the scheme would operate. Further details are expected to be published on 12th June however, furloughing decisions may need to be made prior to the 10th June. With that in mind, we would like to bring these key dates to our client’s attention.

10th June 2020 – Final date by which an employer can furlough an employee for the first time (furlough…

Tax-efficient savings update

Monday, June 1, 2020

As the new tax year progresses, now is a good time review some of the tax-efficient savings incentives available which may help maximise potential returns.

Help-to-save

The Help-to-Save scheme offers working people on low incomes a 50% bonus, rewarding savers with 50p for every £1 saved. Over four years, a maximum bonus of £1,200 is available on savings of up to £2,400. Savings limits are flexible and it is not necessary to pay in every month to get a bonus.

How much is saved and when is up to the account…

Coronavirus SSP Rebate Scheme launches

Monday, June 1, 2020

From 26 May 2020 onwards, employers can make claims through the Coronavirus Statutory Sick Pay (SSP) Rebate Scheme.

This is a new online service and forms part of the package of support measures for businesses affected by the COVID-19 outbreak. The service enables small and medium-sized employers with fewer than 250 employees, to recover SSP payments they have made to their employees.

Employers will be able to make their claims through the service and receive repayments at the relevant rate of SSP that they have paid to current or former…

Coronavirus (COVID-19) update: self-assessment payment deferrals

Monday, June 1, 2020

To help ease the financial impact of the coronavirus (COVID-19), the Government has announced that self-employed taxpayers may be able to defer some tax payments without paying a penalty. At present it is possible to:

– delay VAT payments due before 30 June 2020 until 31 March 2021;
– delay self-assessment payments on account due in July 2020 until 31 January 2021.

Taxpayers have the option to defer their second payment on account for the 2019/20 tax year if they are registered in the UK for self-assessment and finding it difficult…

Coronavirus (COVID-19) update: homeworkers’ expenses

Monday, June 1, 2020

The government has introduced a temporary tax exemption and National Insurance disregard to ensure that home office equipment purchased by employees as a result of the coronavirus outbreak, will not attract tax and NICs liabilities where reimbursed by the employer. This temporary change applies for 2019/20 from 16 March 2020, and for the 2020/21 tax year.

To be eligible for the exemption the expenditure must meet the following two conditions:

– The equipment is obtained for the sole purpose of enabling the employee to work from home as a result…