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Its tax payment time again

If you submit a self-assessment tax return you may need to consider your options as any second payments on account for 2019-20, are coming due for payment 31 July 2020. In a nut-shell you have three options:   Defer payment until 31 January 2021 As part of his support for taxpayers during the present disruption, …

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Summer Statement 8 July 2020

The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the measures taken to control infection. The main thrust of his announcements during his Summer Economic update concerned his nominated Plan for Jobs 2020, …

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Which businesses can reopen 4th July 2020

As the town of Leicester demonstrates, the recent announcement that many businesses would be able to reopen since 4 July 2020, depends on local conditions. Rates of infection in Leicester are causing concerns and consequently, local businesses were unable to reopen. However, for the rest of England (regional variations may apply for Scotland, Wales and …

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What happens if VAT rates are changed

A number of EU countries have reduced VAT rates in an attempt to stimulate the economy: if VAT rates fall, prices should fall encouraging consumers to spend more. There has been much press commentary recently that Rishi Sunak will announce a similar reduction in the UK. Note, at present this is pure speculation. If announced, …

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Tax Diary July/August 2020

1 July 2020 – Due date for corporation tax due for the year ended 30 September 2019. 6 July 2020 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2020 – Pay Class 1A NICs (by the 22 July 2020 if paid electronically). 19 …

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Unwinding furlough

Last month we commented on the changes to the Coronavirus Job Retention Scheme (CJRS) that commenced at the beginning of this month (1 July 2020). Now that we have the option to bring back employees on a part-time basis and still have a measure of support for their unpaid time, what considerations should we consider …

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Brexit – no extension to transition period

It is now confirmed that the UK will neither accept nor seek any extension to the Transition Period. From 1 January 2020, the UK will have the autonomy to introduce its own approach to goods imported to GB from the EU. Recognising the impact of coronavirus on businesses’ ability to prepare, and following the announcement …

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Lock-down independence day 4th July 2020

The changes to lock-down announced by the Prime Minister last week are summarised below. Most are effective from 4th July 2020. Pubs, restaurants and hairdressers will be able to reopen, providing they adhere to COVID Secure guidelines. From the same date, two households will be able to meet up in any setting with social distancing …

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Option to defer VAT payments ends this month

One of the government’s schemes to assist VAT registered businesses with their cashflow during the current COVID disruption was the deferral of VAT payments. The VAT payments that could be deferred cover payments due between 20 March 2020 and 30 June 2020. VAT traders that have taken advantage of this support will have likely deferred …

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Leaving salaries or dividends in your company

Director/shareholders of small companies may be considering reducing their salaries and/or dividends during this uncertain period. Even if firms are managing to maintain profits or breakeven, prudence would suggest that until things improve we should do what ever we can to preserve cash reserves. Many directors have taken the sensible option to minimise their salaries …

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New support for High Street retailers

The High Street Task Force has launched a range of support options for High Street traders in England. In a press release issued 12 June it was announced:   A package of support to help high streets to get back on their feet has been launched ahead of shops reopening from 15 June. The High …

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