News
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Small firms to get 100%-taxpayer-backed loans
Published by Michael Graves on Mon, 27/04/2020 - 4:41pmSmall firms are to get access to 100% taxpayer-backed loans after they raised concerns about slow access to existing coronavirus rescue schemes.
Chancellor Rishi Sunak told the House of Commons the scheme would start next week, offering firms loans up to £50,000 within days of applying.
It aims to unlock a backlog of credit checks by banks amid fears many small firms could fold before getting loans.
The scheme requires filling in a two-page self-certification form online.
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Coronavirus Job Retention Scheme goes live
Published by Michael Graves on Mon, 20/04/2020 - 9:09amThe Coronavirus Job Retention Scheme goes live on 20 April 2020. Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19).
Internet link: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-...
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Chancellor extends furlough scheme to end of June
Published by Michael Graves on Fri, 17/04/2020 - 3:19pmCoronavirus Job Retention Scheme extended by one month to reflect continuing social distancing measures.
Internet link: https://www.gov.uk/government/news/chancellor-extends-furlough-scheme-to...
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Coronavirus Job Retention Scheme changed
Published by Michael Graves on Thu, 16/04/2020 - 10:06amNew guidance published yesterday has confirmed the eligibility date has been extended to 19 March 2020 – the day before the scheme was announced.
Employers can claim for furloughed employees that were employed and on their PAYE payroll on or before 19 March 2020.
This means that the employee must have been notified to HMRC through an RTI submission notifying payment in respect of that employee on or before 19 March 2020.
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HMRC delays introduction of off-payroll rules to private sector
Published by Michael Graves on Thu, 16/04/2020 - 8:40am -
New tests and new car benefit percentages
Published by Michael Graves on Tue, 14/04/2020 - 9:48amAs part of its drive to encourage green motoring, the government has introduced a new emissions test, as well as new car benefit percentages. The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car is computed by reference to bands of CO2 emissions multiplied by the original list price of the vehicle. The maximum charge is capped at 37% of the list price of the car.
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Get ready for 30-day returns and payments for residential property gains
Published by Michael Graves on Tue, 14/04/2020 - 9:42amLegislation has been enacted to change reporting obligations for residential property gains chargeable on UK resident individuals, trustees and personal representatives. Also introduced is a requirement to make a payment on account of the associated capital gains tax (CGT) liability. For disposals made on or after 6 April 2020:
• a standalone tax return is required if there is a disposal of UK land on which a residential property gain accrues
• CGT is required to be computed on the reported gain in the tax return -
UK200 Group SME client survey
Published by Michael Graves on Tue, 14/04/2020 - 9:11amComplete this Survey to Make Your Voice Heard
As you know, we are members of the UK200Group, the UK’s leading association of quality assured chartered accountants and law firms. Whilst we welcomed the recent announcements by the Government to support businesses, we are very concerned that some of our clients will fall through the support net.
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UK200Group writes to the Chancellor of the Exchequer
Published by Michael Graves on Mon, 06/04/2020 - 4:15pm