News
Read below for the latest financial and business news.
VAT Changes from 1st October 2021
Standard VAT Scheme: Currently VAT for the Hospitality and Catering sector is reduced to 5%. This was introduced by the Government last summer to help businesses seriously affected by Covid-19. From the 1st October this rate is set to increase, not...
Budget Roundup March 2021
On 3rd March, the Government announced its latest, much anticipated budget and we have provided a round up of the highlights below. Business and Employer Update • The furlough scheme is extended to September 2021. The scheme will remain...
PAYE Settlement Agreement reminder
If you have a PAYE Settlement Agreement (PSA) in place for 2019/20, you will need to pay the tax and National Insurance due under the agreement by 22 October 2020, assuming payment is made electronically. If you pay by cheque, the cheque must reach...
Temporary VAT rules – clarification & Eat Out to Help Out registration (relevant to those in the hospitality, holiday accommodation and attractions sectors)
Last week we heard that the VAT rate was being cut down to 5% temporarily for some supplies made by the above business sectors and below we provide some more detail on the application of this reduced rate. Food and drink On-site consumption: All...
Setting up a HMRC online account
We have put together some screen shots on how to set up a HMRC online account. Please note there are several options you can choose to identify yourself to HMRC, but in this example the P60 option was chosen. So if you choose a different option the...
Our Tax Investigation Service 2020/21
April is the time of year we normally write to all clients to either renew/join our optional tax investigation service. Subscribers to the scheme who receive a; tax, PAYE, VAT inspection from HMRC, during the service period, benefit by having...
Coronavirus financial support update
We start with limited companies and their Directors as very little has been reported about them and what support is available.. Limited companies and directors This especially applies to one-man or two-man limited company businesses....
National Minimum Wage increase from 1 April 2020
Not much has been reported about this in recent weeks as the news continues to be dominated by other matters but please note that the NMW has increased to £8.72 per hour a rise of 6%. The 21-24 year old rate is now £8.20 and 18-20 year old rate is ...
Furlough Letters Guidance
PLEASE NOTE: THIS IS AN EXAMPLE ONLY AND SHOULD NOT BE RELIED UPON UNTIL YOU HAVE CONFIRMED CONTENTS WITH YOUR LAWYERS AND / OR HR SPECIALISTS Please also see Knights PLC interpretations. FURLOUGH LETTERS An employee furlough refers to a temporary...
What can you be doing this week?
While access to most of this support is not yet immediately available there are things you can be doing in the meantime to plan ahead and understand what you need Basic cash inflow/outflow estimate for next 3 months (6 months ideally); both...