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 sales of food and drink will be subject to the reduced […]
Setting up a HMRC online account
Posted on May 5, 2020
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 screen’s will vary slightly. As you will see, […]
Our Tax Investigation Service 2020/21
Posted on April 21, 2020
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 Hudson LM handle their inspection without having to pay for our costs incurred in this. […]
Coronavirus financial support update
Posted on April 21, 2020
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. There is very little financial support currently available for these types of businesses. Unless a limited company […]
National Minimum Wage increase from 1 April 2020
Posted on April 21, 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 £6.45. Rates for younger employees […]
Furlough Letters Guidance
Posted on March 30, 2020
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 leave or modification of normal working hours for a specific amount of time. It’s […]
What can you be doing this week?
Posted on March 30, 2020
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 personal and business (keep them separate). We have some templates for this we […]
Furloughing employees under the 80% wages grant scheme (Job Retention Scheme) – update
Posted on March 30, 2020
Employers are now furloughing employees where needed. HMRC’s new online portal to reclaim the 80% is not yet up and running; we’re told it will be by the end of April. Here’s what you should know about furloughing: • Prior to deciding to furlough employees, if you have contracts of employment; check these; not all […]
What about limited companies and directors?
Posted on March 30, 2020
Many of our clients are in this position; they run a limited company, act as a director and pay themselves a small salary topped up by dividends. This presents a problem…. As far as we can see, these businesses and individuals do not come under the self-employed scheme above (unless they also have an unincorporated […]
Help for the self-employed (and Partners in a Partnership) for 3 months
Posted on March 30, 2020
The basic details of this scheme were released at the end of last week. In broad terms, those who are self-employed (and have suffered a loss in income) will have their income (as reported on their tax returns); totalled for the three tax years ending 5 April 2017, 2018 and 2019, then averaged out by […]
