With 2020 having been dominated by Covid-19 and its implications Brexit has, until now, taken a bit of a back seat. And yet, come the end of the year, when the transition period ends, there are some significant implications for all businesses. I am writing to you today to ensure you have the information and […]
The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:- Employers of all sizes will be eligible for the new scheme […]
The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely. HMRC have started writing to businesses alerting them to important changes […]
There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting […]
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2020. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p (6p) 1600cc or less 8p 1401cc to 2000cc 12p 8p (9p) 1601 to 2000cc […]
Date What’s Due 1/11 Corporation tax for year to 31/01/2020, unless quarterly instalments apply 19/11 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/20 (due 22/11 if you pay electronically)
Under increasing pressure from business groups, local authority leaders and the public, the Government has decided to extend several of its existing support measures to help businesses across the UK – regardless of whether they are forced to close or remain open. Speaking to Parliament, the Chancellor Rishi Sunak announced three new steps that he […]
The minimum age for private pension withdrawals will increase from 55 to 57 in 2028, according to the Treasury. The pension freedom reforms introduced by former Chancellor George Osborne have allowed pension holders to access their savings pots at 55 before the State Pension retirement age, which is currently 65. Under the current rules, pension […]
New research from Money.co.uk suggests that as many as one in four workers have increased or decreased payments into their pensions due to the Coronavirus Pandemic. Those in the financial sector were most likely to have increased their pension contributions, according to the study, with 25 per cent of those working in this sector having […]
It is believed that thousands of homeowners in the UK could be trapped in poor pension deals due to changes to the affordability rules brought in during the last financial crisis. Often referred to as mortgage prisoners, these homeowners have found, that despite generally keeping up with repayments, they are no longer eligible for many […]
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