As we approach the end of January, the personal tax return self-assessment deadline is looming. However, for the 2020/21 return due on 31 January 2022, HMRC is waiving late filing and late payment penalties for one month. This means that penalties will not be triggered unless the return is filed, or payment made after 28 February 2022.
Continue Reading
Once again the rules regarding furlough and how to support your employees have been updated – are you aware of the latest guidance?
Continue Reading
This year it could be more important than ever to know what liabilities you may face in January, with many businesses and individuals facing cash flow issues due to Covid.
Continue Reading
The Job Retention Scheme (JRS) is coming to an end on 31 October and will be replaced with a new wage subsidy scheme called the Job Support Scheme (JSS). The JSS will begin on 1 November 2020 and will run for 6 months, aiming to support employees and businesses by topping up salaries where returning to work full-time is still not viable.
Continue Reading
In the past, whenever a client has posed the question “….and how about a company car?” (usually with a hopeful glint in their eye), I have always been pretty quick to quash their dream of a sparkling new Jaguar, paid for by their company, being a brilliant, tax efficient benefit of business ownership. Up until now.
Continue Reading
The Government has announced a temporary change to VAT payments as a way to help businesses manage cash flow during this difficult time. Any VAT liabilities becoming due between 20 March 2020 and 30 June 2020 can now be deferred, with payment needing to be settled on or before 31 March 2021.
As of now (3 April 2020) any VAT payments becoming due after 30 June 2020 will be payable as normal. But as things are constantly changing and uncertainty over the COVID-19 situation continues, these measures may be extended in the future.
Continue Reading
In these uncertain times, we want to reassure you that Frost Wiltshire remains open for business and available to help you.
As a paperless business with robust IT arrangements for remote working, we are confident that we can continue to provide an excellent service to our clients, with minimal disruption as all members of the team work from home for the foreseeable future. Telephone calls to the office will be diverted to us, emails will be answered as usual and, where appropriate, we will conduct meetings normally done face-to-face via Zoom.
Continue Reading
Entrepreneurs' relief (ER) is a relief applied to the sale of certain business assets or shares under qualifying circumstances. The relief is generous; any taxable gain generated is taxed at 10% rather than 18% or 28%. A common example of when this may arise is when closing a company down and extracting funds.
There has been much in the press over the past few weeks about ER being at risk in the upcoming budget, and whether it might be restricted or even abolished altogether.
Continue Reading
The government has announced minimum pay rises in April 2020, with the National Living Wage increasing by 6.2% in comparison to 2018/19.
For a full time worker aged 25 or over who currently receives the National Living Wage, this would amount to a pay rise of £930 over the year.
Continue Reading
The boxes are unpacked, the painting is done, and the Christmas tree is up! We have moved into our new office and are loving the change of scenery. Whilst there were a few hurdles to overcome (a meeting room without any walls for a few weeks made for an interesting challenge), overall everything has gone smoothly and to plan, and we are now adding the final touches.
Continue Reading