Starting your own business can be an exciting – but daunting – time. One of the first and most important decisions to make is how you are going to structure your business. The reason this decision is so important is that it has a variety of consequences – not only related to tax, but also from a legal and administrative perspective, and how your business will be perceived.
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Today we heard the news that so many of us have been hoping to hear for so long – that a vaccination to protect us from Covid-19 is safe and will shortly be available. At the end of what has felt like a very long tunnel, perhaps we are about to emerge into the light.
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Once again the rules regarding furlough and how to support your employees have been updated – are you aware of the latest guidance?
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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.
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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.
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I mowed my lawn last week. Amidst all the gloom surrounding the crisis currently facing the world, how lovely it has been to see some sunshine over the last few weeks. I love this time of year, when lighter evenings and brighter, warmer days make us feel more inclined to be out in the open air.
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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.
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This week, HMRC will begin to contact people who may be eligible for the Self-Employment Income Support Scheme (‘SEISS’). The scheme, which will provide a taxable grant worth 80 per cent of a self-employed individual’s average trading profits up to a maximum of £7,500, will be paid in a lump sum by the start of June.
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The Coronavirus Job Retention Scheme went live yesterday, with over 140,000 businesses applying for the support within 24 hours.
The scheme is available for businesses that, as a result of Covid-19, cannot maintain their current workforce and would be forced to make employees redundant as a result. These employees need to be furloughed by written communication to be eligible.
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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.
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