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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The outbreak of Coronavirus will inevitably impact all of our businesses. In the short term, the current situation is likely to have a significant impact on cash flow, with loss of revenues and productivity. Government support for impacted businesses is coming, but careful management of your short-term cash flow is essential for decision making such as prioritising payments, taking on new debt and negotiating payment plans with creditors.
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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.
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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.
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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.
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Starting your own business can be an exciting – but daunting – time. One of the first and most important decisions to make is how are you 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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