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HM Revenue & Customs

Coronavirus Self-Employment Grants

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Last Updated: 5 April 2021 If you are self-employed or a member of a partnership and have been adversely affected by Coronavirus you will potentially qualify for a Self-Employment Income Support Scheme Grant. You can make a claim for the grant at https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme. You will require the following details to make a claim: Self Assessment …

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Coronavirus Job Support Schemes

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Last Updated: 5 April 2021 Coronavirus Job Retention Scheme – EXTENDED UNTIL THE END OF SEPTEMBER 2021 (Previously March 2021) The government’s Coronavirus Job Retention Scheme (CJRS) has been extended until the end of September 2021. Key points regarding the extended scheme: Neither the employer nor the employee needs to have previously used the CJRS …

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Government’s Coronavirus Winter Economy Plan

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Coronavirus Winter Economy Plan

The chancellor Rishi Sunak announced the government’s plan to protect jobs and support businesses over the winter months on 24 September 2020. The announcements included the following: A new Job Support Scheme An extension of the Self Employment Income Support Scheme Tourism and hospitality sector VAT cut extension Coronavirus Loan payback terms extended Coronavirus Job …

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Coronavirus Mini Budget – July 2020

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Coronavirus mini budget July 2020

The Chancellor Rishi Sunak delivered a mini-budget today as part of the next phase of government support in response to the impact of the Coronavirus on the UK economy. The main aim is to protect, support and create jobs. A summary of the key announcements are detailed below: Job Retention Bonus for employers Employers who …

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New minimum wage from 1 April 2019

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NMW NLW increase April 2019

Excellent for employees and not an April fools joke for employers. From today the 1 April 2019 the National Living Wage and the National Minimum Wage increase. The new hourly rates are as follows: Employees aged 25 and over will increase from £7.83 to £8.21 Employees aged between 21-24 will increase from £7.38 to £7.70 …

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Completing your self-assessment tax return

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What you need to know before fCompleting your Self Assessment Formiling self-assessment for 2017/18.

It’s a common scenario.

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

Then the weeks start to fly by, Christmas comes and goes, and soon you’re planning for the New Year and getting back to work as normal.

Before you know it, it’s the end of January, you’re searching for your registration details, and HMRC’s waiting times are growing longer as thousands of other taxpayers in the same predicament try to get in touch.

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Deregistering for VAT

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Deregistering for VAT When and how to begin the process of deregistration.

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.

If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.

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The Chartered Institute of Taxation

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