By Emma Hooper Once again the rules regarding furlough and how to support your employees have been updated – are you aware of the latest guidance? On 5 November 2020 the chancellor announced that the original Job Retention Scheme will be extended until March 2021, meaning that employees who have been placed on furlough will … Continue reading Let’s go round again
By Mel Hackney This year 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. HMRC announced in March 2020 that they would waive interest on the taxpayer delaying their second payment on account towards 2020/21 tax year … Continue reading Take your time, hurry up
By Emma Hooper 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 … Continue reading The Job Retention Scheme is ending – now what?
By Mel Hackney 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 … Continue reading I like driving in my car (it’s not quite a Jaguar)
By Emma Hooper 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. … Continue reading Coronavirus: deferral of tax payments
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 … Continue reading A message of reassurance
By Mel Hackney 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 … Continue reading Entrepreneurs’ Relief – a change of direction ahead
By Emma Hooper 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. If you … Continue reading It’s going up! Minimum wage is on the rise in 2020
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 … Continue reading We’re in!
By Mel Hackney The deadline for filing your 2018.19 self-assessment tax return is 31 January 2020. If you haven’t got round to completing it yet, or are concerned about a large liability – don’t worry! You are not alone, and we might be able to help. We might even be able to reduce your liability … Continue reading Oops!… I did it again…I left my tax return to the last minute!