Congratulations are due for passing his ICAEW Principles of Taxation Exam. Jack has now achieved his 'Certificate in Finance, Accounting & Business'
Keep up the hard work!!
From 1st April 2021, The Minimum & National Living Wage rates increase and for the National Living Wage the age has also been reduced from 25 to 23 years old:
Time is running out to apply for a loan under the coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS).
The deadline for new applications is 31st March 2021. Businesses will be able to start an application for finance until the end of day on this date.
There is however a new 'Recovery Loan Scheme' launching on the 6th April but it will follow different lending criteria.
The Restart Grant scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant.
Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council.
Eligible businesses in the hospitality, accommodation, leisure, personal care and gym sectors may be entitled to a one-off cash grant of up to £18,000 from their local council.
The fourth SEISS grant covers February to April 2021. It has been set at 80% of three months’ average trading profits, capped at £7,500. Average trading profits is over the four years 2016/17 - 2019/20, where available and it will be available from late April.
The fifth grant covers May to September 2021. It has been set at 80% of three months’ average trading profits capped at £7,500 for those whose turnover has reduced by 30% or more.<br) Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850. Average trading profits will be calculated as for SEISS 4 and the grant will be available in late July
A reminder as always, these grants are subject to Tax and Class 4 National Insurance.
The stamp Duty Holiday which was due to end March 2021 has now been extended until 30th June. The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving, paying nothing on properties sunder £500,000.
Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.
It will return to the usual threshold of £125,000 on 1st October.
The Chancellor announced at Budget 2021 that the temporary reduced rate of 5% will be extended to 30 September 2021.
From 1 October 2021 the reduced rate for these supplies will be replaced by the introduction of a new reduced rate of VAT of 12.5% which will remain in effect until 31 March 2022.
The Coronavirus Job Retention Scheme has been extended until 30th September 2021.
From 1st July 2021, the level of grant will be reduced each month and employers will be asked to contribute towards the cost of furloughed employees’ wages, the contribution required will be 10% of wages for hours not worked in July, rising to 20% in respect of August & September 2021.
From 1st May 2021 onwards, employers can claim grants under the CJRS for workers who were employed on 2nd March 2021, as long as the employer has made a PAYE Real Time Information (RTI) submission to HMRC in respect of that worker between 20th March 2020 and 2nd March 2021.
It must be used for most supplies of building and construction services.
The charge applies to standard and reduced-rate VAT services:
To find out more Visit this link.
HM Revenue and Customs have announced Self Assessment taxpayers will not be charged the 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021.
