Jack Passes ICAEW Law Exam

A huge congratulations to Jack here at Dalton Pardoe for passing his ICAEW Law exam with flying colors.

Just 1 more to go to achieve his ICAEW Certificate in Finance, Accounting and Business.

Keep up the hard work!!


Coronavirus Local Restrictions Support Grant

The Local Restrictions Support Grant (LRSG) supports businesses that have been required to close due to temporary local restrictions.

The grant will be based on the rateable value of the property on the first full day of restrictions.

If your business has a property with a rateable value of £15,000 or less, you may be eligible for a cash grant of £1,334 for each 28-day qualifying restrictions period.

If your business has a property with a rateable value over £15,000 and less than £51,000, you may be eligible for a cash grant of £2,000 for each 28-day qualifying restrictions period.

If your business has a property with a rateable value of £51,000 or above, you may be eligible for a cash grant of £3,000 for each 28-day qualifying.


Self-employed Income Support Scheme (SEISS) to be doubled for November

The window for claims has been brought forward form 14th December to 30th November.
Remember! the SEISS Grants are subject to Tax and Class 4 National Insurance.


Furlough Scheme Extended!

The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked.


Government expands Job Support Scheme and help for self-employed

The Job Support Scheme will be extended – you'll now only need to work 20% of your hours to be eligible. For the hours you don't work, employers must only contribute 5% of your salary rather than the 33% previously.
The next Self-Employment Income Support Scheme grant will be doubled, and will now be worth up to £3,750 but you'll need to have been affected by reduced demand to claim.


WORKING FROM HOME?

Did you know if you are Employed and have been working from home you can claim tax relief on home expenses without having to fill in a self assessment.
To make a claim, search 'tax relief for employees' on HMRC's website or visit the following link: https://www.gov.uk/tax-relief-for-employees/working-at-home


JOB SUPPORT SCHEME - Key Points

  • The scheme will run initially for 6 months from 1 November-30 April 2021
  • An employee must be working at least 33% of their usual hours
  • For the "lost hours" (up to 67%) the employer will pay 1/3, HMRC will pay 1/3 and the employee will lose 1/3.
  • HMRC's contribution is capped at £697.92 per month

(It is the employee who benefits from the scheme; the employer retains staff but will have to pay out for more hours than what an employee has actually worked and therefore gains no direct financial benefit)


The Chancellor has announced new measures to support the Economy:

  • - A new Job Support Scheme (Similar to the flexible furlough Scheme)
  • - More time to repay Bounce Back Loans
  • - Further Grants for the self employed
  • - Extension to the temporary reduced VAT for Tourism & Hospitality
  • - Extra time to pay deferred VAT payments that are due March 2021

We will release further guidance as and when it is released.


Tax Refund Scam

Please see attached screenshot of an email that one of our clients has sent us.
This is just another example of the tax refund scam that makes its way round every so often with a link at the bottom of the email to click to enter your personal information and bank/card details in order to "receive" your refund.
HMRC will NEVER email you regarding a tax refund, if you still have any doubts speak to your Accountant or call HMRC directly to check.


Tax planning for your inheritance

The IHT threshold for an individual is £325,000 (also known as the nil rate band) so if your estate is worth more than that on your death, the value of your estate in excess of £325,000 could be taxed at 40 per cent!
You can with careful planning utilise various available tax reliefs and exemptions in your will to reduce the tax bill on your death.