Blog – Page 4 – Sutton Coldfield Accountancy

Coronavirus – Reduced VAT on Hospitality Suppllies

Written by Tony Shackleford on July 13, 2020.

The Chancellor announced that VAT in the following sectors would be reduced to 5% from 15 July 2020: Food and drink for pubs cafes and restaurants Overnight accommodation Tourist attractions The reduced...

5% VAT, coronavirus, Vat, VAT hospitality, VAT reduction

Private Sector IR35 Changes

Written by Tony Shackleford on July 6, 2020.

Reforms to the off-payroll working rules ( IR35 rules) , which will see them extended to the private sector next year, are to go ahead as planned. The changes will come into effect on 6 April 2021.

IR35, Off payroll working

Coronavirus Job Retention Scheme Version 2 From 1 July 2020

Written by Tony Shackleford on July 2, 2020.

There is a separate blog relating to version 1 of the Coronavirus Job Retention Scheme, which was in operation from 1 March 2020 until 30 June 2020. The scheme is designed to preserve the employment...

coronavirus, furloughed, job retention scheme

Tax Relief for Working at Home

Written by Tony Shackleford on June 29, 2020.

Employees who undertake ‘regular’ homeworking are covered by the rules on homeworking expenses and can claim £6 a week, either through an employer or by claiming tax relief themselves on their self-assessment...

use of home, Working from home

Pension Savings on Death

Written by Tony Shackleford on June 10, 2020.

Pensions can be a very tax efficient way of passing on wealth. Generally, if a person dies before they are 75, the value of their pensions, provided they are modern flexible pensions, can be passed...

Employers Allowance for National Insurance Contributions

Written by Tony Shackleford on June 10, 2020.

From 6 April 2020 the employers allowance was increased from £3,000 to £4,000. Consequently eligible businesses are exempt from paying the first £4,000 of employers National Insurance for each tax year...

Company Car Tax for Electric Cars

Written by Tony Shackleford on May 26, 2020.

The benefit in kind charge for cars with 50g/km of CO2 emissions, was calculated at 16% of the cars list price for 2019/20. The tax charge for new zero and low emission vehicles was reduced significantly...

company cars

Holiday Pay Entitlement

Written by Tony Shackleford on May 11, 2020.

For several years all UK full time employees have been entitled to a minimum of 28 days paid annual leave per year. Part time employees entitlement is similar, hence a part time employee who works two...

Holiday pay

Coronavirus – Bounce Back Loan Scheme

Written by Tony Shackleford on April 28, 2020.

The Bounce Back loan scheme is designed to provide low value business loans to small companies. The governments intention is that the loans will be accessed quicker that loans under the existing coronavirus...

Bank loan, coronavirus

Self Employed Income Support Scheme (SEISS)

Written by Tony Shackleford on March 26, 2020.

The first stage of this scheme covered the period until 13 July 2020. Under this stage of the scheme, the government provided a grant equal to 80% of average profits to the self-employed, capped at...

coronavirus, self employed, self employed support

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