An insight from the gbac team on all things accounting, finance and more.
“Coronavirus Job Retention Scheme” HMRC grant available to cover 80% of wages for retained workers up to £2,500 per month per employee The scheme will be back dated to 1st March 2020 and available for 3 months, to be extended over a longer period, if necessary The grant is available to ALL companies, large or […]
During the 2020 Budget which was held last week, the Chancellor announced that a ‘Coronavirus Business Interruption Loan Scheme’ would be available ‘over the coming weeks’. However, due to the rapidly changing circumstances surrounding Covid-19 it has now been announced that this will be brought forward and we can expect the new scheme to become […]
A report out in January shows that around 20% of those on apprenticeship schemes are not being paid the National Minimum Wage (NMW), while apprenticeships themselves have fallen in number. The figures in the Apprenticeship Pay Survey from the Department for Business, Enterprise and Industrial Strategy (BEIS) show the strange anomaly that correct levels of […]
For taxpayers who have trouble affording their tax bills, HMRC has updated its process for setting up time to pay arrangements. If you have missed the self-assessment filing deadline of 31 January, and are struggling to cover your tax payments, you can now set up a time to pay arrangement online with HMRC. The online […]
The allowance effectively sets the maximum pension contributions from all sources (including your employer) on which you may be able to claim income tax relief. In recent times it has been the subject of much controversy because of the way the allowance is tapered from the ‘standard’ £40,000 to as little as £10,000 for high […]
It happens every year – the countdown to the end of January. Many of us make pre-new year’s resolutions to get our self-assessment forms done early. However, according to HMRC data, just over 3,000 people submitted their returns on Christmas Day, taking advantage perhaps of the lull in festivities or an escape from cooking commitments. […]
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