State Pension Age Increase

State Pension Age Increase

State Pension Age Increase The age at which people start to receive the state pension has increased to 66 for both men and women. People born between October 6, 1954 and April 5, 1960 will start to receive their state pension on their 66th birthday. For people born after those dates, there are scheduled to…

Self Assessment Payment Plan

Self Assessment Payment Plan

Self Assessment Payment Plan Table of Contents What is Self Assessment Payment Plan?  Under Self Assessment Payment plan, the self-employed and other self-assessment taxpayers can apply online to spread the cost of their tax bills into 12 monthly payments, as part of the Chancellor’s Winter Jobs Plan. Limit for Self Assessment Payment Plan From October…

Job Retention Bonus Guide

Job Retention Bonus guide

Job Retention Bonus Guide Table of Contents What is Job Retention Bonus?  In his Summer Statement, Chancellor Rishi Sunak announced a new £1,000 Job Retention Bonus for employers who bring back furloughed staff – if they remain continuously employed to the end of January 2021. The bonus is set to support millions of employers who…

Self Employed Grant extension

Self employed Grant Extension

Self Employed Grant Extension Table of Contents Self Employed Grant Extension  Chancellor Rishi Sunak last week announced further economic support for workers and self-employed people over the next few months of the coronavirus pandemic One of the measures being extended is the Self-Employment Income Support Scheme (SEISS), which will be in place until April 2021…

VAT cut extension

VAT cut extension details

VAT cut extension Table of Contents VAT cut extension details Chancellor Rishi Sunak has announced the current VAT cut will be extended until March 2021 for tourism and hospitality businesses, as he announced his Winter jobs Plan in the Commons. The 20% rate was granted a six month reduction in July as an urgent response…

Job Support Scheme

Job Support Scheme

Job Support Scheme Table of Contents Job Support Scheme Announced as part of the Winter Jobs Package, the Job Support Scheme will allow employers to keep employees in a job on shorter hours rather than making them redundant. Recap The Job Support scheme will directly support the wages of people in viable jobs working at…

Business Loan schemes

Business Loan schemes

Business Loan Schemes Table of Contents Business Loan Schemes The Chancellor extended the government’s three Coronavirus business interruption loan schemes and the Future Fund, as part of his Winter Jobs Package announcement. The extension aligns all the end dates to the end of November, ensuring that there is further support in place for those who…

Winter Economic Plan

Winter Economic Plan

Winter Economic Plan Table of Contents On 24 September 2020, Chancellor Sunak announced various support measures in his winter economy plan. The Autumn Budget has been scrapped this year, as the treasury suggested “now is not the right time to outline long term plans”. We have prepared a summary of all what you need to…

July 2020 GDP Figures released by ONS

⇒ GDP monthly growth in July: 6.6% ⇒ GDP quarterly fall in July: 7.6% ⇒ GDP fall since February: 11.7% ⇒ Services sector fall since February: 12.6% ⇒ Production sector fall since February: 7.0% ⇒ Construction sector fall since February: 11.6% GDP Monthly Growth  Following 2.4% & 8.7% growth in May & June 2020 respectively,…

Employment allowance (EA) and CJRS

There has been some confusion as to how Employment Allowance (EA) is intended to interact with Cornonavirus Job Retention Scheme CJRS. Employment Allowance (EA) allows eligible employers to reduce their annual National Insurance liability by up to £4,000. You will pay less employers’ Class 1 National Insurance each time you run your payroll until the…