Weekly update 23 May 21
Welcome to the latest edition of our weekly update.
This week, we have rounded up a number of news stories across SME schemes, employer updates, Covid support grants and pensions.
Furlough and TUPE claims from May 2021:
If you are employer, you can claim under the normal Furlough rules for the employees transferred from another business, provided they meet the eligibility requirements.
- The employer can claim for employees transferred on or after January 1, 2021.
- They must have been employed by the old employer on or before March 2, 2021.
If you have claimed the Government support grant, it is important to know that Grants are treated as taxable income in the same way as other taxable receipts, where the business is within the scope of either income tax or corporation tax.
Businesses can claim tax relief on the expenditure supported by the grant.
For members of a pension scheme, the government is to introduce a simpler 2-page statement to make it easier for savers to understand how they are savings for retirement are progressing.
- More than half of million claim Work from Home relief for 2021/22
- Inflation jumps to pre-pandemic levels
- The CPI measurement jumped to 1.5% in the last 12 months to April
- The economy grew by 2.1% in March 2021. The construction sector grew by 5.8%
- Surge in 95% loan to value mortgage availability.
Upcoming Key Dates:
May 31: P60 deadline for employers with a payroll
- June 01: Corporation tax payment due for period ended August 31, 2020
- June 01: Advisory fuel rates for the June to August quarter for company car users
June 07: VAT returns and payment due for the quarter/period ending April 30
Our service to you
If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.