With a second England wide lockdown announced by the Prime Minister, Boris Johnson (PM), on 31/10/2020, the long road to economic recovery is about to hit another bump. Following this news, we quickly learnt that the Furlough Scheme was to be extended for a further month to cover this new lockdown period. With employees unable to work, again being able to claim 80% of their wages, those who were self-employed were left in a state of limbo: unclear as to what, if any, support was on the horizon.
The announcement
The Chancellor has announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods running to 31 January 2021, the UK Government will pay 80% of employees’ usual wages for hours not worked, up to a cap of £2,500 per month. The UK Government will review the policy in January to decide whether economic circumstances are improving enough to ask employers to contribute more.
HMRC believe that its customers want to pay the right amount of tax and wants to help those that aren’t paying the right amount to put that right.
The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property,panerai replica watches to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms.
If you are a landlord and you’ve undisclosed income you must tell HMRC about any unpaid tax now. You’ll then have 90 days to calculate and pay what you owe.
The Government has announced a package of new measures aimed at helping workers affected by the ongoing coronavirus crisis, including a new Job Support Scheme which will contribute to some employees' wages, and a limited extension of the Self-Employment Income Support Scheme.
Here are the key announcements at a glance:
When the new tax year starts in April, changes in the tax system will put more money in your pocket and help you keep more of your wages. Here’s information about how you might benefit.
The National Minimum Wage is going up to £8.21
- 25 and over. £8.21
- 21 to 24. £7.70
- 18 to 20. £6.15
The Personal Allowance is going up to £12,500
You don’t have to pay income tax on the income you earn below this amount. As a result of the change, a typical basic-rate taxpayer will take home £130 more than in 2018-19.
Start-up
£
60
/ Month (+VAT)
This price plan is suitable for the start-up companies who are not VAT registered.
- Year-end accounts preparation and submission
- Corporation Tax returns
- Payroll & RTI submission for 1 employee
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Assisting with correspondence from HMRC and Companies House
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 80K
Recommended Plan
Limited Company
£
100
/ Month (+VAT)
This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission for up to 2 employees
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- MTD VAT returns submissions – quarterly
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 100K
Company Pro
£
150
/ Month (+VAT)
This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.
- Company formation (if required)
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission for up to 5 employees (Free)
- MTD VAT returns submissions – quarterly
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Unlimited face to face advice and email support
- 2 Directors
- 2 Shareholders
- Annual turnover should be less than 200K
Company Premium
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This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.
- Company formation
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission all employees
- MTD VAT returns submissions – quarterly
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for the all Directors (Free)*
- Unlimited face to face advice and email support
- Flexible and can be discussed
- Annual turnover should be more than 200K
- Personal Tax Returns
This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.
If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.
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