Time To Pay Tax

If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems. It is important to appreciate that TTP cannot be used to reduce tax liability. TTP is just that - it buys time, giving you breathing space and spreading… Continue reading Time To Pay Tax

Government launches small business micro loan scheme

As part of the government's measures to mitigate the economic damage caused by the coronavirus (COVID-19) lockdown, Chancellor Rishi Sunak has announced a micro loan scheme for small businesses. The Bounce Back Loan Scheme will allow small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the… Continue reading Government launches small business micro loan scheme

New tests and new car benefit percentages

As part of its drive to encourage green motoring, the government has introduced a new emissions test, as well as new car benefit percentages. The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car is computed by reference to bands of CO2 emissions multiplied… Continue reading New tests and new car benefit percentages

Employer Update

National Living/Minimum Wage Changes from 1 April 2020 From 1 April 2020 the National Living/Minimum Wage rates will increase as follows: • £8.72 an hour for workers aged 25 and over - previously £8.21• £8.20 an hour for workers aged 21 to 24 – previously £7.70• £6.45 an hour for workers aged 18 to 20… Continue reading Employer Update

Chancellor unveils help for self-employed workers

On the 26 March, Chancellor Rishi Sunak announced a scheme to help self-employed workers who have been hit by the COVID-19 crisis. Under the scheme the government will pay self-employed people a taxable grant based on an average of their earnings over the past three years. The grant will cover up to 80% of earnings… Continue reading Chancellor unveils help for self-employed workers

Budget 2020 – 5 Changes That May Affect Your Business

On 11 March 2020 the new Chancellor, Rishi Sunak, presented his first Budget, just a month into the job.  It was always going to be a challenge for him to prepare for the budget in such a short space of time and this wasn’t made any easier for him with the rapidly changing situation with… Continue reading Budget 2020 – 5 Changes That May Affect Your Business

Hot Topic: Brexit update

The transition period The UK left the European Union on 31 January 2020 and the Brexit process has now moved into an 11-month transition phase. This period will be marked by the UK’s absence from all the EU's political institutions and agencies, so there are no longer British MEPs sitting in the European Parliament. However,… Continue reading Hot Topic: Brexit update

Call for review of High Income Child Benefit Charge

The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is… Continue reading Call for review of High Income Child Benefit Charge

Free Useful Resources

Access to really useful resources including: calculators, tax rates and allowances, market data, a tax calendar together with access to HMRC and Companies House forms. To get access to these free useful documents use this link https://www.torrwaterfield.co.uk/resources Why not register to receive our Monthly Newswire? Registration will allow you to: receive our monthly email packed… Continue reading Free Useful Resources

Chancellor announces Budget date

Chancellor Sajid Javid has announced that he will deliver the 2020 Budget on Wednesday 11 March 2020. The 2020 Budget will be the first to be delivered after the UK's scheduled departure from the EU on 31 January 2020. It is also Mr Javid's first Budget as Chancellor, following the cancellation of last November's planned… Continue reading Chancellor announces Budget date