Asif, Author at PMA Accountants

About Asif

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So far Asif has created 204 blog entries.

Chancellor Extends Furlough Scheme Until October

Asif2020-05-12T18:40:03+01:00May 12th, 2020|Categories: Blog, COVID-19|Tags: CJRS, Coronavirus, Covid-19, Employees, Furlough, Job Retention Scheme, Payroll|

The government’s Coronavirus Job Retention Scheme will remain open until the end of October, The key points announced by Chancellor Rishi Sunak are: Coronavirus Job Retention Scheme will continue until end of October furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500 new flexibility will be introduced from August to get employees back to work and boost economy The Government stated as we reopen the economy, we need to support people to get back to work. From the start of August, furloughed workers will be able to return to work part-time with [...]

Check if you can claim a grant through the Self-Employment Income Support Scheme

Asif2020-05-06T16:46:18+01:00May 6th, 2020|Categories: Blog, COVID-19|Tags: Covid-19, Grant, SEISS, Self Employed, Self Employment Income Support Scheme|

HMRC updated their guidance on 4th May to outline the process for applying for SEISS. Full details: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. You will get a taxable grant based on your average trading profit over the 3 tax years: 2016 to 2017 2017 to 2018 2018 to 2019 HMRC will work out your average trading profit by adding together your total trading profits or losses for the 3 tax years, then [...]

Business Bounce Back Loan (BBBL) Update and How to Apply

Asif2020-05-04T22:18:28+01:00May 5th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Bounce Back Loan, Covid-19, Small Business|

Chancellor Rishi Sunak has written to accredited lenders about how the Government wants BBLS to be run. He makes the point that as a 100% guaranteed loan scheme, the price of BBLS is critical to its success and that the loans need to ensure that these loans are affordable and accessible. He has come to the decision that the interest rate should be set at 2.5%. Legislation and regulation Amending the regulatory perimeter The Treasury has made a statutory instrument (SI) that amends the Regulated Activities Order (RAO) so that providing regulated small business loans of £25,000 or less [...]

HMRC Release Details of SEISS Scheme

Asif2020-05-04T22:32:00+01:00May 4th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Covid-19, Grant, SEISS, Self Employed, Self Employment Income Support Scheme|

On Friday 1 May 2020 the Government issued the legislation by way of a Direction to introduce the Self-Employed Income Support Scheme. At the same time HMRC issued more detailed guidance on the operation of the scheme. The Self-Employment Income Support Scheme will allow taxpayers to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. Key points that have changed since the previous version of the guidance: HMRC guidance sets out information required to make a claim The taxpayer has to claim [...]

Government Announces “Bounce Back” Loans

Asif2020-04-28T18:01:13+01:00April 28th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Bounce Back Loan, Covid-19, Government Support|

The Government has announced a new 100% Government backed loan scheme for small businesses. Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced yesterday. Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and [...]

Government to provide cash grants for frontline charities

Asif2020-04-28T17:56:14+01:00April 28th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Charities, Covid-19|

Charities across the UK will receive a £750 million package of support to ensure they can continue their vital work during the coronavirus outbreak, tens of thousands of charities will benefit from direct cash grants to ensure they can meet increased demand as a result of the virus as well as continuing their day-to-day activities supporting those in need. Highlights: £750 million available for frontline charities across the UK – including hospices and those supporting domestic abuse victims £360 million direct from government departments and £370 million for smaller charities, including through a grant to the National Lottery Community [...]

Self-employment Income Support Scheme (SEISS)

Asif2020-04-26T01:01:23+01:00April 26th, 2020|Categories: Blog, COVID-19, Self Employment|Tags: Covid-19, Income Support Scheme, SEISS, Self Employment|

The government has announced its intention to provide further support for the self-employed (including members of partnerships) in the form of a Taxable cash grant but does not need to be repaid. The scheme allows individuals to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the 3 months from March to May 2020. This may be extended by the government if needed. The taxable cash grant will be in the form of a single lump sum to cover the three months from March to May 2020. HMRC is [...]

April 2020 Questions and Answers

Asif2020-04-01T19:43:10+01:00April 20th, 2020|Categories: Questions & Answers|Tags: Buy-To-Let, Digital Publications, HMRC, Imports, Q&A|

Q. My business imports goods from the EU. What is the current position reading postponed accounting for VAT? A. There is now a transition period until the end of 2020 during which the UK and EU negotiate additional arrangements. The current rules on trade, travel, and business for the UK and EU will continue to apply during the transition period. In broad terms, new rules will take effect on 1 January 2021. HMRC have confirmed that from 1 January 2021, postponed accounting for VAT will apply to all imports of goods, including from the EU. This will allow businesses to [...]

Profit extraction in 2020/21 – What is the optimal salary?

Asif2020-04-01T20:00:49+01:00April 15th, 2020|Categories: Blog, Limited Company, PAYE|Tags: BLOG, Directors Salary, Dividends, NIC, PAYE, Salary|

A popular tax-efficient profit extraction strategy used by personal and family companies is to take a small salary and extract further profits as dividends. Where this approach is adopted, the starting point is to determine the optimal salary. While this will depend on personal circumstances and there is no excuse for not doing the sums, there are some general guidelines. Where the director does not have the requisite 35 qualifying years to provide access to the full single tier state pension paying a salary at least equal to the lower earnings limit for Class 1 National Insurance purposes (set [...]

HMRC urge people to prepare for CGT payment change

Asif2020-04-01T19:40:32+01:00April 12th, 2020|Categories: Blog, HMRC, Taxation|Tags: BLOG, Capital Gains, CGT, HMRC, Residential Property|

Property owners are being urged to get ready for changes to the deadline of capital gains tax (CGT) payments. Broadly, from 6 April 2020, a UK resident who sells a residential property in the UK will have 30 days to tell HMRC and pay any CGT Tax owed. HMRC are currently developing a new online service to allow taxpayers to report and pay any CGT owed. A CGT report and accompanying payment of tax may be required where the taxpayer sells or otherwise dispose of: - a property that they have not used as their main home; - a holiday [...]

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