From April 2021 the rates of pay for the National Minimum Wage and the National Living Wage will be increased. The National Minimum Wage is still relevant for workers under 23 and apprentices. Everyone else is entitled to the National Living Wage Note that the National Living Wage is now applicable to all employees 23 [...]
At 4M Accountancy our vision is to redefine accountancy services for the UK’s owner-managed small to medium businesses. 2020 - 2021 has definitely been a year where accountancy services needed to be redefined, and we have been around for our clients throughout the whole pandemic providing them with the personalised service we pride ourselves on. [...]
Businesses that deferred VAT payments last year due to the Coronavirus Pandemic must now take action. If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021 join the VAT deferral new payment scheme [...]
We are very pleased to announce that Jyoti has passed her AAT Advanced Diploma in Accounting - Level 3 with Merit. Jyoti joined 4M Accountancy in 2012 as a book-keeper and soon became an integral part of the team. In 2019, with her children studying for GCSEs and A Levels she decided to go back [...]
Following the start of the second National Lockdown, the government announced an extension to the Coronavirus Job Retention Scheme which had been due to end on 31 October 2020. The scheme will now remain open until 31 March 2021 for all parts of the UK, with a review in January 2021. From November 2020 to [...]
Following on from the changes for Flexible Furlough from 1 July there is also to be a gradual end to the Job Retention Scheme with the scheme due to end on 31 October 2020. As the level of grant gradually reduces, employers are still required to pay any staff on Furlough 80% of their [...]
From 1st July HMRC have introduced the ‘flexible furlough’ to enable businesses to start to bring their employees back to work. You can now claim a more flexible grant for any employee you have previously received a Coronavirus Job Retention Scheme grant for, and who now returns to work on reduced hours. Employees can [...]
30 June : the scheme will close to anyone who hasn’t been furloughed for 3 weeks by 30 June, so you will only be able to claim for employees after that if they have been furloughed for a full three-week period at any time before the end of June. 10 June : this is [...]
Watch out for an important change in the timing of reporting and paying the related Capital Gains Tax. From 6 April 2020, if you make a taxable capital gain on the sale of UK residential property will have to pay the tax within 30 days of the completion of the sale. This will be done [...]
Under the Job Retention scheme a furloughed employee which can be a director is not allowed to work. HMRC have said that an exception to this rule is where a director is fulfilling his statutory duty to the company. This would include checking and signing a VAT return, liaising with the accountants in producing the [...]