Employers will be aware that under the Job Retention scheme, a claim can be made for the Employers National Insurance related to furloughed pay. HMRC have issued guidance on how this interacts with the Employment Allowance which goes up to £4000 from 6 April 2020. HMRC says: "In calculating the total employer National Insurance [...]
CLARIFIED: employees can start a new job when on furlough (meaning they might end up earning 80% of the old salary and 100% of a new one). This was not prohibited in the earlier guidance, but the new guidance expressly allows it. The guidance does say it has to be allowed under the old employment [...]
Here are some questions we had this week. On the Job Retention Scheme: can we furlough employees then because of necessity bring them back into work and then perhaps furlough them again? The answer seems to be yes although Government has not (as of 3 rd April) confirmed this but furloughing must last three weeks [...]
There are a lot of hurdles to be overcome. The first is easy. You must have sent in your Tax Return for the year ended 5 April 2019. If you haven’t then you have until 23 April to do it! The second hurdle is have you traded during the year ended 5 April 2020, are [...]
No VAT needs to be paid from now until 30 June 2020. This is part of the Government’s actions to assist businesses during the Covid 19 epidemic. However, this is merely a loan and VAT returns will still have to be sent in on time. The VAT is postponed and, depending on your normal [...]
As part of the Government’s Covid19 measures, they are bringing in the Job Retention Scheme. This Scheme refers to furloughing which means putting employees on temporary leave of absence where they do no work and receive no pay. The employees remain as such until you want to bring them back into work. The government [...]
I was a late starter in the Accountancy profession, beginning my training contract at the age of 33 once the youngest of my three children started school in 1979. So I benefitted from the tenacity of my contemporaries who fought the battles to ensure that women were accepted in what was still a very male [...]
Some years back now the tax system started to change, especially where higher earners are concerned. The result is you cannot always rely on all your tax being collected by PAYE. Sometimes this leads to an unwelcome tax catch up bill at the end of January. Sometimes, depending on the level of underpayment, you can [...]
Today is a special day for two reasons; not only is it April Fool’s Day but it is also our 15th birthday! Here at 4M Accountancy, we are celebrating fifteen years of friendly accountancy services tailored to each client’s individual requirements. From the very beginning, our vision was to redefine accountancy solutions by eliminating clock-watching [...]
MTD for VAT is due to go live from 1 April 2019. Many people are asking what this means to them and their business. Is your business registered for VAT? If your business is not VAT registered (and doesn’t need to be VAT registered), MTD does not currently apply to you, and you do not [...]