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 [...]
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 [...]
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 [...]
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 [...]