More Than £1bn In State Pensions Underpaid
It is estimated that the Department for Work and Pensions (DWP) has underpaid 134,000 state pension payments and that those that can be traced will receive an average payout of £8,900.The most affected will be married women, widows and the over 80s. The DWP has stated they will contact those affected, but without a clear […]
Self-Employment Income Support Scheme – Fifth Grant
A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021.The fifth grant requires you to calculate your turnover between April 2020 to April 2021, further details can be found in the link below, but if you require assistance please contact us. Work out your turnoverThe fifth grant offers […]
Capital Gains Tax Penalties
Since the introduction of the 30 day tax window for capital gains payment (CGT) in April 2020, HMRC have issued penalties totalling £1.3million in the last 6 months of 2020. In summary, landlords and second-home owners will need to declare and pay any capital gains tax on properties within 30 days of completion. Those facing fines can […]
Self-Employment Income Support Scheme – Fourth Grant
HMRC is to contact self employed claimants for grant four SEISS applications.The fourth grant, which offers 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500, will be available covering the period from February to April 2021. Self-employed people who are eligible and in need of support must […]
Changes to the National Minimum Wage and Living Rates
With effect from 1 April 2021 the minimum wage and living rates have changed, as well as the age brackets. Please reference the table below for guidance: Rate from April 2020Rate from April 2021IncreaseNational Living Wage£8.72£8.912.20%21-22 Year Old Rate£8.20£8.362.00%18-20 Year Old Rate£6.45£6.561.70%16-17 Year Old Rate£4.55£4.621.50%Apprentice Rate£4.15£4.303.60%Accommodation Offset£8.20£8.362.00%Please also note that the apprentice wage is £4.30 for […]
Wettone Matthews’ Budget Report 2021
Earlier this week the 2021 Budget was announced affecting everyone in the country. Some of the key highlights include the following:Extension of the Coronavirus Job Retention Scheme (CJRS) until 30 SeptemberFourth and fifth SEISS grants this yearExtension of stamp duty holiday until 30 September£5 billion restart grants to boost businesses after lockdown endsCorporation tax set […]
Construction Industry VAT Reverse Charge
In an attempt to reduce VAT fraud in the construction industry, HMRC is introducing the reverse charge from 1 March 2021 onwards that will change how VAT is applied, if a contractor to contractor arrangement in the construction industry exists. The scheme is based around 5 main questions that you will need to ask as to […]
Self-Employment Income Support Scheme – Third Grant
HMRC have announced that the rules on who is eligible to claim have changed. The third grant, which offers 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500, will be available covering the period from 1 November 2020 to 29 January 2021. Self-employed people who are eligible and […]
Extension to the Coronavirus Job Retention Scheme
An update to the job retention scheme has been issued regarding it’s continuation through to March 2021.What’s new in the support available: From 1 November, the UK Government will pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month. The UK Government will review the policy in […]
Increased Support for Self-Employed across the UK
In response to the forthcoming period of lockdown HMRC have announced an increase in the help available to self-employed individuals. The Government has increased support under the third instalment of the Self-Employment Income Support Scheme (SEISS), with people receiving 80% of average trading profits for November. As SEISS grants are caluclated over three months, the […]
MacMillan Coffee Morning 2020
Unfortunately, due to the current circumstances surrounding the Covid-19 virus, we are unable to hold our annual MacMillan Cancer Support coffee morning here this year. We would however, encourage you to make a donation to support the nurses, particularly this year in view of the losses charities have sustained. You can donate through ourselves or […]
Sunak’s Summer Statement 2020
The Chancellor, Rishi Sunak, announced further measures to support jobs and business sectors severely affected by the COVID outbreak. Grants and reliefs offered included support for: employment, the beleaguered hospitality and tourism industry and included green initiatives as well as a novel scheme to get us to eat out in August. Arguably one of the […]