Coronavirus Job Retention Scheme Closes on 10th June

Making Tax Digital

If you have stopped working due to the Coronavirus, and you paid yourself salary in 2019/20, you may wish to consider furloughing yourself and claiming a grant from HMRC under the Job Retention Scheme. The scheme is available to directors and employees. You must not carry out any work for the company whilst on furlough … Read More

Amy FowlerCoronavirus Job Retention Scheme Closes on 10th June

Coronavirus UK Government financial support – update

Here is the latest detailed update from our accountants regarding the Government support packages that are available to anyone whose work or business is affected by coronavirus. The information is based on our current understanding of the guidance issued, which seems to be changing daily! If additional facts come to light or are published which … Read More

Amy FowlerCoronavirus UK Government financial support – update

Coronavirus UK Government financial support – what is available?

Here is our next update on financial help available from the Government during the time of coronavirus. The following is our understanding of the various schemes available, based on the information published to date. It should not be relied on for advice at this stage but is intended to give an indication of how they … Read More

Amy FowlerCoronavirus UK Government financial support – what is available?

Filing your tax return for 2018-2019

On 26th March the government announced a package of support for self-employed workers in the UK whose businesses are affected by the lockdown imposed as a result of the coronavirus pandemic. The package offers a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for the next 3 months, … Read More

Amy FowlerFiling your tax return for 2018-2019

What is the COVID-19 Self-Employment Income Support Scheme?

Source: HMRC The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19). This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may … Read More

Amy FowlerWhat is the COVID-19 Self-Employment Income Support Scheme?

What is the Coronavirus Job Retention Scheme?

Source: HMRC The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. We expect the scheme to be up and running by the end of April. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19). … Read More

Amy FowlerWhat is the Coronavirus Job Retention Scheme?

Coronavirus update: UK Government measures for small businesses

Here at Competex we have been closely monitoring the Government proposals to introduce measures to help small businesses like yours. Here is a brief summary of the updates that may be relevant to you over the forthcoming months and which have been confirmed to date. Filing accounts on time. If you are unable to provide … Read More

Amy FowlerCoronavirus update: UK Government measures for small businesses

Coronavirus update: IR35 legislation changes in the Private Sector delayed to April 2021

It was announced on 17th March that the reforms to IR35/Off Payroll Working rules in the Private Sector are to be pushed back for a further 12 months to 6th April 2021. We are heartened by this decision, which will give many of our clients, and the wider community of independent professionals working through their … Read More

Amy FowlerCoronavirus update: IR35 legislation changes in the Private Sector delayed to April 2021

Small business accounting calendar: key tax dates and deadlines

Source: FreeAgent Small business owners face many challenges, not least keeping track of all the many accounting dates and deadlines that arise throughout the year. Luckily, if you are a client of Competex, we always remind you when there is an important accounting deadline coming up. However, it can help to know what the accounting … Read More

Amy FowlerSmall business accounting calendar: key tax dates and deadlines

Tax Planning Tips: Does the Marriage Allowance Apply To You?

The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil partner to transfer 10% of their personal allowance (rounded up to the nearest … Read More

Amy FowlerTax Planning Tips: Does the Marriage Allowance Apply To You?