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Coronavirus Job Retention Scheme

PLEASE NOTE: THIS GUIDANCE IS STILL INCOMPLETE AND THE GOVERNMENT NEED TO ISSUE FURTHER BRIEFING NOTES ON THE DETAIL. Introduction Under the Coronavirus Job Retention Scheme (CJRS), all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been […]

Read more March 26th, 2020

COVID-19 Business Support Update 23 March

Key Government Resources Links You can find an updating list of official resource links here. Who is a keyworker? The current list of keyworkers includes the following: Health and Social care (doctors, nurses, social workers, care workers, etc.) Education and Childcare (teachers, social workers, childcarers, etc.) Key Public Services (staff in the justice system, religious […]

Read more March 23rd, 2020

Key Government Resources Links

We have compiled a list of key webpages from the Government website that can be of assistance to you during the current Coronavirus outbreak. (Last updated 28 May 2020) Below are some key Government websites where you can access the latest information: Guidance For Employees, Employers And Businesses The Government has updated its Guidance on […]

Read more March 19th, 2020

Support Available For Businesses During COVID-19

Support for businesses who are paying sick pay to employees: The Government will pass legislation shortly to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: this refund will cover up to 2 weeks’ […]

Read more March 19th, 2020

Working From Home – Helping Employees Stay Mentally Strong

With the Government recommending those that can be working from home, should. It is important to note that for some people it’s not the perfect set up. There is the obvious advantage of no commuting and technology meaning we can have more autonomy over our time. However some people will need to monitor their mental […]

Read more March 19th, 2020

Don’t Lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2020

Consider Other Tax Efficient Investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off of 30% of the amount invested against your income tax bill as well as the ability to defer Capital Gains Tax (CGT) until the shares are sold. An even […]

Read more March 12th, 2020

Budget Summary Spring 2020

Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech, he stated that ‘We are at the beginning of a new era in this country. We have the freedom and resources to decide our own future’. He also said ‘It is a Budget of a Government that gets things done’. […]

Read more March 12th, 2020

Should You Buy New Equipment Before 6 April?

Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April, you should consider buying plant and machinery to take advantage of the Annual Investment Allowance (AIA). The AIA provides a 100% tax write off for […]

Read more March 12th, 2020

Pension Planning Before The End Of The Tax Year

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the […]

Read more March 12th, 2020

Yet Another Chancellor – Big Changes In The Budget?

The last Budget was nearly 18 months ago and since then, we have had three different chancellors after the unexpected resignation of Sajid Javid. The early years of a new Parliament are usually a good time to make radical changes and many are predicting significant tax changes on March 11. Rather than increasing headline tax […]

Read more March 2nd, 2020

Tax Investigations Continue To Rise

During 2019 HMRC opened 300,762 investigations into self-assessment tax returns and collected an additional £1.2bn in extra tax as a result during the 2018/19 tax year. HMRC continues to come down hard on taxpayers that make mistakes on their tax returns. Taxpayers should always file complete and accurate tax returns as errors can lead to […]

Read more February 26th, 2020

Keeping Customers

Without customers, your business simply would not exist. Some businesses are so focused on winning new customers that they often neglect to put any effort into keeping customers they already have! Winning new customers is often far more expensive than retaining existing ones. Winning a new contract may cost time in terms of developing a […]

Read more February 26th, 2020

Innovation Champions

The word innovation can conjure up images of disruptive developments such as online streaming services or companies such as Uber. Fortunately, innovation doesn’t have to happen on a grand scale to make an impact in your business. Driving innovation in any business begins with creating and encouraging an innovative and forward-thinking culture. Allow your employees […]

Read more February 25th, 2020

Changes To National Minimum Wage April 2020

National Minimum Wage (NMW) and National Living Wages (NLW) increased from 1 April 2020. Please see the table below for the new rates: Employers should review the ages of employees to ensure they are paid the correct gross pay when carrying out your payroll procedures. At Shapcotts we check an employee’s age as part of […]

Read more February 25th, 2020