UPDATE: Coronavirus Financial Assistance as at 1st June 2020
Self-employment Income Support Scheme (SEISS) The Uk government has announced that the SEISS will be extended, and those eligible for the grant may claim a second grant, capped at £6,750. There is now a deadline to make a claim for the first grant of 13th July 2020. The second, and final grant can be claimed in August 2020. The second grant will be 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ profits. The cap for this grant will be £6,750.&...
June 1, 2020What is the Optimum Directors Salary for 2020/21?
What is the Optimum Directors Salary for 2020/21? The most tax efficient way for your limited company to pay you as a Director is usually through a combination of salary and dividends. We explain the best way to set up Director’s payroll to be tax efficient in 2020-21. Why have Directors’ Salaries Changed? National Insurance Contributions (NICs) are payable by employers, as well as employees. For the past few years, the employer’s & employee’s NI thresholds have been the same. This&nb...
May 28, 2020Self-employment Income Support Scheme (SEISS) - UPDATE
UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 13th May 2020 Self-employment Income Support Scheme (SEISS) The scheme is due to go live today, with applicants able to make a claim from the date provided to them by HMRC. To make a claim you will need the following: Self-Assessment Unique Taxpayers Reference (UTR)National Insurance numberGovernment gateway ID and password (if you do not have one, you can create one when making a claim)UK bank details includin...
May 13, 2020Self-employment Income Support Scheme (SEISS)
UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 4th May 2020 Self-employment Income Support Scheme (SEISS) HMRC have released a tool to help check whether you will qualify for the SEISS, which can be accessed by following the link for Self-Employment Income Support Scheme. It is looking likely that the individual will need to apply for this grant, and we will not be able to apply on your behalf. We therefore recommend ensuring you have a Government Gateway ...
May 5, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 28th April 2020
UPDATE: Availability of Financial Assistance Available to SMEs on 28th April 2020 at 8am Coronavirus Bounce Back Loan The Government have announced a new loan scheme, due to be launched on 4th May 2020. This is intended for small and medium businesses and will allow them to borrow between £2,000 and £50,000. The Government will be guaranteeing 100% of the loan, with no fees or interest due within the first 12 months. The first 12 months will also be payment free and the Gove...
April 28, 2020It's The Weekend !
Whilst another weekend is nearly here, we know for many of us its much the same and we need to stay home and protect ourselves and our NHS. With this in mind, we attach a couple of colouring sheets which can be downloaded at your convenience. Enjoy them with or without the kids; with a refreshing non alcoholic or alcoholic beverage; or just utilise the relaxing properties of art to take your mind to someone else for a short period of time. Enjoy!...
April 24, 2020Coronavirus Job Retention Scheme - Update
UPDATE: Coronavirus Job Retention Scheme as at 16th April 2020 The UK government has announced the following updates to the Coronavirus Job Retention Scheme: You can claim for employees that were employed as of 19th March 2020 and were on your payroll on or before that date. You will have to have made an RTI submission notifying HMRC of payment of that employee on or before 19th March 2020. We are unsure as yet what that means for employees who started after 1st March 2020 but were not paid...
April 16, 2020UPDATE: Coronavirus Job Retention Scheme as at 9th April 2020
We have now received communication from HMRC to state their portal should be up and running on 20th April 2020. When will the First Grants be Paid? The first payments are expected to be made on 30th April 2020. It is anticipated that claims will take 4-6 working days to process and repay. If you would like us to make a claim on behalf of your business could you please provide us with the following as soon as possible: Your PAYE reference number (if we do not already have this...
April 9, 2020Social Distancing and Exercising - Rocky Boxset Anyone ?
Coronavirus Lockdown & Social Distancing With the continued implementation of the social distancing rules due to the spread of COVID-19 many people are now experiencing a new phenomenon – time! The hours spent commuting or at work are now being replaced with work from home arrangements or furlough and with no end in sight of the lockdown being relaxed, now to could be a good time to revisit that fateful night of 31 December, where we made that resolution to get fitter. How can we a...
April 3, 2020UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 30th March 2020 at 8pm
Companies House 3-month Extension to File Accounts If your accounts will be late because your company is affected by COVID-19, you can apply for an immediate 3-month extension to file your accounts. This will be applied automatically. It is important to note that your filing deadline cannot have passed for your company to apply for this. Also, any companies that have already extended their filing deadline, or shortened their accounting reference period, may not be eligible for an extension...
March 31, 2020UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 27th March 2020 at 8am
Self-employment Income Support Scheme The self-employment income support scheme (SEISS) will support individuals who are self-employed (including members of partnerships) whose income have been negatively impacted by COVID-19. This scheme will provide a grant worth up to 80% of their profits, up to a cap of £2,500 per month. HMRC will be averaging profits from tax returns filed in 2016-17, 2017-18 and 2018-19 to calculate the taxpayers grant. The scheme will be open to those where over 50%...
March 27, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 25th March 2020 at 8am
Small business grant funding The eligibility has now been updated to state that the person who according to the billing authority’s records was the ratepayer as at 11th March 2020 will receive the grant. There is further information to state that where the local authority believes this to be incorrect, they can take reasonable steps to identify the correct ratepayer and withhold or recover the grant. Any changes to the rating list (rateable value or to the hereditament) after the 11t...
March 25, 2020Coronavirus Update 24th of March 2020
Coronavirus Lockdown - The Latest Whilst it appears there are no further updates to support for businesses at this current time, it is important to acknowledge the latest announcement by the Government. As a nation we have now been told we can only leave our homes for one of the following four reasons: Shopping for necessities, to be limited to items like food and medicine. These shopping trips should be as infrequent as possible.One form of exercise a day, to be carried out either a...
March 24, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 23rd March 2020 at 8am
Support for Nursery Businesses that Pay Business Rates A business rates holiday will be introduced for nurseries in England for the 2020 to 2021 tax year. You will be eligible for the business rates holiday if: Your business is based in England Properties that will benefit from the relief will be: Occupied by providers on Ofsted’s Early Years RegisterWholly or mainly used for the provision of the Early Years Foundation Stage This should automatically be applied by your local authority. If y...
March 23, 2020UPDATE: Availability of Financial Assistance Available to SMEs on 21st March 2020 at 8am
Coronavirus Job Retention Scheme All UK employers will be able to access support to continue paying part of their employees’ salary for employees who would have otherwise been laid off due to Covid-19. All businesses are eligible for this. To access the scheme you will need to: Designate affected employees as ‘furloughed workers’ and notify them of this change. This change of status may be subject to negotiation, depending on the employment contract.Submit information to HMRC about t...
March 21, 2020UPDATE: Availability of Financial Assistance Available to SMEs as at 12pm on the 20th of March 2020
Grants It would appear the higher grant of up to £25,000 will only be available to those businesses within the retail, hospitality and leisure sectors. As a reminder, those within these sectors with a rateable value of between £15,000 and £51,000 will be eligible for a grant from their local authority of up to £25,000. The sectors are defined as having properties occupied as being wholly or mainly used for the following: Restaurants, cafes, drinking establishments, cinemas and live mus...
March 20, 2020 UPDATE: Availability of Financial Assistance Available to SMEs as at 12pm on the 19th March 2020
Insurance Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres and other leisure facilities is sufficient to make a claim. Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business i...
March 19, 2020Availability of Financial Assistance Available to SMEs as at 12pm on 18th March 2020.
What help is available for small businesses during the Coronavirus crisis? As part of the recent Budget, the Government announced £30 billion of support to help businesses and individuals struggling due to Covid-19. On the 17th March 2020 it was also announced that an additional £330 billion is available as guaranteed loans on favourable terms. For small businesses, up to £5 million can be borrowed with no interest payments due for the first 6 months. This is an increase from the £1.2...
March 18, 2020A Message from SAS Accounting Services Ltd
As we’ve all learned lately, a lot can change in a few days. As Coronavirus (COVID-19) diagnoses continue to increase around the world, we wanted to let you know that SAS Accounting Services is committed to providing a safe environment for our employees, whilst continuing to offer a level of service to our clients. Over the next couple of days we will be transitioning our staff to enable them to work from home, enabling us to continue working as usual. We have had no cases of...
March 18, 2020Spring Budget 2020
In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently limited in his options to spend on plans to improve business confidence and fund infrastructure projects. Interestingly, there were a number of measures that will directly benefit those affected by the current COVID-19 outbreak and these are reported in this update. Details of other changes fo...
March 12, 2020Paying Your Self Assessment Tax Bill
We are receiving a number of enquiries from clients who are struggling to navigate through the HMRC system for paying their Self Assessment Tax bill for the looming payment deadline of 31 January. By far the easiest way to make this payment is by a standard bank transfer through online or telephone banking. For the details to make payments online to HMRC please visit https://www.gov.uk/pay-self-assessment-tax-bill/bank-details The reference number for your payment will be your 1...
January 29, 2020Our Emails - An Update
Following on from our email yesterday regarding a problem with one of our email accounts, we wanted to update you on the current situation. What we know:Yesterday afternoon, at around 14:20 an email was sent pertaining to be from Simon, with the subject line ‘SAS Accounting Services Ltd – 21-01-2020’ or similar.Some contacts emailed Simon back to confirm the legitimacy of this email, others phoned or sent text messages. At this point we knew we had an issue and contacted our IT Suppo...
January 22, 2020National Minimum Wage April 2020
As you may be aware, the current National Minimum Wage rates will increase in April 2020. Research suggests that the increase will result in a pay rise for almost 3 million UK workers and has been described as the ‘biggest ever cash boost’ for UK workers.These changes mean that:those aged 25 and over will be entitled to receive £8.72 per hour, up from £8.21 an hour previouslyworkers 21-24 will increase from £7.70 to £8.20 an hourthe pay for 18-20 year olds will increase from £6.15 to £...
January 16, 2020Are You Prepared For The Self-Assessment Deadline?
The deadline for filing your 2018/19 self-assessment tax return online is 31st January 2020. It is not normally possible to get an extension to the filing deadline. Regardless of how you filed your tax return, any outstanding tax must be paid by 31st January 2020. What are the penalties for late tax returns?If HMRC asked you to complete a tax return for 2018/19 and you miss the deadline, you will automatically be fined regardless of how late the return is, even if there is no tax liability...
January 10, 2020Christmas Open Times
Over the Christmas period the office will be closed from 4pm on 20th December 2019 to 9am on 2nd January 2020. Throughout this period it may not be possible for us to reply to any emails or telephone calls , so please plan for this closure and advise us in good time, should you expect any advice will be needed, certainly with respect to payroll calculations and accounts filing. If you do require any urgent advice during this time please email simon@sas-accounting.co.uk and these emails wil...
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