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Protection for landlords and tenants

12 Nov, 2020

The government guidance for landlords and tenants as a result of the coronavirus pandemic has been updated. The Coronavirus Act 2020 provides protection to social and private tenants by delaying when landlords can start proceedings to evict tenants. 

Shielding guidance for the clinically extremely vulnerable

11 Nov, 2020

Shielding for clinically extremely vulnerable people was paused in England on 31 July 2020. However, the government has now updated its guidance on shielding and protecting people who are clinically extremely vulnerable from COVID-19 to cover the period of the new national restrictions from 5 November to 2 December 2020. 

UK and London Living Wages increase

11 Nov, 2020

The Living Wage Foundation has announced that its UK Living Wage has risen by 20p per hour from £9.30 to £9.50 per hour. Its London Living Wage has risen by 10p per hour from £10.75 to £10.85 per hour. Over 250,000 UK workers will now receive a pay rise as a result.

New Furlough Scheme guidance published

11 Nov, 2020

The detailed Furlough Scheme rules were updated 10 November 2020.

To use the extended scheme – to 31 March 2021 – the steps that are required are:

Getting the most out of digital data

10 Nov, 2020

One of the great benefits of data stored in an electronic format is that it can be sorted in an endless array of reports. This offers business owners who have invested in accounts software a range of options.

Once you have input basic accounts information, transactions, from your:

  • Bank
  • Payroll
  • Suppliers, and
  • Customers

you can use the associated information regarding sales, costs, investments in equipment and so on to create reports that will increase your chances of managing your finances successfully.

Barter your way through COVID disruption

10 Nov, 2020

While we wait for the magic-bullets that promise to reduce the impact of COVID – vaccines etc – should we be exploring ways to exchange goods and services with our suppliers and customers?
Barter is defined as: the exchange of goods and services without using money.

Perhaps a decorator could repaint the outside of a local restaurant in exchange for a prepaid voucher for a number of meals once the present restrictions are lifted.

Exchange in this way could help to sustain economic activity without the need to impact the cash-flow of either party.

Uncertainty

06 Nov, 2020

While politicians and scientists try and figure out the best way to control COVID, we are left to pick up the pieces and try and salvage what we can of our businesses.

Our economy is built on various, level playing field assumptions:

Online sales platform

06 Nov, 2020

If you sell goods or material that can be sold from the internet, have you considered this form of sales platform for your business?

Providing access for your goods on the internet is a sensible strategy. If we have learnt anything from COVID it is the limitations on trade when social distancing – lockdown – is applied to reduce infection.

There are several “shop-type” solutions available that can be adapted to meet the needs of most businesses. In most cases these be linked to your present website.

Responding to a court judgement

05 Nov, 2020

In today’s precarious business environment many companies are unable to pay their debts. If this happens, your creditors can ultimately apply to the court to get their debts paid. This can be done either by getting a court judgement or making an official request for payment (known as a statutory demand).

If a court judgement has been registered against your business, you must usually respond with one of these options within 14 days: 

Less than 100 days to file your tax return

05 Nov, 2020

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2019-20, Self-Assessment tax return. Last year over 11 million taxpayers were required to complete a tax return, but over 958,000 taxpayers missed the deadline. If you are filing online for the first time you should ensure you register to use HMRC’s Self-Assessment online service as soon as possible.

Sale of income in exchange for capital amount

05 Nov, 2020

A capital sum received by an individual in respect of the sale or relinquishment of income derived from their personal activities can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged to Income Tax is not also charged to Capital Gains Tax.

The following conditions must all be present before the sale of income legislation can operate.

Taxable business gains

05 Nov, 2020

If you are in business as a self-employed sole trader or as part of a partnership, there may be occasions when you are required to pay Capital Gains Tax (CGT). CGT is normally charged at a flat rate of 20% on the amount of ‘profit’ or ‘gain’.

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