Taxing times for UK taxpayers are upon us because of Coronavirus. Canalitix Accountants have created a set of income tax calculators and schedules to aid tax payers with their income tax planning. The income tax calculators will focus on the construction industry and buy to let (BTL) property investors. Prior to COVID-19, BTL property investors […]
Construction Industry Scheme (CIS) tax rebates are available to subcontractors. HMRC requires contractors to register for CIS and to verify subcontractors to determine the correct CIS deduction rates. CIS deductions are treated as advanced payments of Income Tax and National Insurance. CIS Deduction Rates Subcontractors registered with HMRC pay the standard 20% deductions, as opposed […]
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COVID-19: Construction industry furlough claims rejected as ineligible. Why are claims by construction companies for furloughed staff being rejected as ineligible? One of the qualifying criteria for claiming 80% of the salaries of furloughed employee under the Coronavirus Job Retention Scheme (CJRS) is that the employer must have operated a PAYE scheme prior to the […]
COVID-19: Ineligible furloughed directors are mostly those receiving a monthly tax-free salary of £719 per month for 2019/20. This issue relates to claims for Coronavirus Job Retention Scheme (CJRS) grants being rejected as ineligible. The companies affected are those where the directors have operated a payroll for themselves only and opted to receive a monthly […]
COVID-19: Befuddled? We are tax agents who can guide you through the Coronavirus Job Retention Scheme (CJRS) and Self Employed Income Support grants. HMRC has recently reached out to Canalitix Accountants and other UK tax agents to assist businesses with their claims for furloughed staff wages under CJRS. The CJRS dedicated online claims system is […]
The COVID-19: HMRC Job Retention Scheme Video by HMRC is very comprehensive and worth listening to. This post on The COVID-19: HMRC Job Retention Scheme Video was sponsored by Canalitix.com This post on COVID-19: HMRC Job Retention Scheme Video+ was sponsored Canalitix.com Thank you for your interest.
This article on COVID 19: Applying for 80% of furloughed staff wages looks at the eligibility and qualify criteria for employers planning to apply to HMRC for help under the government’s Coronavirus Job Retention Scheme. Coronavirus Job Retention Scheme Under the Coronavirus Job Retention Scheme, Employers who have had to put staff on furlough leave […]
COVID-19: The forgotten self-employed are individuals who have started their self-employment businesses since 5th April 2019 and, as a consequence are excluded from claiming grants through the self-employment Income Support Scheme. Being self-employed is like walking a tightrope and trying to balance the demands of creditors, staff and bank overdrafts on the one hand while […]
COVID-19: Deferral of VAT update: The government has just announced that businesses now have until 31 March 2021 to pay any VAT deferred as a result of this announcement. In addition, businesses can opt in to the deferral simply by not making VAT payments due in this period. The announcement also advised that businesses who […]