On The Spot Blogs

Coronavirus - Loans, Grants & Tax - Small Businesses


Here’s a quick summary of the sort of practical help notified this afternoon by the Chancellor. Together with a reminder of some useful tax rules which may also help with your cashflow.

Business Rates:

  • No rates payable for 12 months for any business in the retail, hospitality or leisure sectors.
  • In those sectors, if your rateable value is less than £51k, you'll also receive a cash grant of up to £25,000.
  • Any business which gets small business rates relief, will receive a cash grant of £10,000 (increased from £3,000 announced in the Budget).

Government Backed Loans:

 

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Springing Tax Changes On Us From April 2020


With the spring Budget less than two weeks away, it's easy to forget some major changes due to come in this spring unlikely to be changed by the Chancellor. 

Property Interest Tax Relief - Full restriction

Four years ago this seemed a long way off, but we're now here. From April, there will be no tax deduction for interest on your buy-to-let mortgage. You'll get a calculated tax credit at 20% offset against your tax bill, but your taxable income is reduced only by repairs, professional fees, void period costs, etc.

This means you're more likely to find yourself in the higher rate tax band than before or having to pay back child benefit. Or even at the £100k threshold where your tax free personal allowance starts to get taken away. 

 

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Don't Be Dwarfed By The Tax System - Seven Ways To Make Tax Less Taxing


 

Dear Sajid Javid

Following your ambition to simplify the tax system and as we approach your 1st Budget, may I pass on a few things that will make a difference to business’ actual experience of the tax system.

 

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#Budget2018 - IR35 - What yesterday's press release should have said

#Budget2018 - IR35 - What yesterday's press release should have said

As practical accountants, we see the reality of true self-employment for many of our consultant clients.

This is what yesterday's Budget press release should have said to consultants, sub-contractors and freelancers:

 

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