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14th July 2020

July 2020 Summer Economic Update Summery

Filed Under: THL News


The Chancellor, Rishi Sunak has delivered a 2020 Summer Economic Statement update outlining the Government’s plans to protect, support and create jobs as we enter the ‘Recovery Phase’ of the Cornavirus pandemic.

VAT

  • VAT on food, non-alcoholic drinks, accommodation and attractions in the hospitality and tourism industry is to be reduced from 20% to 5%
  • The reduction takes effect from 15 July 2020 until 12 January 2021

 Furlough (Job Retention Bonus Scheme)

  • Employers will get £1,000 for every furloughed employee they bring back to full time employment from November to January
  • Employees returning to work under the scheme need to earn on average at least £520 per month between the end of the Job Retention Scheme and the end of January 2021
  • The Job Retention Scheme will end in October

 Kick Start Scheme (16-24 year olds)

  • People aged 16-24 on Universal Credit will be eligible for six month work placements funded by the Government
  • The scheme will be open to funding applications from August 2020, with the first jobs starting in Autumn
  • Employers taking young people on will be funded to the tune of 100% of the minimum wage for 25 hours a week
  • Firms topping up wages beyond that if they want to will receive a £1,000 admin fee

 Supporting Jobs

  • Businesses can receive payments of £2,000 for each new apprentice they hire aged under 25, and a £1,500 payment for each new apprentice aged 25 and over, to run from 1 August 2020 to 31 January 2021

 Eat Out to Help Out

  • During August, every diner can receive a 50% discount of up to £10 per head on their meal, at any participating and eligible food service establishment

 Stamp Duty

  • Effective immediately, the Government will temporarily increase the Nil Rate Band of Residential SDLT to £500,000

Homeowners

  • The Government will provide at least £2 for every £1 spent by homeowners and landlords to make properties more energy efficient, up to £5,000 per household

If you would like more information on any of the points the Chancellor announced or how the plans affect your business, please do not hesitate to get in touch with the team at THL.

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23rd June 2020

THL Tax Manager Vacancy

Filed Under: THL News, Recruitment


We are looking for someone to join our busy team to assist with the tax function and report directly to the Partners.

Previous experience is essential, and you should ideally have at least 3 years working in practice and having obtained the ATT qualification would be advantageous. You will have good communication, computer and problem-solving skills. In additional you will be resourceful, analytical, adaptable and organised with the ability to build rapport with clients.

Your responsibilities will include:

  • Completing self-assessments tax returns for individuals, partnerships and trusts and estates.
  • Preparing income and expenditure accounts for small unincorporated businesses.
  • Liaising with HMRC and other third parties to ensure the smooth handling of our clients’ tax affairs.
  • Providing ad-hoc consultancy advice on a whole range of tax matters.
  • Be prepared to help out and assist colleagues when needed.

THL is a unique, dynamic, busy and ambitious firm. You will enjoy working as part of our close team where everyone is valued and what they do matters.

Please email Hayley.Sengebusch@thlaccountancy.co.uk if you would like to apply for the position or have any questions regarding the role.

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3rd April 2020

Important legislation changes to consider for 2020/2021 Tax Year (06 April 2020)

Filed Under: Uncategorized


  • There will be no tax code points uplift this year with the personal allowance remaining £12,500 per annum
  • The Employment Allowance will increase to £4,000 from £3,000 (subject to relevant criteria)
  • Holiday pay for casual workers, including zero-hour contracts, will now be calculated based on average weekly earnings over 52 weeks, instead of 12
  • The introduction of Statutory Bereavement Pay (SPBD) following the death of a child (subject to relevant criteria)
  • Increase in National Minimum & Living Wage:

 

  • Increase in Statutory Sick Pay (SSP) – £95.85
  • Increase in Statutory Maternity/Paternity/Adoption & Shared Parental Leave(SMP/SPP/SAP/ShPP) – £151.20
  • The earnings trigger of £10,000 and contribution percentages of 3% employer & 5% employee will remain the same for the purposes of Auto Enrolment, but the lower and upper levels have changed.

In light of Covid-19 virus, HM Revenue & Customs have advised that workers will receive Statutory Sick Pay (SSP) from their first day off, not the fourth. It was also announced in the budget, that companies with less then 250 employees would be able to reclaim Statutory Sick Payments made as a result of the Covid-19 outbreak; we await further information on this.

 

 

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