Budget 2021

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Budget 2021

In line with the rest of the year between March 2020 and March 2021 this budget is unusual in that it was a platform for Coronavirus relief measures as well as the usual announcements which surround direct and indirect taxation changes.  I have split this post into two sections, the first covering the ongoing Coronavirus relief for businesses, with the second covering changes to taxation.

Coronavirus Relief

Coronavirus Job Retention Scheme

The scheme will continue to run in ...

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VAT payment deferral scheme now open

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Part of the business relief package offered during the Covid-19 pandemic was the opportunity for businesses to defer paying their VAT payments to the 31st March 2021 for payments that would have become due between March 2020 and June 2020 .  However, the scheme has now been extended and businesses can opt to make the deferred payments by instalments, of up to 11 months, interest free, rather than paying in full by the 31st March 2021.  Should you decide to ...

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January Coronavirus lockdown

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Welcome to the New Year.  Unfortunately we are still facing the challenges of the Coronavirus, but at least we have seen the start of the vaccination programme rollout, so things are beginning to look up.

With the introduction of further restrictions in January, due to the increased spread of Coronavirus, it is increasingly likely that those of us who are self-employed will be looking to make claims for financial support.  With this in mind we at Synergy thought it might be ...

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3rd Self Employed Income Support Scheme Grant Claims open today

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The third Self Employed Income Support Scheme Grant can be claimed from today.  It can be claimed at any time from today (30th November 2020) until the 29th January 2021.  The grant money, like trading profits, will be subject to tax and National Insurance Contributions, and must be reported on your tax return for the tax year ending 5th April 2021.

To make a claim for the third grant you must –

  • be self-employed or a member of a partnership – you ...
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Update on help for 2nd National Lockdown

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The original announcement on help available has now been updated for the third time and whilst this is extremely annoying and confusing the payments have been increased which is at least some comfort.  Updates taking account of the latest announcement on the 5th August are –

Furlough Scheme

The Job Retention Scheme has been extended to the 31st March 2021.  The grant will be 80% of the employees usual pay until the 31st January 2021.  Employees must be on the PAYE payroll ...

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Help available for 2nd National Lockdown

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Well here we are again, everything thrown up in the air and many of us not sure what help will be available to us through these difficult times ☹

I have highlighted the three areas that apply to the majority of my clients, whether they are self-employed, and or employers, and or are subject to business rates, or are an employee of their own limited company.

Furlough Scheme

It looks as if the Furlough Scheme ...

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