Latest Business News from Chichester Accountants Evans Weir
Catch up with the latest economic, business, regional and company news from Evans Weir. If you would like to receive regular news direct to your inbox, you can subscribe to our monthly news email here.
May 18, 2020
Planned rollout of IR35 legislation to the Private sector, which was due to take place on 6 April 2020, has met with renewed criticism, this time with the House of Lords requesting wholesale review of the measures. Due to the Coronavirus outbreak, the introduction of IR35 legislation to cover the private sector, has been put back 12 months to April 2021, but the Lords have suggested the rollout be delayed indefinitely until the policy’s “inherent flaws and unfairness” have been... read more
May 11, 2020
HMRC has started contacting self-employed individuals they think could be eligible for the Self-Employment Income Support Scheme (SEISS), based on the information provided in 2018 to 2019 tax returns. To help identify who is eligible, HMRC is inviting people to use an online checker, which will quickly confirm eligibility and then provide a specific date from which a claim can be made. They are also running a webinar that you can join to find out more. The webinar provides an overview of... read more
April 30, 2020
If you are self-employed and the Covid-19 pandemic has hit your income and/or contracts, here are 5 things you can do to access support and mitigate the impact: 1. Apply to the Self-employment Income Support Scheme (SEISS) The scheme will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals, worth 80% of their profits up to a cap of £2,500 per month for... read more
If your personal circumstances have been impacted by the Covid-19 pandemic, here are 3 ways that you can try to ease the financial burden. 1. Take a rent or mortgage holiday All major mortgage lenders will provide you with a 3-Month repayment holiday. However, you should remember that this is not a reduction in your mortgage and so your mortgage term will be increased accordingly. Interest will continue to accrue during the holiday period too. Private landlords are also eligible... read more
If you own a business and/or employ staff via a PAYE scheme, and the Covid-19 pandemic has hit your business, here are 5 things you can do to access support and mitigate the impact: 1. Apply to Furlough your employees via the Job Retention Scheme. Furloughing your staff means the government will support you in paying up to 80% of their salary costs, up to £2,500 per employee/month. The scheme covers anyone on your payroll as at 19th March 2020 and will cover payroll from the 1st March... read more
April 8, 2020
As well as being a strategic partner for Kashflow, we also support a significant number of our clients who use FreeAgent. FreeAgent is an award-winning accounting system specifically designed to meet the needs of small businesses and freelancers. It is a great business tool and is helping lots of clients make the move to digital record keeping; which has in turn helped them meet the demands of Making Tax Digital, with minimal disruption or cost. In the midst of the Coronavirus... read more
March 27, 2020
The Job Retention Scheme has been set up to help pay people’s wages. Any employer in the country (small or large, including charitable or non-profit) will be eligible for the scheme. The scheme makes regular references to 'Furloughing' employees, a largely unheard-of term now the 'F' word of choice around the country. But what does it mean? The Government published further guidance on the scheme and the definition of 'Furloughing' on Thursday 26th March 2020. We would strongly... read more
March 12, 2020
Long awaited, and in the end overtaken by global events, new Chancellor Rishi Sunak delivered his first budget on Wednesday 11th March 2020. Just weeks in to the top job, and with Coronavirus requiring him to think on his feet, it was hardly a relaxed period of planning for Mr Sunak. The Chancellor certainly ensured it was 'one to remember' with some huge commitments, representing a very bold and atypical Tory approach. But this was never going to be a straight forward budget due to the... read more
March 4, 2020
A Tax Raising Tory Government? I have been in the accountancy game a while now, too many years to mention perhaps. During that time, I have seen many governments of all colours and persuasions and as a firm we have endeavoured to help our clients, both personal and commercial, navigate the peaks and troughs of taxation and legislation each introduces, refines or abolishes. But as we await the first full budget of the ‘BoJo’ era, I find myself in an unusual situation. I believe... read more
When new legislation is suggested or introduced by the Government, there will nearly always be winners and losers, those for and those against. Whilst some may tag the anti-lobby as doom mongers, their opinion is normally based on significant past experience and a deep understanding of those likely to be affected. So, when the government announced the extension of IR35 into the public sector and then, from April 2020, the private sector, most accountants that deal with small businesses and... read more
