These are testing times not just for people in general but business owners as well. We've set out what is available to businesses during this pandemic and we will continue to support your businesses and you in any way we can. The support from the government is set out below:

1. Corona Virus job retention scheme
2. Deferment of VAT and Income Tax payments
3. Statutory Sick pay relief for SMEs
4. 12 month Business Rate Holiday for all retail, hospitality and leisure businesses with property with a rateable value of between £15k - £51k
5. Small Business Grant of £10k for every business that is in receipt of Small Business Rate Relief or Rural Rate Relief
6. Grant funding of £25k for retail, hospitality and leisure business with property with a rateable value between £15k - £51k
7. Corona Virus Business Interruption Loan Scheme offering loans up to £5m
8. Bank of England lending facility for larger firms
9. HMRC Time to pay scheme to be extended

See more

Auto Enrolment Pension Contribution Increase in April 2019

Auto enrolment pension contributions will increase with effect from 6th April 2019.

What are the increases?

The amount you and your staff pay into the pension scheme will vary depending which type of scheme you have chosen. You can normally find this information from your pension provider. For 2018/19 tax year total minimum contribution was 5%, this will increase to 8% in total.

Who does this affect?

All employers with employees that pay into your pension scheme. You will need to make sure that you are paying the minimum pension contributions as stated above.

If you would like more information on the minimum pension contribution increase please see the pension regulator website.

Making Tax Digital from April 2019 it will now be mandatory for businesses to use digital software for VAT. This will only apply for businesses that have a turnover of over £85k per annum anything below this won't need to comply with the new regulation.

To comply with this you will need software will be compatible with MTD like Xero and Free Agent. It will be initially for VAT but then rolled out for other taxes in April 2020.

If you need help deciding which software is most suitable for your business please contact us.

Red Leaf Accountancy has recently employed to new members of staff Stephanie Baines and West Miller. Stephanie has joined the team just this month as an assistant accountant. Continue reading →