The ongoing coronavirus crisis is impacting all areas of life and this includes financial services. There are a lot of issues that businesses and other organisations will need to consider over the coming weeks and months. Here we will look at some of the most important areas and how they are being affected by COVID-19.
Put in simple terms, these changes effectively prevent any medium to large companies from claiming employment allowance. More than 100,000 employers are thought to be affected. For smaller companies there is more of a chance that they will still be able to claim, with experts predicting that more than 99% of micro-businesses, and 93% of small businesses are still eligible.
The National Minimum Wage was introduced by Labour 20 years ago, in an effort to boost the wages of the lowest-paid workers and even the playing field for people across all of society. At the time there were critics holding firm that the move would cause mass unemployment, but these fears were proved to be unfounded and the legislation was a success, cutting the number of people officially defined as being low paid and reducing income inequality.
HMRC needs to have received your completed tax return by 31 October for paper returns, and 31 January for online submissions. If you miss the deadline, you will automatically be charged £100. If your tax return is not filed within a day of missing the deadline, the potential fines that you can be charged increase substantially.
The difference between cash and accruals basis is basically timing, revolving around when you record your revenue and expenses. If you do it when you pay or receive money, then you are using cash basis accounting. If you do it when you raise an invoice or receive a bill, you are using accrual basis accounting.