As the Coronavirus lockdown seems likely to continue for the foreseeable future, many businesses will be looking to cut costs and save money. Acceptcards, our merchant services provider, have been talking with businesses and asking them to consider the implications of acting too hastily and cancelling direct debit payments or even contracts with their merchant services provider.
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.
Put simply, entrepreneurs’ relief offers a reduced rate of Capital Gains Tax (10%) due on capital gains that arise on the sale of a business, or the sale of a stake in a business, as long as certain conditions are met. This relief is available only to individuals, and for up to £10million of qualifying gains over their lifetime.
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.