Chancellor Rishi Sunak announced on 12 May that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to a “grants received” account, and this will therefore increase taxable profits of the business.
Now is the time to make some tax-smart moves before it’s too late. Tax is never a one-size-fits-all approach: each taxpayer and each year will be different. And with the current tax year-end approaching, this is a perfect time to carry out a tax health check and implement any planning opportunities before the end of the 2019/20 tax year. There are a number of valuable allowances and reliefs that will be lost if they are not used before the deadline.
Welcome to our monthly newsletters. In this issue we cover a number of matters to consider before the end of the tax year and important changes being introduced in the next tax year, or possibly before Budget Day. It will be nearly 18 months since the last Budget and in the meantime we will have had three different chancellors following the unexpected resignation of Sajid Javid.
Newsletter focussing on the December General Election highlighting that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with confirmation that changes consulted on last year will be put in place.
Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”? More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS? We are still awaiting the date of the Budget which is likely to be early in the New Year.