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HMRC emails two million eligible businesses login details for furlough portal

The government has sent personalised emails to an estimated two million eligible employers who operate PAYE systems with final details about how the furlough claim scheme will work and what employer reference codes will be required, with a step by step guide to how to use the furlough claim portal. Emails were landing in business inboxes around 8pm on Friday night with a seven-page guide, issued by HM Government, detailing the furlough rules and instructions on how eligible businesses can apply. All claimants will need to have a Government Gateway ID and password, and an active PAYE enrolment. As with most HMRC digital services, there will be no email confirmation of the transaction, which w

Short-term borrowing from your business

META Start Top Articles Row As a small business owner you might be able to fall back on its cash reserves during the coronavirus lockdown. If so, what are the longer-term tax and NI consequences for you and your business? Rules still apply While the government is taking extraordinary steps to help businesses during the coronavirus lockdown period and beyond, it doesn’t mean that the tax rule books have been thrown away. Though it’s quite likely the government and HMRC will take a more relaxed approach in the aftermath, it makes sense to work within the established rules to avoid trouble later on. For example, when using your business’ cash reserves to cover personal costs. Incorporated or un

Our guide to Video Conferencing

As more and more people are working from home due to the Coronavirus pandemic, we all have to change the way that we work and learn how to navigate aspects of working digitally. Meetings are moving online as face to face isn’t an option at the moment due to social distancing rules. This means that video conference calls are an extremely useful tool for businesses. Here at K2 Management Solutions, we have been using ‘Zoom’ for all our meetings, it has taken a little getting used to but we have all found it invaluable as a way of keeping in touch and holding meetings both internally and with our clients. There are a few things you have to consider when you’re on a video call so we’ve put toget

Coronavirus Job Retention Scheme - Things you can do to be ready

We here at K2 Management Solutions want to help you get ready to make a claim under the Coronavirus Job Retention Scheme. If you’re eligible for the scheme, there are things that you can do now to be ready when the system is up and running later this month. You’ll need to provide the following to make a claim: The bank account number and sort code you’d like us to use when we pay your claim. The name and phone number of the person in your business for us to call with any questions. Your Self-Assessment UTR (Unique Tax Reference), Company UTR or CRN (Company Registration Number). The name, employee number and National Insurance number for each of your furloughed employees. The total amount be

UK Regulations on Accountancy during Coronavirus

Coronavirus Job Retention Scheme This scheme is available to those UK employers who had a PAYE scheme created and started on or before February 28, 2020. Employers can furlough employees they would have overwise laid off, due to coronavirus’ impact, and will receive a grant from HMRC worth 80 percent of an employee’s usual wages, up to £2,500 per month. HMRC will also provide the Employer National Insurance contributions and the minimum automatic enrolment employer pension contributions on their wages. Employers must have a UK bank account to benefit from the scheme. The scheme is backdated to March 1, 2020, and will be open for an initial period of three months, but the Government will exte

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