• Allotts business update - May 2020

    With just one issue controlling everyone’s lives, it is no surprise that it also permeates the latest Allotts newsletter, with nearly half our stories about Covid-19 and its impact on our finances and working lives.
     
    As the government continues to amend and extend its support measures for businesses and employees, Allotts cover the key measures, including the extension to the furlough scheme and the Coronavirus Business Interruption Loan Scheme. Just after they went to press, the Chancellor announced yet further support on 27 April for small businesses in the form of a Bounce Back Loan Scheme with 100% government guarantees.
     
    Elsewhere, a big story from last year was addressed in the Chancellor’s March Budget. Senior medical staff, judges and other top earners in the public sector were being adversely affected by pension tapering rules. With the income threshold now increased by 60% most are now able to work additional hours where necessary without breaching their adjusted income allowance and incurring tax charges. Along related lines, it’s worth checking that your reporting methods and records are in order. HMRC are focusing more on self-assessment tax returns, so making sure your accounts are accurate should mean you avoid any unnecessary attention. Our other stories in this edition include: 
     
    • National insurance thresholds diverge – The government has raised the NIC payment threshold for employees to £9,500, the first time in four years it has not matched the employers’ threshold.
    • Junior ISA limit doubles – Should you maximise this investment opportunity in your child’s ISA? As the first Child Trust Funds mature this year, you may need to help your teenager decide what to do with their fund in this next stage of their life.
    Read the latest Allotts Business Update here.
     
    Allotts will update you again in their next edition, when hopefully we will be closer to the end of the tunnel. In the meantime, please do get in touch if Allotts can help you with any of the topics in this edition.

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