ListenToTaxman.com

UK PAYE Tax Calculator / Salary Calculator

The number 1 free UK salary calculator tax calculator since 1998. Calculate salary, national insurance, HMRC tax and net pay

Covid 19 Emergency Measures announced for Business, Employees and Self Employed

Job Retention Scheme

  • Government setting up the Corona Virus Job Retention Scheme. Any employer, including charities,  can access Government grants to cover wages for those workers kept employed, but not working due to the corona virus. The grants will cover 80% of the salary of retained workers, up to a total of £2,500 a month.
  • The scheme, open to any employer in the country, will cover the cost of wages backdated to March 1st and will be open before the end of April for at least 3 months.

Of specific interest to Self Employed:

  • The Universal Credit minimum income floor has been suspended, so it is now accessible to all including the self employed, equal to the statutory sick pay (SSP) for employees.
  • Universal Credit will be increased £1,000 a year for the next 12 months
  • Tax credits will also increase by £1,000 a year for the next 12 months
  • The Self Assessment payment date has been moved to next Jan 2021.
  • This next quarter's VAT payment will be deferred. No business will pay VAT from now to mid June. You'll have until the end of the financial year to repay those bills.
  • Coronavirus Business Interruption Loan Scheme that was announced in the Budget will be made available from this coming Mon and will now be tax free for 12 months, instead of the previously advised 6 months.

Rent

  • Nearly £1bn of support by increasing the housing benefit and Universal Credit, so that the Local Housing Allowance will cover at least 30% of market rents in your area.
ListenToTaxman

Simple TaxOur Favourite Tax App?
It's Simple

ListenToTaxman have teamed up with GoSimpleTax, the online self-assessment app to bring you, what is in our view, the easiest way of calculating and submitting your tax return we’ve seen so far. Key in your income and expenses into the app, and it will flag up any unclaimed allowances. Simple.

Once you’re comfortable with the information you’ve entered, simply submit via the app to HMRC. You’ll just need your Tax Reference Number - found on most tax correspondence. GoSimpleTax let you use their software free for 14 days. If you don’t think it’s right for you - don’t pay anything. If you do to choose to submit your tax information via the app, then at most of you will be charged £46 for their standard service (silver).

This article was published in our Blog section on 22/03/2020.

More from our Blog section

202