Furlough extension details released
Following on from Chancellor Rishi Sunak’s announcement on 12 May 2020 that the Coronavirus Job Retention Scheme would be extended until October, Mr Sunak released more details on the scheme from July to October 2020 at the Government’s daily briefing on 29 May 2020. What changes have been announced? From 1 July, businesses can bring […]
Self-employed invited to get ready to make their claims for coronavirus (COVID-19) support
HMRC will begin contacting customers who may be eligible for the government’s Self-Employment Income Support Scheme (SEISS). From (Monday 4 May), HM Revenue and Customs (HMRC) will begin contacting customers who may be eligible for the government’s Self-Employment Income Support Scheme (SEISS). Those who are eligible will be able to claim a taxable grant worth 80% […]
New Bounce Back Loan announced for small businesses
The Coronavirus Business Interruption Loan Scheme (CBILS) has received a lot of criticism due to the to strict rules over eligibility and only 80% of the loans being government backed rather than 100% as is the case in many other countries where similar support packages were given. The chancellor promised at the time of the […]
Support for Startups during Covid-19
The UK government has announced plans for a ‘Future Fund’ in order to support startups and tech businesses struggling during Covid-19. This will help to ensure that loss-making companies receive enough investment to continue activity during the coronavirus pandemic. This rescue package includes private-private match funding, which will give the government shares in respective enterprises, […]
Companies given 3-month extension period to file accounts during COVID-19
Companies will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19. Businesses will be able to apply for a 3-month extension for filing their accounts and therefore, mean businesses can prioritise managing the impact of Coronavirus. There are approximately […]
Furlough start date extended to 19 March 2020 and details of how to claim.
Thousands more employees will able to receive support through the Coronavirus Job Retention Scheme (CJRS) as a result of the furlough start date extended to 19 March 2020. The government also confirmed that the scheme is expected to be fully operational next week with the online portal due to go live on 20 April to […]
Making Tax Digital soft landing extended for a year
The requirement to submit VAT returns to HMRC using Making Tax Digital (MTD) compatible software became mandatory in 2019. For most VAT registered entities, this took effect from the first VAT return period beginning on or after 1 April 2019. From April 2019 once those mandated to comply with VAT MTD entered accounting data into […]
COVID 19: Deferral of tax payments
If you’re the owner of a UK business or self-employed worker in financial difficulties due to outstanding tax payments as a result of Covid-19, HMRC has scaled up the Time to Pay service. Payments of VAT for the period from 20 March 2020 until 30 June 2020 may be deferred until April 2021, regardless of […]
What do you need to know about the self-employment income support scheme?
The self-employment income support aims to provide relief and financial assistance to those self-employed individuals whose earnings are most likely to be negatively affected by the coronavirus. You also need to know that any payment received through this scheme will be subject to Income Tax and National Insurance (NI) as they are a substitute for […]
COVID-19: Statutory Sick Pay Rebate Scheme.
At the Budget 2020 the Chancellor announced details about a new coronavirus (COVID-19) Statutory Sick Pay Rebate Scheme. This scheme will allow small and medium sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying Statutory Sick Pay to their employees. Today HMRC has published new online guidance […]