Blog

5
Aug

Eat out to help out

Eat out to help out

The Government's new Eat Out to Help Out scheme came into effect on 1 August. The scheme offers diners discounted bills on selected days in August in order to encourage consumers to return to pubs, cafes and restaurants. The Chancellor Rishi Sunak announced the new programme which aims to support the licensed trade and restaurant...

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30
Jul

New legislation introduced to protect redundancy pay of furloughed workers

New legislation introduced to protect redundancy pay of furloughed workers

The Government has announced that from 31 July 2020 any furloughed worker that is made redundant will receive a payment based on their normal wage rather than the reduced rate of pay they may have received under the Coronavirus Job Retention Scheme (CJRS). Reports of a small number of employers taking advantage of the Coronavirus crisis...

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23
Jul

Seven tips to get start-ups off the ground

Seven tips to get start-ups off the ground

Out of the doom and gloom of the pandemic, new businesses are sprouting up – many built around successful concepts launched and developed during lockdown. Launching a business can be daunting and risky, to help, we have prepared seven tips that all start-ups can follow...

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23
Jul

Government confirms Coronavirus tax concessions in amended Finance Bill

Government confirms Coronavirus tax concessions in amended Finance Bill

The Finance Bill 2020 has now reached the report stage in Parliament. In response to the impact that COVID-19 has had on the country, the Government has confirmed several temporary tax concessions. To help you make sense of these changes we have prepared a useful summary...

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23
Jul

Future Fund expanded to more businesses

Future Fund expanded to more businesses

The Government has announced that the Future Fund – the support scheme for early-stage, high-growth firms – will be expanded so that more firms can benefit. The scheme, which was announced by the Chancellor in April, offers Government loans ranging from £125,000 up to £5 million to high-growth start-ups that can attract equal match...

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23
Jul

Research finds lack of knowledge, information and skills are key barriers to Making Tax Digital compliance

Research finds lack of knowledge, information and skills are key barriers to Making Tax Digital compliance

A report commissioned by HM Revenue & Customs (HMRC) to find out why 16 per cent of businesses have failed to comply with Making Tax Digital (MTD) for VAT more than a year after the rules came into effect has been published. The IPSO Mori research found that a “lack of knowledge, information and skills were frequent barriers...

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23
Jul

New corporate insolvency rules come into effect

New corporate insolvency rules come into effect

A range of new corporate insolvency rules have come into effect after the Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent. The Act contains a combination of permanent reforms to the corporate insolvency rules and short-term governance measures to deal with the fall-out from the Coronavirus crisis.

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23
Jul

£84 billion of R&D tax credits unclaimed – Could you be eligible for a share of this funding?

£84 billion of R&D tax credits unclaimed – Could you be eligible for a share of this funding?

Innovative businesses, both large and small, are hungry for funding to assist them as they emerge from lockdown and begin their recovery. While the Government has offered several loans and grants to COVID-stricken businesses, there is an existing tax relief that remains largely unclaimed.

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23
Jul

Government confirms Job Retention Bonus of £1,000

During the Summer Economic Update, the Chancellor Rishi Sunak announced his Plan for Jobs, which included a new incentive for users of the Coronavirus Job Retention Scheme (CJRS) to keep furloughed workers employed until January 2021. The Job Retention Bonus (JRB) will encourage employers to bring back furloughed employees...

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23
Jul

Upcoming key dates for the Coronavirus Job Retention Scheme

Upcoming key dates for the Coronavirus Job Retention Scheme

In the next few weeks, employers may need to submit additional information or change the way they manage their Coronavirus Job Retention Scheme (CJRS) claims. To help you prepare, here are some key dates and actions you may need to take: 31 July 2020 – Submit your CJRS claim for periods ending on or before 30‌‌‌ ‌June 2020.

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23
Jul

Paying for COVID-19: Government begins exploring tax take back

Paying for COVID-19: Government begins exploring tax take back

The Chancellor, Rishi Sunak, has commissioned the Office of Tax Simplification (OTS) to undertake a review into how Capital Gains Tax (CGT) is paid by small businesses and individuals. It is estimated that the UK Government has already incurred hundreds of billions of pounds in costs in its economic fight against the Coronavirus...

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23
Jul

Government confirms the next steps for the digitisation of taxation

Government confirms the next steps for the digitisation of taxation

The Treasury has released new details on the next steps it intends to take as part of its long-term tax digitisation plan. Its timeline for a modernised digital tax system will see HM Revenue & Customs’ (HMRC) Making Tax Digital (MTD) programme gradually extended over the next few years to cover most businesses.

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17
Jul

Government publishes detailed guidance on SDLT holiday

Government publishes detailed guidance on SDLT holiday

During his Plan for Jobs announcement, the Chancellor Rishi Sunak announced a temporary eight-month cut in Stamp Duty Land Tax (SDLT) that ensures there is not a charge on ‘any’ residential property transactions with a value under £500,000. The Government has achieved this by immediately lifting the lower SDLT nil rate band from...

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17
Jul

HM Revenue & Customs confirms first arrest in connection with furlough fraud

HM Revenue & Customs confirms first arrest in connection with furlough fraud

HM Revenue & Customs (HMRC) has revealed that a 57-year-old man from Solihull in the West Midlands was arrested on 8 July on suspicion of a £495,000 furlough fraud relating to claims from the Coronavirus Job Retention Scheme (CJRS). HMRC says he is the first person to have been arrested in connection with fraudulent claims...

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17
Jul

Reminder: Deferral of second payment on account

Reminder: Deferral of second payment on account

Those facing financial difficulty as a result of COVID-19 are being reminded that they can defer their second 2019/20 self-assessment payment on account, normally due at the end of July, until 31 January 2021. To benefit from this deferral, taxpayers do not need to contact HMRC. Simply by not paying their tax bill due by 31 July...

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17
Jul

HM Revenue & HM Revenue & Customs updates Self-Employment Income Support Scheme guidanceCustoms updates Self-Employment Income Support Scheme guidance

HM Revenue & HM Revenue & Customs updates Self-Employment Income Support Scheme guidanceCustoms updates Self-Employment Income Support Scheme guidance

Ahead of the second round of funding for the Self-Employment Income Support Scheme (SEISS) opening for applications on 17 August, HM Revenue & Customs (HMRC) has updated its guidance documents relating to the scheme. The first round of applications for SEISS grants closed on Monday 13 July 2020 and had allowed self-employed...

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17
Jul

Coronavirus apprenticeships guidance updated

Coronavirus apprenticeships guidance updated

Updated guidance from the Department for Education on apprenticeships during the Coronavirus crisis has been published and contains a number of announcements relating to employment arrangements for apprentices. These updates include confirmation that: Apprentices aged 19 and older can begin to resume on-site training;Apprentices...

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17
Jul

Download our updated Coronavirus Support grids

Download our updated Coronavirus Support grids

Following the Chancellor’s Summer Economic Update on Wednesday 8 July, we have comprehensively updated our Coronavirus Support Grid and our Coronavirus Support Timeframes. Together, the grids offer a helpful overview to the support available at any given time, with substantial changes to the availability of different...

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13
Jul

Details of ‘Eat Out to Help Out’ scheme confirmed

Details of ‘Eat Out to Help Out’ scheme confirmed

The Government has now confirmed details of the ‘Eat Out to Help Out’ scheme, announced by the Chancellor at his Summer Economic Update on Wednesday 8 July. The scheme covers the cost to restaurants, cafes and pubs that sell food of providing a 50 per cent discount, capped at £10 per head, on food and non-alcoholic drinks...

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13
Jul

Guidance on hospitality and tourism VAT cut published

Guidance on hospitality and tourism VAT cut published

HM Revenue & Customs (HMRC) has published guidance on temporary cuts to the rate of VAT from 20 per cent to five per cent from Wednesday 15 July 2020 to 12 January 2021 for certain goods and services in the hospitality and tourism sectors.

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8
Jul

Summer Economic Update

Summer Economic Update

When the Chancellor, Rishi Sunak, delivered his Spring Budget on 11 March to the packed benches of the House of Commons, the hope was that the economic impact of the Coronavirus outbreak would be ‘V-shaped’, with an immediate bounce back to prosperity.

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7
Jul

Don’t forget to make an SEISS claim by 13 July!

Don’t forget to make an SEISS claim by 13 July!

Individuals eligible for the first Self-Employment Income Support (SEISS) grant must submit their claim by 13 July 2020.

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3
Jul

HMRC offers clarity on usual hours calculation for flexible furlough

HMRC offers clarity on usual hours calculation for flexible furlough

After some confusion regarding how flexible furlough should be calculated, HM Revenue & Customs (HMRC) has offered new guidance to help employers work out usual working hours. In its initial guidance, HMRC said that to work out how much support a business is entitled to through its furlough grant claim calculator, employers must...

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30
Jun

Coronavirus grants to businesses, employers and individuals are taxable

Coronavirus grants to businesses, employers and individuals are taxable

We are reminding businesses, employers, employees and self-employed individuals that grants from the various Government schemes to provide support during the Coronavirus outbreak are taxable in the same way as other income. Payments made under schemes including the Coronavirus Job Retention Scheme (CJRS), the Self-Employment...

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30
Jun

Guidance published on repaying Coronavirus Job Retention Scheme overpayments

Guidance published on repaying Coronavirus Job Retention Scheme overpayments

HM Revenue & Customs (HMRC) has published new guidance detailing how employers can repay Coronavirus Job Retention Scheme (CJRS) grants if they have over-claimed and therefore received an overpayment. If an employer has received an overpayment and is making further claims, it can offset the overpayment against the amount...

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30
Jun

Key dates for Coronavirus support schemes

Key dates for Coronavirus support schemes

With numerous Government schemes open to businesses and individuals to help deal with the impact of the Coronavirus outbreak, there are dozens of key dates to be aware of in the coming months, including: 30 June 2020 End date of the VAT deferral scheme. VAT Payments after this date must...

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25
Jun

Government publishes new ‘Covid Secure’ guidance

Government publishes new ‘Covid Secure’ guidance

The Government has published new ‘Covid Secure’ guidance following the announcement that businesses in England including pubs, bars, restaurants, hair salons, barbers, hotels and bed and breakfasts may reopen from 4 July 2020. The latest documents, prepared by the Department for Business, Energy and Industrial Strategy (BEIS) with...

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25
Jun

Remember to reinstate your VAT direct debit in time for your next payment

Remember to reinstate your VAT direct debit in time for your next payment

If you are using the option to defer VAT payments due between 20 March 2020 and 30 June 2020 and you have cancelled your direct debit, you should now ensure that you reinstate your direct debit in enough time for HM Revenue & Customs (HMRC) to take your next payment. After 30 June 2020, you will need to make your VAT returns...

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25
Jun

HM Revenue & Customs clarifies repayments of Corporation Tax and anticipated losses

HM Revenue & Customs clarifies repayments of Corporation Tax and anticipated losses

With businesses across many sectors having been hit hard by the Coronavirus crisis, HM Revenue & Customs (HMRC) has now said it will, in exceptional circumstances, consider claims for Corporation Tax repayments for prior periods based on anticipated losses, even before the conclusion of the current accounting period.

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25
Jun

Employers given 30 days to confess to furlough fraud

Employers given 30 days to confess to furlough fraud

Employers will be given 30 days to ‘confess’ to furlough abuses, with legislation being fast-tracked to allow HM Revenue & Customs (HMRC) to reclaim any furlough grant that is overpaid to employers, or that is not spent on wages as intended. More than 2,000 employers have already been accused of furlough fraud by whistle-blowers...

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22
Jun

RE OPENING…GET ON YOUR BLOCKS!

RE OPENING…GET ON YOUR BLOCKS!

As the government prepares to open pubs and restaurants nationwide, there is a lot to consider for every business. To help you cover every base, we have summarised for you the key elements of planning to reopen for you to review and check off: 1. Safety - can you keep customers and staff safe?

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22
Jun

Download our Coronavirus support for business timeline

Download our Coronavirus support for business timeline

Since the beginning of the Coronavirus outbreak in the UK, the Government has announced numerous schemes to support employers and businesses. Several of these schemes are winding down or changing in the coming months, so we have created a handy grid showing what support is available and the deadlines for accessing it.

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18
Jun

Managing Cash

Managing Cash

As businesses look to rebuild and recover from the trading challenges of COVID-19 in the coming weeks and months it is vitally important that they manage and maintain good cash flow to ensure they remain viable and can trade. To manage cash flow effectively, businesses need to be able to forecast how they will perform...

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18
Jun

Helpful steps to improve credit control

Helpful steps to improve credit control

An important element of healthy cash flow is the credit control process. Smaller businesses in the UK have historically struggled to recover payments, especially from larger clients. To help, the Government has tried to introduce new legislation. However, in many cases, it has lacked the bite to be effective. It is, therefore, often...

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18
Jun

Top tips for improving profit

Top tips for improving profit

The fundamentals of improving business profitability comes down to five key factors: Reducing costs Increasing turnover Improving efficiency Increasing productivity Innovation and development. In light of the current crisis, it is worth considering some top tips for improving profitability. Cost management Carefully managing and...

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18
Jun

Are you taking your business online? – Six steps to effective pricing

Are you taking your business online? – Six steps to effective pricing

As a result of the recent restrictions, many businesses have, for the first time, switched their focus to online sales. Whilst this has opened up many new opportunities it has also posed greater challenges, one being pricing. Many business owners already struggle with the difficulties of pricing. In some cases, setting prices by...

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16
Jun

HM Revenue & Customs publishes detailed guidance on calculating furlough claims from July onwards

HM Revenue & Customs publishes detailed guidance on calculating furlough claims from July onwards

HM Revenue & Customs has published detailed guidance on the operation of the Coronavirus Job Retention Scheme (CJRS) from 1 July 2020 onwards, including examples of how to calculate claims for the new flexible furlough option. The CJRS currently provides grants to employers covering 80 per cent of the usual wages of furloughed...

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16
Jun

Further clarification issued on eligibility for second round of Self-Employment Income Support Scheme

Further clarification issued on eligibility for second round of Self-Employment Income Support Scheme

HM Revenue & Customs (HMRC) has issued further details of eligibility for the second round of the Self-Employment Income Support Scheme (SEISS), which will provide taxable grants to self-employed individuals. The grants will be 70 per cent of average monthly trading profits, capped at £6,570 and paid in a single instalment.

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16
Jun

Government delays VAT Reverse Charge

Government delays VAT Reverse Charge

The Government has announced that the controversial VAT Reverse Charge rules for the construction sector will be delayed until 1 March 2021 due to the Coronavirus pandemic. The VAT Reverse Charge rules, which effectively transfer the responsibility of paying VAT from a supplier to the business using their services, was...

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16
Jun

VAT deferral refund available

VAT deferral refund available

Taxpayers that wished to defer VAT payments, but did not cancel their Direct Debits in time can claim a refund, according to HM Revenue & Customs (HMRC). The tax authority has confirmed that taxpayers that intended to defer VAT payments due between 20 March 2020 and 30 June 2020 that were unable to cancel their Direct Debit to...

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16
Jun

Trade Credit Insurance backed by £10 billion guarantee

Trade Credit Insurance backed by £10 billion guarantee

The Government will provide up to £10 billion of guarantees to Trade Credit Insurance schemes for business-to-business transactions. The spending commitment, known as the Trade Credit Reinsurance scheme, has been agreed following extensive discussions with the insurance sector. The new scheme will be available temporarily for nine months...

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16
Jun

Guidance on exceptional circumstances for higher rate SDLT refunds updated

Guidance on exceptional circumstances for higher rate SDLT refunds updated

HM Revenue & Customs (HMRC) guidance that sets out the exceptional circumstances allowing homeowners to claim higher rate Stamp Duty Land Tax (SDLT) refunds beyond the usual timeframes has been updated. The updated guidance means that homeowners in England and Northern Ireland can now claim a refund in respect of the three per cent...

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16
Jun

Whistleblowers make almost 2,000 allegations of furlough fraud

Figures show that almost 2,000 allegations of furlough fraud have been made by whistleblowers against employers, with HM Revenue & Customs (HMRC) expected to impose steep penalties on businesses and directors found to have abused the scheme. Such claims come in several forms, including requiring furloughed employees to work, failing to...

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16
Jun

Employees returning from parental leave continue to be eligible for furlough scheme

Employees returning from parental leave continue to be eligible for furlough scheme

Employees returning from statutory maternity and paternity leave in the next few months will remain eligible for furlough through the Coronavirus Job Retention Scheme (CJRS). Since 10 June, it has no longer been possible to furlough an employee for the first time, with the Government set to introduce part-time furlough from 1 July...

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1
Jun

Chancellor unveils changes to furlough scheme

Chancellor unveils changes to furlough scheme

The Chancellor, Rishi Sunak, has announced a series of changes to the Coronavirus Job Retention Scheme (CJRS) from July that will see furloughed employees able to return to work part-time, but with the value of Government support reducing gradually from August. Meanwhile, the scheme will, in effect, close to employees who have...

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1
Jun

Self-Employment Income Support Scheme (SEISS) extended

Self-Employment Income Support Scheme (SEISS) extended

The Chancellor has confirmed the extension of the Self-Employment Income Support Scheme (SEISS), with the announcement of a second and final grant to support the income of self-employed individuals during the Coronavirus outbreak. The first and current round of grants under the scheme allows self-employed individuals to claim...

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22
May

Coronavirus Future Fund opens to applications

Coronavirus Future Fund opens to applications

The Future Fund, which offers convertible loans of between £125,000 and £5 million to innovative companies facing financial difficulties as a result of the COVID-19 pandemic has opened. The fund is designed to support UK-based companies that have acquired at least equal match funding from private investors.

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22
May

Coronavirus Statutory Sick Pay Rebate Scheme set to open for claims

Coronavirus Statutory Sick Pay Rebate Scheme set to open for claims

The Coronavirus Statutory Sick Pay Rebate Scheme (CSSPRS), announced by the Chancellor at the Budget, is set to open for claims from Tuesday 26 May 2020, HM Revenue & Customs (HMRC) has said. The scheme enables employers with up to 250 employees to claim the cost of Statutory Sick Pay (SSP) related to Coronavirus...

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22
May

Maximum Government-backed loan amount for larger businesses increased to £200 million

Maximum Government-backed loan amount for larger businesses increased to £200 million

The Government has announced an increase in the maximum amount that larger businesses can borrow under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million.

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22
May

Temporary tax freeze on home office expenditure announced

Temporary tax freeze on home office expenditure announced

The Government has announced a temporary tax and National Insurance Contribution (NIC) exemption that ensures that home office equipment purchased by employees, where reimbursed by the employer, does not attract tax or NICs.

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22
May

Tax treatment of expenses and benefits during COVID-19

Tax treatment of expenses and benefits during COVID-19

The Government has updated its guidance on taxable expenses and benefits when they are paid to employees during the Coronavirus crisis and how employers should report them to HM Revenue & Customs (HMRC).

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22
May

Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs

Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs

Businesses that require money laundering supervision from HM Revenue & Customs (HMRC) can receive a six-month payment deferral or deregistration where an annual fee is due between 1 May and 30 September 2020, it has been announced. HMRC is the money laundering supervisory authority for...

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22
May

Changes to notifying an option to tax (VAT) on land and buildings during the Coronavirus pandemic

Changes to notifying an option to tax (VAT) on land and buildings during the Coronavirus pandemic

HM Revenue & Customs (HMRC) has made temporary changes to the time limit and rules for notifying an option to tax (charge VAT on) land and buildings. Normally, when notifying HMRC of a decision to opt to tax land and buildings, you usually have 30 days to contact the tax authority either by printing and sending a notification...

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20
May

COVID-19 – Re-build and recover – we’re here to help you get back on track

COVID-19 – Re-build and recover – we’re here to help you get back on track

Services to help you get back on your feet. We recognise that the business landscape is looking very different at the moment. Some business models will have changed dramatically. The team here have a vast amount of experience in helping businesses to deal with a range of issues.

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20
May

New start-ups

It is often said that necessity is the mother of invention and many would-be entrepreneurs will emerge from the Coronavirus with innovative ideas for start-up businesses. It may be that you have taken a redundancy package and are now ready to strike out alone or the recent pandemic may have resulted in you re-evaluating your life goals...

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20
May

Owner Managed and Family Businesses

The economic crisis resulting from the Coronavirus outbreak has sent shockwaves through businesses large and small. So, as business owners and directors emerge from the lockdown, it is to take stock and put in place a solid plan to help the business to bounce back.

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20
May

Cashflow projections and budget assistance

In these unprecedented times, many small and medium-sized businesses have reported significant problems with cash flow. In addition to drawing on Government-backed financial support, there are a number of measures you can take, to manage your cash flow as effectively as possible.

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20
May

Tax payment plans

The Government has announced a raft of measures to help businesses including extended time to pay and tax holidays. Businesses will not have to make VAT payments due between 20 March and 30 June 2020. They will also have until 31 March 2021 to pay any tax that has accumulated during the deferral period. HMRC has confirmed...

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20
May

R&D Tax Credits

The Government created Research and Development (R&D) tax credits to reward those companies in the UK that are investing in innovation. As businesses exploring new opportunities for new revenue streams to replace business lost as a result of the Coronavirus crisis, interest in R&D tax credits is seeing a strong surge.

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20
May

Dividend Tax Planning

It doesn’t take a crystal ball to see the future when it comes to future tax increases. The UK economy has gone through the biggest economic crisis since World War II and the Chancellor has been forced to give away billions of pounds in order to prop up businesses. But all this comes at a cost. What one hand gives away, the other hand...

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20
May

Inheritance Tax

With thousands of us separated from families and locked down in self-isolation thoughts are likely to turn to the future and what we can do to ensure our family are cared for once we are gone. The number of Wills being written and reviewed as a result of the Coronavirus have spiked, as people take the necessary steps to ensure their...

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20
May

Business Advisory Services

Contracts & Agreements. Assistance with business plans and pricing reviews

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20
May

Contracts & Agreements

The impact of the Coronavirus crisis may mean that you are approached by suppliers or customers to review the terms of existing contracts or, in the event of suppliers failing, it may mean you have to negotiate new contracts with new suppliers.

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20
May

Assistance with business plans and pricing reviews

Under-pricing your goods and services to attract new customers is a tactic used by many businesses. In the short term, it keeps the work rolling in and your staff busy. But the ‘keeping busy’ strategy only works for so long. In the longer term it can be detrimental to your business model.

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20
May

Payroll & HR advice

The payroll and HR landscape has changed almost beyond recognition in recent months. Following the easing of the lockdown, your workers will inevitably have many questions and requests that you will need to deal with, balancing your employee’s demands with the needs of your business.

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20
May

Practical Employment Law Considerations For Returning to Work

Large volumes of employees returning to a shared workplace (especially if public transport is used) represents a huge risk for the spreading and contracting of Coronavirus so the phased return approach has been introduced. Only those whose roles require them to be in the office/workplace will return first, with others who...

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20
May

Employment contracts – changes to package and benefits

As businesses work to rebuild in the months ahead, future profitability and even viability may mean that efficiencies will need to be made. If these cuts extend to a reduction or change in your employees’ package of benefits, this will normally involve a change to their employment contract.

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20
May

Furlough – continuation and return to work

The CJRS scheme will initially run until the end of October. Our payroll team can help you furlough employees in compliance with the new legislation and apply for funding for CJRS via HM Revenue & Customs (HMRC) and manage your return to work payroll requirements.

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20
May

Business Finance

Back in February, the Financial Reporting Council (FRC) issued disclosure guidance to companies in response to the growing risks associated with Coronavirus. By law, companies must disclose any material risks.

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20
May

Loans and other methods of finance

The Government has announced a raft of business assistance to help companies large and small. The Coronavirus Business Interruption Loan Scheme (CBILS) is available to UK-based SME businesses with an annual turnover of £45 million or below, and they are able to apply through the British Business Bank, which will lend eligible...

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20
May

Property Owners

The UK residential property sector has been adversely affected by the ongoing Coronavirus pandemic and landlords and tenants may wonder where they stand. To assist tenants and landlords, the Government has introduced several temporary changes to legislation and issued a lot of guidance that attempts to cover a number of scenarios.

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18
May

COVID-19 – An assessment of safe working arrangements

COVID-19 – An assessment of safe working arrangements

As a result of the Coronavirus pandemic, businesses must assess how their work environment and arrangements can be made safe for employees and visitors. In response to the Government guidance, we have put together guidelines on the steps you may need to take as a business to provide safe working arrangements.

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12
May

Coronavirus Job Retention Scheme (CJRS) extended until October

Coronavirus Job Retention Scheme (CJRS) extended until October

The Chancellor, Rishi Sunak, has confirmed that the Coronavirus Job Retention Scheme (CJRS) will be extended until the end of October, with no changes until the end of July when employers currently using the scheme will be able to bring back furloughed employees part time.

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12
May

“Covid Secure” practical workplace guidance for employers

“Covid Secure” practical workplace guidance for employers

The Covid Secure guidance published by the Department for Business, Energy & Industrial Strategy (DBEIS), covers workplaces that can re-open this week, as well as some the Government hopes will reopen on 1 June 2020...

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5
May

Get ready to claim the Self-Employment Income Support Scheme (SEISS)

Get ready to claim the Self-Employment Income Support Scheme (SEISS)

HM Revenue & Customs (HMRC) will start contacting individuals who may be eligible for the Self-Employment Income Support Scheme (SEISS). The tax authority has said that from 4 May 2020 onwards it will begin reaching out to those who can benefit from the scheme, which will provide a taxable grant worth 80 per cent of their average...

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5
May

Eligibility for grant funding

Eligibility for grant funding

By now many businesses eligible for grant funding from their local authority, either via the Small Business Grants Fund or the Retail, Hospitality and Leisure Grant Fund, should have been contacted to make them aware that they are eligible, with some already receiving funding. However, there are still lots of businesses out there who...

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5
May

Government reduces the penalty for Lifetime ISA withdrawals

Government reduces the penalty for Lifetime ISA withdrawals

With thousands of workers on lower incomes as a result of the coronavirus pandemic, it is not surprising that many individuals need to dip into savings to support themselves. Unfortunately, those with money saved in a Lifetime ISA (LISA) face a penalty for doing so. To help these savers, the Government has announced that the...

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4
May

Bounce Back Loan scheme is now live – apply today

Bounce Back Loan scheme is now live – apply today

The Government’s new Bounce Back Loan scheme (BBLS) has now gone live online and is open for applications. This new scheme is aimed specifically at small to medium-sized businesses looking to borrow a smaller amount to assist them with cash flow and other issues.

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30
Apr

Deferring your VAT payment

Deferring your VAT payment

Find out more about deferring your VAT payments here.

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29
Apr

Bounce Back Loans scheme for small businesses

Bounce Back Loans scheme for small businesses

The Chancellor has announced a new loans measure, known as the Bounce Back Loans Scheme (BBLS), which will allow small businesses to borrow up to 25 per cent of their turnover, up to a maximum of £50,000. The BBLS will be 100% backed by a Government guarantee, unlike the Coronavirus Business Interruption Loan scheme (CBILS) and...

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27
Apr

Businesses bombarded by cyber-attacks as they seek support for COVID-19

Businesses bombarded by cyber-attacks as they seek support for COVID-19

A range of organisations, including the Institute of Chartered Accountants in England and Wales (ICAEW), have released fresh warnings about the risk of cyber-attacks during this already challenging period. Reports are being released that suggest that cybercriminals are targeting businesses via the use of phishing emails that seem...

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27
Apr

Child Benefit and the High-Income Child Benefit Charge during the coronavirus outbreak

Child Benefit and the High-Income Child Benefit Charge during the coronavirus outbreak

The impact of the coronavirus outbreak on incomes in the most affected sectors has the potential to have a knock-on effecton eligibility for Child Benefit and the High-Income Child Benefit Charge. The High Income Child Benefit Charge was introduced by the Government to recoup some or all of the Child Benefit received by households...

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27
Apr

Coronavirus Statutory Sick Pay Rebate Scheme

Coronavirus Statutory Sick Pay Rebate Scheme

HMRevenue &Customs (HMRC) is expected to release a new online service to help companies reclaim Statutory Sick Pay (SSP) that has been paid as a result of COVID—19. As such, it has updated its guidance on its website to help businesses prepare to reclaim SSP. The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers...

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27
Apr

Coronavirus Customs Authorisations

Coronavirus Customs Authorisations

In response to the COVID-19 outbreak, the Government is making temporary changes to customs policy and authorisations. These amendments to existing policies are most likely to affect businesses authorised, or applying to be authorised by customs,thatuse temporary storage or customs special procedures such as inward processing...

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27
Apr

Are you or your team classed as essential workers?

Are you or your team classed as essential workers?

Book your free coronavirus test online. For the Government to begin the process of lifting the lockdown they need to undertake more tests to understand what proportion of the UK public is immune and to ensure those most at risk can be protected. As such, the Health Secretary Matt Hancock has announced that from 24 April 2020...

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27
Apr

Payment of dividends during the Coronavirus outbreak

Payment of dividends during the Coronavirus outbreak

It is common for directors of limited companies, who are also shareholders, to receive much of their income in the form of dividends instead of through a salary, owing to the tax benefits this can entail. However, there are strict rules governing the circumstances in which a company may pay a dividend to its shareholders, some of which...

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27
Apr

Certain sectors see access to the Coronavirus Job Retention Scheme restricted

Certain sectors see access to the Coronavirus Job Retention Scheme restricted

Some sectors that receive payments from the Government as well as from private sources have seen their access to the Coronavirus Job Retention Scheme (CJRS) restricted. The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work for them by placing them on furlough and to claim a grant of 80 per cent...

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23
Apr

Are you eligible for the Self-Employment Income Support Scheme (SEISS)?

Are you eligible for the Self-Employment Income Support Scheme (SEISS)?

Find out if you are eligible and how to obtain the taxable grant worth 80 per cent of your taxable trading profits. Click here to download our PDF guidance.

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23
Apr

I’m a director of a small company – what support is open to me during the Coronavirus outbreak?

I’m a director of a small company – what support is open to me during the Coronavirus outbreak?

f you are a director of a company where you are the sole employee, navigating the support available to help you throughout the Coronavirus outbreak could look like a daunting prospect. To help you make the most of the support available, we have compiled the following top tips: 1. You can furlough yourself, receive up to 80 per...

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22
Apr

Government launches Business Support Finder tool

Government launches Business Support Finder tool

With an increasing array of Coronavirus business support measures available to different types and sizes of business, the Government has launched a new Support Finder tool to help businesses identify what support packages they could be eligible for. The new tool asks for some basic information about a business, including turnover...

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22
Apr

Government announces Future Fund for fast-growing businesses

Government announces Future Fund for fast-growing businesses

The Government has announced a new scheme to help businesses with the impact of Coronavirus. The Future Fund is aimed at rapidly growing businesses that typically rely on equity investment. These businesses are often pre-revenue or pre-profit and have been unable to access existing schemes, such as the Coronavirus Business Interruption...

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22
Apr

Administering the Coronavirus Job Retention Scheme

Administering the Coronavirus Job Retention Scheme

We appreciate that you are probably hard at work making the necessary arrangements and sourcing the required information for the Coronavirus Job Retention Scheme (CJRS) at the moment. The portal went live this week and can be accessed by clicking here. Initial reports suggest that more than 140,000 businesses have made an application so far.

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21
Apr

Coronavirus Job Retention Scheme online portal launches

Coronavirus Job Retention Scheme online portal launches

The Coronavirus Job Retention Scheme (CJRS) online application portal went live at 8am on Monday 20 April 2020. The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work for them by placing them on furlough for a period of between three weeks and four months, unless the scheme is extended further...

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21
Apr

Statutory Residence Test changed to allow skilled workers from around the world to assist the UK’s Coronavirus response

Statutory Residence Test changed to allow skilled workers from around the world to assist the UK’s Coronavirus response

The Chancellor, Rishi Sunak, has written to the Treasury Select Committee, to inform it that the Statutory Residence Test (SRT) is being relaxed temporarily so ‘highly skilled’ individuals from around the world can join the UK’s Coronavirus response without jeopardising their tax status. The measures apply to workers such as...

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21
Apr

Government SEISS guidance updated

Government SEISS guidance updated

To help people that are eligible for the Self-Employed Income Support Scheme (SEISS) the Government has updated its guidance to confirm essential points. Tax: The grant will be subject to Income Tax and National Insurance contributions but does not need to be repaid. Universal Credit: Many people awaiting payment from the SEISS grant...

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21
Apr

Coronavirus Job Retention Scheme extended to end of June

Coronavirus Job Retention Scheme extended to end of June

The Chancellor, Rishi Sunak, has announced a further extension to the Coronavirus Job Retention Scheme (CJRS), which will see employers able to furlough employees for an additional month. The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work for them by placing them on furlough and to claim...

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21
Apr

Expanded Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched

Expanded Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched

Following an announcement by Chancellor, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched on Monday 20 April 2020 and, in a change of policy, will be open to businesses with turnovers of more than £500 million. Businesses turning over more than £45 million can to apply for facilities of £25 million...

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21
Apr

How total income and trading profits will be calculated for the Self-Employed Income Support Scheme

How total income and trading profits will be calculated for the Self-Employed Income Support Scheme

You can claim for the Self-employment Income Support Scheme (SEISS) if you’re a self-employed individual or a member of a partnership and you: have submitted your Self-Assessment tax return for the tax year 2018 to 2019; traded in the tax year 2019 to 2020; are trading when you apply, or would be except for Coronavirus...

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16
Apr

Coronavirus Job Retention Scheme (CJRS) cut-off date extended to 19 March 2020

Coronavirus Job Retention Scheme (CJRS) cut-off date extended to 19 March 2020

The Government has announced that the cut-off date for the Coronavirus Job Retention Scheme (CJRS) has been extended from 28 February 2020 to 19 March 2020, potentially enabling employers to furlough employees taken on during that period. The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work...

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15
Apr

Accounting for grant payments

Accounting for grant payments

Thousands of business hope to make use of the various grant payments being made available by the Government and local authorities in response to the Coronavirus pandemic. However, those in receipt of the new funding will need to make sure it is properly accounted for, which raises the question, how do you account for grant income?

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