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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...

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...

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.

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...

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.

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.

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).

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...

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...

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.

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...

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.

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.

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...

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.

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...

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...

Contracts & Agreements. Assistance with business plans and pricing reviews

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.

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.

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.

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...

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.

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.

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.

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...

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.

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.

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.

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...

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...

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...

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...

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.

Find out more about deferring your VAT payments here.

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...

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...

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...

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...

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...

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...

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...

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...

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.

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...

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...

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...

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.

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...

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...

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...

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...

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...

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...

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...

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?

It was announced that from the start of April all Capital Gains Tax (CGT) from residential property sales would have to be reported and paid to HM Revenue & Customs (HMRC) within 30 days where tax is due. However, HMRC has now confirmed that it will not charge late filing penalties for reports of CGT on disposals of UK...

The Government’s British Business Bank, which oversees the Coronavirus Business Interruption Loan Scheme (CBILS), has confirmed the addition of four new lenders businesses can approach to access the scheme. The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank are now able to provide CBILS loans to businesses.

HM Revenue & Customs (HMRC) has published detailed guidance on the working of the Self-Employed Income Support Scheme (SEISS), which was announced by the Chancellor as part of the Government’s response to the economic impact of the coronavirus crisis. SEISS will pay self-employed individuals an amount equivalent to up to 80 per cent...

The Office for Budget Responsibility (OBR) has released a new report which suggests that the UK economy may shrink by 35 per cent in June as a result of the Government’s ‘Stay at Home’ guidance, before ‘bouncing back’ in the following months. The OBR report, which is not considered an exact prediction, suggest that UK gross...

Over the Easter Weekend, the Government published a further update to its guidance on the operation of the Coronavirus Job Retention Scheme (CJRS). 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 of a...

HM Revenue & Customs (HMRC) has confirmed that the online portal for applications to the Coronavirus Job Retention Scheme (CJRS) will open on Monday 20 April 2020. The CJRS provides grants worth 80 per cent of a furloughed employee’s salary up to a cap of £2,500 a month, plus Employers’ National Insurance Contributions (NICs)...

The Government has announced a further scheme to support businesses through the Coronavirus crisis. The Coronavirus Large Business Interruption Loan Scheme (CLBILS) is aimed at large businesses with annual turnovers of between £45 million and £500 million. These businesses cannot access facilities through the Coronavirus...

The Government has made several amendments to the Coronavirus Job Retention Scheme (CJRS), which was first announced by Chancellor, Rishi Sunak on 20 March, immediately after the Prime Minister ordered the closure of pubs, restaurants and bars. The scheme is intended to reimburse up to 80 per cent of the wage costs (capped at...

The Financial Conduct Authority (FCA) is fast-tracking new measures that will force banks to freeze loans and credit card payments for up to three months to help those individuals whose finances are affected by the Coronavirus outbreak. The measures should be in force by 9 April 2020 and will include...

The Government has announced significant revisions to the Coronavirus Business Interruption Loan Scheme (CBILS) that come into effect from Monday 6 April 2020, opening up the scheme to a wider range of businesses. The Scheme provides UK-based SMEs with turnovers of up to £45 million access to facilities of between £1,000 and...

The Government has issued fresh warnings to members of the public and businesses about the potential for fraud related to the Coronavirus pandemic. Local authorities, police forces and specialist fraud organisations across the UK are issuing guidance to companies and individuals following a 400 per cent increase in fraud in recent weeks.

The Government has published new guidance for local authorities on the small business and retail sector grant schemes. These are one of several measures introduced by the Government to help businesses that are most at risk of failure due to the actions taken to prevent the spread of the Coronavirus. As previously discussed in our...

The Government has confirmed in its guidance for the operation of the Coronavirus Job Retention Scheme (CJRS) that employers will not be at risk of breaching minimum wage rules where they opt not to top-up the wages of furloughed employees. The CJRS was announced by the Chancellor shortly before the Stay at Home rules came into effect...

Thousands of employees who have started a new job after the 28 February 2020 will not be able to benefit from the Coronavirus Job Retention Scheme (CJRS) and may need to be laid off or sacked to help businesses cut costs. To be eligible for the scheme, which covers 80 per cent of a furlough workers employment costs up to £2,500 per...

If you work through your own limited company, you will no doubt have been disappointed to discover that the measures announced by the Chancellor last week for self-employed individuals do not apply to you. However, the guidance for the use of the Self-Employed Income Support Scheme (SEISS) advises that there may be two...

The Government has announced that existing rules around annual leave will be relaxed to allow workers who have not used their statutory annual leave entitlement this year due to COVID-19 to carry it over into the next two years. Most full-time British workers are entitled to 28 days holiday each year, including bank holidays.

The Government has announced important changes to UK insolvency law that suspends director liability for wrongful trading. Seeking to provide reassurance to business directors in light of the ongoing COVID-19 pandemic, the Government has retrospectively suspended restrictions around wrongful trading from the 1 March 2020...

HM Revenue & Customs (HMRC) has announced that the second phase of Making Tax Digital for VAT will now be postponed until 1 April 2021. The first year of MTD was subject to a one-year “soft-landing period”, which has seen HMRC holding back from pursuing businesses that should have signed up.

Much of the coverage of the Coronavirus Jobs Retention Scheme (CJRS) has focused on the Government’s commitment to cover the cost of 80 per cent of the usual wages of ‘furloughed employees’ – those who remain on the payroll but are not working. In fact, the CJRS will pay employers more than 80 per cent of an employee’s...

If any of your employees are working from home due to Coronavirus because your workplace has closed or you are following advice to self-isolate then you may be able to deduct some of the costs of home working as a taxable expense. The rules around expenses and whether or not they are taxable differs depending on the type...

To help you plan through this pandemic, we have put together a checklist to help you mitigate some of the business impacts: Consult with employees, on matters including: Statutory sick pay, Coronavirus Job Retention Scheme, Redundancies and layoffs, Defer tax payments by establishing Time to Pay agreements with HM...

Small to medium-sized businesses in the UK are now able to apply for finance via the Coronavirus Business Interruption Loan Scheme (CBILS) to help them deal with the operating costs of their business and to assist with maintaining cash flow. To help you apply for a loan, we have answered some common queries below...

Two significant elements of the measures announced by the Government to ease the financial impact of the Coronavirus crisis have been business rates reliefs and grants to certain ‘at risk’ businesses. These include grants for businesses in the hospitality, leisure and retail sectors, a grant for businesses that pay no or little business...

Many businesses will be struggling with a variety of issues due to the impact of the Coronavirus outbreak, but a key consideration for many will be employment costs and staff safety. The Government has taken significant steps to help businesses protect jobs by introducing measures that seek to subsidise wages and provide refunds...

It is possible that businesses, especially those in certain sectors, will see a reduced workload as a consequence of Coronavirus. In these circumstances, and where allowed for in the contract of employment, employees can be laid off temporarily.

Following the announcement that businesses will be reimbursed by HM Revenue & Customs (HMRC) for 80 per cent of the employment costs of ‘furloughed’ workers for at least three months from March, the Chancellor has announced a similar scheme for self-employed individuals. he Self-Employed Income Support Scheme (SEISS) will pay...

As part of its measures to reduce the economic impact of the Coronavirus crisis, the Government has announced deferrals to a number of HM Revenue & Customs (HMRC) and Companies House deadlines to ease the strain on businesses and self-employed individuals.

Businesses affected by the COVID-19 pandemic can apply to Companies House to request an extension to file their accounts, reports and confirmation statements. Companies House is offering a maximum extension of three months for struggling businesses, but they must meet stringent conditions, including a rule that an appeal to extend...

The ongoing COVID-19 pandemic is having a significant impact on all aspect of individual’s lives, not least their personal finances. During this difficult period, it is likely that your staff may look to you for advice if their own income is affected by the economic impact of this virus.

With the Government recommending that people work from home where possible, many businesses will have had employees working from home for the first time in recent weeks. Amidst the logistics and practicalities of setting employees up to work from home, it could be easy to overlook the implications of increased home working...

To support UK businesses, the Government has confirmed that commercial tenants that are unable to pay their rent due to disruption caused by the Coronavirus pandemic will not face eviction. The Government had already banned evictions on private residential tenants but has now confirmed that the three-month moratorium.

HM Revenue & Customs (HMRC) has now published detailed guidance for operation of the Coronavirus Job Retention Scheme, which is intended to reimburse up to 80 per cent of the wage costs of a ‘furloughed worker’.

Following the announcement that businesses will be reimbursed by HM Revenue & Customs (HMRC) for 80 per cent of the employment costs of ‘furloughed’ workers for at least three months from March, the Chancellor has announced a similar scheme for self-employed individuals. The Self-Employed Income Support Scheme (SEISS) will pay...

With substantial restrictions for everyone on the circumstances in which we can leave our homes, and many businesses being forced to close, the Chancellor has announced a scheme to reimburse up to 80 per cent of the cost of the wages of ‘furloughed workers’.

Our office is closed until further notice. Please send emails for attention. Please see the Blog section of our website where we are posting Covid 19 updates Stay Safe all of you…The Inn Control Team

Payroll is a vitally important function within a business and never more so now that the Government has confirmed that it will be paying furloughed workers* up to 80% of their wages through reimbursement via HMRC.

The Government has pledged more than £330 billion overnight to help businesses struggling with the economic impact of the ongoing COVID-19 outbreak. The Chancellor, Rishi Sunak, has pledged to do “whatever it takes” to help businesses survive through these difficult and uncertain times and we are also standing by this commitment.

The UK is seeing an unprecedented amount of disruption due to the current coronavirus outbreak and in response the Chancellor has announced a number of measures to help businesses deal with this crisis. Understandably, business owners will be concerned during these difficult times, but they must take practical steps now to help...

Coronavirus Business Interruption Loan Scheme The business interruption loans announced at last week’s Budget have been significantly extended allowing small businesses to borrow up to £5 million to pay rent, salaries, suppliers or purchase stock. The loans will be interest-free for the first six months, thanks to a pledge from the Government to cover interest payments during this period.

As the situation develops regarding the Coronavirus outbreak, there will be a lot of conflicting information available. As a firm, we will try to only contact you when it is confirmed or standardised information available – making the wrong decisions before the information is confirmed and settled could cause your business more trouble than good. There are a number of things that you can do immediately and there are things that currently are still being finalised, such as the government grants/loans that will not be clarified or reach availability until next week. These steps and information is broken down below and attached to other emails that you will receive from us – please check your junk folder if you do not receive more emails from us.

We’ve had a several enquiries messages from clients who wanted to know what Government measures are being put in place in light of the COVID-19 outbreak to assist small business experiencing financial hardship…we are as always please to discuss this in detail however the measures in outline follow:

When Philip Hammond delivered the last Budget 499 days ago, in the midst of the Brexit negotiations, he could not have imagined that the next Budget would be dominated by the spread of a lethal contagion. Nor is it likely that he thought Rishi Sunak – then a relatively inconspicuous junior minister – would be the one delivering it...

Speculation is increasing that Chancellor, Sajid Javid, will announce significant curbs on Entrepreneurs’ Relief in the Budget, or could even scrap the valuable tax relief altogether. According to the Financial Times, ministers are concerned that Entrepreneurs’ Relief is too generous to wealthy individuals.

Monday 6 April 2020 will see a range of tax changes come into effect with the start of the 2020/21 tax year. Some of these changes have the potential to have considerable implications for your tax bill, depending upon your specific circumstances. Here is a selection of the most significant changes...