Blog

22
Oct

Government extends further support to businesses affected by COVID-19

Government extends further support to businesses affected by COVID-19

Under increasing pressure from business groups, local authority leaders and the public, the Government has decided to extend several of its existing support measures to help businesses across the UK – regardless of whether they are forced to close or remain open. Speaking to Parliament, the Chancellor Rishi Sunak announced three...

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14
Oct

HM Revenue & Customs publishes further details of the Job Support Scheme

HM Revenue & Customs publishes further details of the Job Support Scheme

HM Revenue & Customs (HMRC) has published further details of the Job Support Scheme (JSS), announced by the Chancellor during his Winter Economy Statement in Parliament on 24 September. The JSS is intended to support businesses facing reduced demand over the winter as a result of the Coronavirus crisis, helping to keep employees...

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14
Oct

Annual Investment Allowance – Time is running out

Annual Investment Allowance – Time is running out

Since 1 January 2019, the Annual Investment Allowance (AIA) for capital allowances has been £1 million – helping businesses to invest tax efficiently. However, from 1 January 2021, the AIA will fall back to just £200,000, reducing the amount of tax that can potentially be saved. By using the AIA, businesses can claim against...

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14
Oct

Accounting for mobile phone use

Accounting for mobile phone use

During the last few months, to assist workers with working from home, many businesses have supplied a work mobile phone, but how should they account for this benefit? Typically, the provision of equipment, such as a mobile, could be considered a benefit in kind for tax purposes, however, an employee can benefit from an...

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14
Oct

Time to prepare (once again) for the VAT reverse charge

Time to prepare (once again) for the VAT reverse charge

In just a few months, more than 150,000 businesses connected to the construction industry will have to make a fundamental change to how they manage their VAT affairs. Although the world has been in lockdown, and with it, parts of the construction sector, the Government still intends to launch the VAT domestic reverse charge for...

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14
Oct

Is the Government considering a National Living Wage freeze?

Is the Government considering a National Living Wage freeze?

New reports have suggested that the Treasury may be considering postponing a planned increase to the National Living Wage (NLW) rates next year. Under plans outlined last December by then Chancellor, Sajid Javid, the legal minimum wage paid to workers over the age of 25 was due to rise by 6.2 per cent from £8.72 per hour to £9.21 per hour...

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14
Oct

Companies House reforms to combat fraud and assist businesses

Companies House reforms to combat fraud and assist businesses

Companies House, the UK’s register of company information, is to be reformed under new plans designed to prevent fraud and money laundering. As part of the reforms, directors will have to have their identity verified by Companies House before they can be appointed. The amendment will increase the accuracy of data that...

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14
Oct

Price of plastic bags in England to double to 10p

Price of plastic bags in England to double to 10p

The price of plastic bags in larger retailers in England will double from 5p to 10p from April next year. The 5p charge was first introduced in 2015 and the Department for Environment, Food and Rural Affairs (DEFRA) says that plastic bag use has fallen from 140 a year per adult in 2014 to four now. George Eustace, the Environment...

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14
Oct

New Coronavirus regulations place self-isolation obligations on employers

New Coronavirus regulations place self-isolation obligations on employers

The Health Protection (Coronavirus, Restrictions) (Self-Isolation) Regulations 2020 came into effect on 28 September 2020 and place new obligations on employers in relation to self-isolation. Regulation 7 creates a new offence of knowingly permitting a worker, including agency workers, to attend a place other than where they...

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14
Oct

Latest SEISS grants introduce new qualifying conditions

Latest SEISS grants introduce new qualifying conditions

As part of the Government’s plan to extend the Self-Employment Income Support Scheme (SEISS) for a further six months, HM Revenue & Customs (HMRC) has announced new conditions that must be met. The scope of the extended scheme will now be much narrower, with the third and fourth grants being less generous for the self-employed.

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14
Oct

Businesses may be entitled to insurance pay-out after important judgment

Businesses may be entitled to insurance pay-out after important judgment

A new judgment at the High Court has clarified that policyholders denied business interruption (BI) insurance claims due to COVID-19 may be due compensation. In an important test case, brought by the Financial Conduct Authority (FCA), the court has found in favour of BI policyholders after many insurers denied pay-outs...

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12
Oct

Chancellor expands Job Support Scheme and grants to businesses facing new COVID-19 restrictions

Chancellor expands Job Support Scheme and grants to businesses facing new COVID-19 restrictions

The Chancellor has announced that the Government will expand the new Job Support Scheme (JSS) to assist jobs and businesses required to close their doors as a result of tougher Coronavirus restrictions. The announcement was made ahead of new plans to introduce a tier-based system for lockdowns across the country, which could force...

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5
Oct

Government issues new guidance on the Job Retention Bonus

Government issues new guidance on the Job Retention Bonus

Employers will be able to apply for the Job Retention Bonus (JRB) between 15 February 2021 and 31 March 2021. This one-off taxable payment to employers offers £1,000 for each eligible employee that was furloughed and kept continuously employed until 31 January 2021. Any employer can submit a claim, as long as they have furloughed...

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28
Sep

Download the Government’s guide to the Job Support Scheme

Download the Government’s guide to the Job Support Scheme

Many businesses have welcomed the news that the Government will introduce a new scheme to support them with their employment costs once the Coronavirus Job Retention Scheme ends. The new Job Support Scheme will launch on 1 November 2020 and is designed to support viable jobs by subsidising the wage costs for staff working...

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25
Sep

Important message to clients and friends: We are working remotely on recommendation from the PM, please read the following update

Sadly as a result of the most recent government recommendation, we have closed the office with immediate effect.

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25
Sep

Chancellor announces new Job Support Scheme and package of business support measures

Chancellor announces new Job Support Scheme and package of business support measures

The Chancellor, Rishi Sunak, has announced a new job protection scheme and a range of new business support measures. Announcing his Winter Economy Plan at a hastily arranged statement in the House of Commons, Mr Sunak said: “Our task now is to move to the next stage of our economic plan, nurturing the recovery by protecting jobs...

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21
Sep

Change to Companies House bank detailsanies House bank details

Change to Companies House bank detailsanies House bank details

Companies House has changed its bank details with effect from 1 September 2020 following a technical change to the way it is funded. Letters sent by Companies House from 1 September 2020 onwards include the new bank details, which businesses will need to use to pay any fees due.

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21
Sep

More than £1 billion in tax reliefs for creative industry

More than £1 billion in tax reliefs for creative industry

According to the latest official figures from HM Revenue & Customs (HMRC), a total of £1.1 billion was paid out in tax reliefs for the creative sector during 2019/20. The figure represents a rise of more than £30 million on the previous year. Creative sector tax reliefs aim to increase the level of investment in cultural activity...

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21
Sep

Advisory Fuel Rates for next quarter come into effect

Advisory Fuel Rates for next quarter come into effect

A new set of Advisory Fuel Rates for the next financial quarter are now in effect as of 1 September 2020. These rates apply to any employee who uses a company car. The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel...

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21
Sep

Key dates for the Coronavirus Job Retention Scheme

Key dates for the Coronavirus Job Retention Scheme

As the Coronavirus Job Retention Scheme (CJRS) is slowly wound down by the Government, businesses must adapt their PAYE reporting and payroll function to reflect the required funding contributions. To help, we have provided a list of key dates for September and the following months to ensure you are prepared for the changes ahead...

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21
Sep

The first Child Trust Funds (CTFs) can now be claimed

The first Child Trust Funds (CTFs) can now be claimed

The first Child Trust Funds (CTFs) are set to mature in September allowing those turning 18 to access their fund for the first time. CTFs were tax-free children’s savings account set up by the Government, which were available to those born between 1 September 2002 and 2 January 2011. Parents or guardians of a child who was eligible for...

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21
Sep

Four in five SMEs are confident over their Coronavirus recovery

Four in five SMEs are confident over their Coronavirus recovery

Four in five UK small to medium-sized enterprises (SMEs) are confident that they will recover from the Coronavirus pandemic, according to research by Starling Bank and the Great British Entrepreneur Awards. The data indicates that 75 per cent of business owners are feeling more confident than they did in July as lockdown measures ease.

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21
Sep

HM Revenue & Customs (HMRC) writes to 3,000 employers over furlough claims

HM Revenue & Customs (HMRC) writes to 3,000 employers over furlough claims

HM Revenue & Customs (HMRC) is reportedly writing to 3,000 employers over claims they have made for grants from the Coronavirus Job Retention Scheme (CJRS). The ICAEW Tax Faculty says that HMRC began issuing the letters at the end of August to businesses that are suspected of having claimed more than they were entitled to or grants...

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14
Sep

Government to launch new local lockdown grants

Government to launch new local lockdown grants

Businesses that are required to shut due to local lockdowns could be entitled to claim up to £1,500 in grant funding every three weeks for each premises that is closed. The new grant funding has been created to support those businesses that are adversely affected by local restrictions, which are being imposed in areas with high...

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10
Sep

CBILS ends on 30th September 2020

CBILS ends on 30th September 2020

The Coronavirus Business Interruption Loan Scheme (CBILS) has offered important financial support to thousands of businesses across the UK – but it is due to end this month. Although the deadline for accredited lenders to review applications was recently extended until 30th November 2020, businesses wishing to receive funding...

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20
Aug

How will you rebuild and recover? Funding launched to cover cost of professional advice

How will you rebuild and recover? Funding launched to cover cost of professional advice

The value of cash flow forecasting, management accounts and revised business plans is set to come into stark relief as businesses look to rebuild and recover following the easing of lockdown. In recognition of the importance of these and other accountancy services to the recovery and a swift return to prosperity, the Government...

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19
Aug

Tax changes outlined in draft Finance Bill 2020 – 2021

Tax changes outlined in draft Finance Bill 2020 – 2021

The Government has unveiled its draft legislation for the 2020 – 2021 Finance Bill (the Bill). The new proposals cover a number of measures that were previously announced in the 2020 Spring Budget. To help you gain a greater appreciation for potential tax changes on the horizon, we have prepared a summary of some of the key measures...

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19
Aug

Coronavirus Business Interruption Loan Scheme expanded to more businesses

Coronavirus Business Interruption Loan Scheme expanded to more businesses

Following a change in EU state aid rules, the Government has announced that it will expand the Coronavirus Business Interruption Loan Scheme (CBILS) to certain businesses classed as “undertakings in difficulty” – those with large losses and debts. The UK remains subject to EU state aid rules during the Brexit transition period.

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19
Aug

VAT treatment of imported goods up to £135 to change under new rules

VAT treatment of imported goods up to £135 to change under new rules

VAT on imported goods with a value of up to £135 will be collected at the point of sale, not the point of importation from 1 January 2021. New guidance has been issued by HM Revenue & Customs (HMRC) which outlines how it anticipates the import of goods from outside the UK below this value to be treated for VAT after the transition period ends.

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19
Aug

HM Revenue & Customs publishes Job Retention Bonus guidance

HM Revenue & Customs publishes Job Retention Bonus guidance

HM Revenue & Customs (HMRC) has published guidance setting out how the Job Retention Bonus will operate. The Job Retention Bonus was announced by the Chancellor at the Summer Economic Update on 8 July 2020 and will provide employers with a one-off payment of £1,000 for each previously furloughed employee continuously employed to 31 January 2021.

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19
Aug

Small business Covid recovery boosted by £20million in new grants

Small business Covid recovery boosted by £20million in new grants

The Government has announced new grants aimed at smaller businesses in England worth £20 million, to help them obtain the support they need to recover from the effects of the Coronavirus pandemic. Under the new scheme, small and medium-sized businesses will be able to obtain grants of between £1,000 – £5,000 that can be used to help...

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19
Aug

HM Revenue & Customs sets out Making Tax Digital plans for VAT and Income Tax

HM Revenue & Customs sets out Making Tax Digital plans for VAT and Income Tax

HM Revenue & Customs (HMRC) has set out its plans for the future of the Making Tax Digital (MTD) programme, with confirmation of the timeline for the expansion of MTD for VAT and the introduction of MTD for Income Tax. Since its introduction in April 2019, MTD for VAT has required most VAT-registered businesses with a turnover...

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19
Aug

HM Revenue & Customs sets out details of penalties for breaches of furlough and self-employment scheme rules

HM Revenue & Customs sets out details of penalties for breaches of furlough and self-employment scheme rules

HM Revenue & Customs (HMRC) has set out full details of the penalties that will apply to employers and self-employed individuals who are found to have breached the rules of the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS).

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19
Aug

Reminder: VAT payment deferral period has ended

Reminder: VAT payment deferral period has ended

The financial support offered by the Government through the VAT payment deferral scheme has come to an end. This period, which was intended to support businesses struggling with the impact of COVID-19, ended on 30 June 2020. You must now pay any VAT due after this date on time as HM Revenue & Customs (HMRC) may apply surcharges.

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19
Aug

Banks list top 10 Coronavirus scams

Banks list top 10 Coronavirus scams

Throughout this ongoing pandemic, fraudsters have attempted to play on people’s fears to try and trick them out of their hard-earned cash. Now UK Finance, the trade body for the British banking sector, has issued a list of the most common scams to help people identify them.

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14
Aug

HM Revenue & Customs issues ‘nudge’ letters to people suspected of having undeclared overseas assets

HM Revenue & Customs issues ‘nudge’ letters to people suspected of having undeclared overseas assets

HM Revenue & Customs (HMRC) has written to people suspected of having undeclared overseas assets, asking them to declare any currently undeclared overseas assets and to complete a certificate declaring the correct tax position.

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14
Aug

Second round of Self-Employment Income Support Scheme (SEISS) opens on Monday

Second round of Self-Employment Income Support Scheme (SEISS) opens on Monday

The second round of the Self-Employment Income Support Scheme (SEISS), which is worth 70 per cent of three months’ average trading profits, capped at £6,570, launches on Monday 17 August 2020.

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14
Aug

Key dates for Coronavirus support schemes, tax and Companies House

Key dates for Coronavirus support schemes, tax and Companies House

With numerous Government schemes open to businesses and individuals to help deal with the impact of the Coronavirus outbreak, there are more than 60 key dates to be aware of in the coming months where these schemes will end or change, plus the usual HMRC and Companies House deadlines.

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7
Aug

Government extends childcare funding for families affected by the pandemic

Government extends childcare funding for families affected by the pandemic

The Government has extended childcare funding for families affected by the Coronavirus outbreak. Parents or carers who are usually eligible for Tax-Free Childcare or 30 Hours Free Childcare but whose income has fallen temporarily below the minimum income requirement as a consequence of Coronavirus will continue to receive support...

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7
Aug

Green Homes Grant guidance published

Green Homes Grant guidance published

The Government has published further details of the Green Homes Grant, announced by the Chancellor at his Summer Economic Update on 8 July. The scheme provides vouchers worth up to £5,000 for most homeowners or £10,000 for households on low income to install energy-saving primary measures, including: Insulation: Solid wall...

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7
Aug

Eat Out to Help Out opens for claims

Eat Out to Help Out opens for claims

With the first week of the Eat Out to Help Out scheme now concluded, the online portal is opening for pubs, bars, restaurants and certain other hospitality venues to claim funds from the scheme. The scheme offer grants covering the whole cost to restaurants, cafes and pubs that sell food of providing a 50 per cent discount...

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7
Aug

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:31 August 2020 Eat Out to Help Out closes to customers. 1 September 2020 Grants from the Coronavirus Job Retention Scheme (CJRS)...

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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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