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COVID19


Coronavirus Business Interruption Loan Scheme (CBILS) Update

HM Treasury has announced the Chancellor Rishi Sunak is taking further action to support firms affected by the coronavirus crisis by bolstering the business interruption loan for small businesses and announcing a new scheme for larger companies. The Chancellor states: £90 million of business interruption loans approved for nearly 1,000 firms and £1.9 billion corporate […]

Read more April 6th, 2020

Job Retention Scheme FAQ Part 2

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. Information in this article based on information as of 31 March 2020. Previous answers from 29 […]

Read more April 6th, 2020

Job Retention Scheme FAQ

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. Information in this article based on information as of 29 March 2020. Further answers from 31 […]

Read more April 6th, 2020

COVID-19 Business Support Update 2 April

Business Secretary Alok Sharma gave the 1 April 2020 daily press briefing on the government’s response to the COVID-19 pandemic. He also gave some updates on the business support offered. He commented: “From today businesses will start benefiting from £22 billion in the form of business rates relief. And grants of up to £25,000 which […]

Read more April 3rd, 2020

Government Relaxation Of Financial Solvency Rules During Pandemic

The government plans to introduce emergency changes to overhaul insolvency laws and give “breathing space” to companies hit by the coronavirus crisis, Alok Sharma, the business secretary has announced, in a move to help prevent mass failures. Laws that make it illegal for a business to trade when it is insolvent are set to be […]

Read more April 3rd, 2020

Universal Credit / Benefits Calculator

Many people will need to consider Government Benefits because of the Pandemic. For some, this will be the first time and you may require guidance on what you can claim and how much. If you are at all unsure we have included links to guidance from independent Benefits Calculators. Benefits Calculators If you want to […]

Read more April 3rd, 2020

Self-Assessment Tax Payment Deferral

HMRC have now clarified the position regarding those entitled to defer the self-assessment tax payment falling due on 31 July 2020. The original indication was that this would only apply to those whose self-assessment liability was generated by self-employment income. HMRC have now expanded this to cover all self-assessment liabilities. Whether it has been caused […]

Read more April 1st, 2020

Coronavirus Video Resources

We’ve compiled all the recordings for our Coronavirus webinars on this one page for ease of use. Please be aware that some things may have changed since the release of the videos. If you have any questions about any of the content, please contact us. Disclaimer: The information provided by Shapcotts Accountants in this video […]

Read more March 31st, 2020

COVID-19 Business Support Update 31 March

Key Government Resources Links You can find an updating list of official resource links here. 1. Department for International Trade (DIT) has issued guidance for UK businesses trading internationally. This advice is for UK businesses that export or deliver goods and services abroad and have been impacted by the spread of coronavirus (COVID-19). It includes: […]

Read more March 31st, 2020

Could The VAT Cash Scheme Help You?

VAT Registered and struggling with cash flow due to COVID 19? Are you on the VAT cash scheme? No? Maybe it’s time to consider changing to it? As accountants, we understand the struggles involving cash flow, especially for small businesses. Now, with the added complications due to Covid-19, it might be time to consider the […]

Read more March 27th, 2020

Coronavirus Self-Employment Income Support Scheme Update

Help for the Self-Employed Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships. The scheme is called the Coronavirus Self-employment Income Support Scheme (CSEISS). If you have suffered a loss in income, a taxable grant will be paid to the self-employed or partnerships, worth 80% of profits up to a cap of […]

Read more March 27th, 2020

VAT Payment Deferral

VAT payment deferrals will apply from 20 March 2020 until 30 June 2020. All UK businesses are eligible and this is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. You will still need to submit your VAT returns on time, but will not need […]

Read more March 26th, 2020

Companies To Receive 3 Month Extension To File Accountants

From 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts during the COVID-19 emergency. This joint initiative between the Government and Companies House will mean businesses can prioritise managing the impact of Coronavirus. As part of the agreed measures, companies will still have to apply for the […]

Read more March 26th, 2020

Coronavirus Job Retention Scheme

PLEASE NOTE: THIS GUIDANCE IS STILL INCOMPLETE AND THE GOVERNMENT NEED TO ISSUE FURTHER BRIEFING NOTES ON THE DETAIL. Introduction Under the Coronavirus Job Retention Scheme (CJRS), all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been […]

Read more March 26th, 2020

COVID-19 Business Support Update 23 March

Key Government Resources Links You can find an updating list of official resource links here. Who is a keyworker? The current list of keyworkers includes the following: Health and Social care (doctors, nurses, social workers, care workers, etc.) Education and Childcare (teachers, social workers, childcarers, etc.) Key Public Services (staff in the justice system, religious […]

Read more March 23rd, 2020