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COVID19

Extention Of Self-Employed Income Support Scheme

The Self-Employment Income Support Scheme (SEISS) allowed you to claim a first taxable grant. Applications for the first grant closed on 13 July 2020. The second taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. […]

Read more October 16th, 2020

Job Support Scheme For Companies Required To Close

The government’s Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, the Chancellor announced 9 October. Under the expansion, firms whose premises are legally required to shut for some period over winter as part of local or national restrictions will […]

Read more October 16th, 2020

Job Support Scheme Starts 1 November

The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:- Employers of all sizes will be eligible for the new scheme […]

Read more October 15th, 2020

Deferral Of VAT And VAT Cut Continues

Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller […]

Read more September 25th, 2020

Self-Employed Income Support Scheme Update

The existing self-employed income support scheme (SEISS) grant is to be extended on the same basis as the job support scheme The new Government scheme will last for six months to 30 April 2021. An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade […]

Read more September 25th, 2020

New Job Support Scheme Announced

Yesterday Chancellor Rishi Sunak announced a new job scheme starting 1 November 2020 to replace the current Job Retention (“furlough”) Scheme which ends 31 October 2020. All small and medium-sized businesses are eligible, larger businesses must show their turnover has fallen during the pandemic. Employers can use the new scheme even if they have not […]

Read more September 25th, 2020

Extra Flexibility On Bounce Back Loans

More than a million businesses who took out a Bounce Back Loan will get more repayment time through a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months […]

Read more September 25th, 2020

Review Of Furlough Claims

In recent weeks, HMRC have been making it clear that they will be auditing furlough claims where they believe there has been an inaccuracy, whether deliberate or not. They believe between 5-10% of claims made contain some form of error. It is likely that there will be a large number of furlough claims across the […]

Read more September 22nd, 2020

Contract Cancellations And Refunds Due To Coronavirus

There are a wide range of contracts that have been affected due to the pandemic. The statement outlined below replaces what was published by the Competition and Markets Authority (CMA) on 30 April 2020. The CMA’s view remains that a consumer will generally be entitled to a refund when they have paid money in advance […]

Read more September 8th, 2020

Numerous Fraudulent CJRS Claims Identified

HMRC’s CJRS fraud reporting portal had received over 2,000 reports of wrongful claims. Examples of such wrongful claims include; Claiming furlough payments for staff who are continuing to work Furloughing staff but asking them to work “voluntarily” on an unpaid basis. Claiming furlough payments for “ghost” employees, and those who left employment before 19 […]

Read more September 7th, 2020

Job Retention Bonus

The government is introducing a new Job Retention Bonus to provide additional support to employers who keep on their furloughed employees in meaningful employment, after the government’s Coronavirus Job Retention Scheme ends on 31 October 2020. The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed […]

Read more August 27th, 2020

Returning From Furlough

Bringing your employees back from furlough is not a straightforward process. As furloughed employees begin to return to work, business owners and managers need to consider both the practical and emotional aspects of returning to “normal”. The impact of the Covid-19 pandemic has been unprecedented. After several months of lockdown and social distancing, some employees […]

Read more August 25th, 2020

August CJRS Update

As the Coronavirus Job Retention Scheme (CJRS) continues to wind down, from 1 September you will need to do the following: From 1 September CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. You will still need to pay your furloughed […]

Read more August 24th, 2020

Rumours Of CGT Increases

There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substantial Government borrowings to support businesses and employees affected by the Coronavirus pandemic. It has been suggested that the current £12,300 CGT annual exemption will be reduced and the […]

Read more August 10th, 2020

More Details On Hospitality VAT Reduction

When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details […]

Read more August 4th, 2020