Changes to CJRS – Employer costs
HMRC’s guidance on the Coronavirus Job Retention Scheme has been updated a number of times as the workings of the scheme evolve. The most recent update, on 29 May 2020, followed an announcement ... read more
Eligible for extended self-employed scheme?
The Chancellor has confirmed that the Self-Employment Income Support Scheme (SEISS) is to be extended for a final three-month period to 31 August 2020. The maximum grant for the final 3 months of the ... read more
Certain retail outlets given green-light to re-open
The government has started the slow process of reopening selected businesses as we continue to face restrictions in almost all aspects of daily life. The reopening of retail outlets reflects the ... read more
New code of practice for High Street businesses and their landlords
The government has announced that a new code of practice is to be published for High Street businesses and their landlords to help provide clarity and reassurance over rent payments. A new working ... read more
National Insurance numbers
If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip or P60. You can also login to your personal tax account ... read more
CJRS closure to new entrants
The Coronavirus Job Retention Scheme (CJRS) is open to all UK employers to access support to continue paying part of their employees’ salary for those employees that would otherwise have been ... read more
Intellectual Property Office service changes
The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright. The IPO buildings are ... read more
Coronavirus Statutory Sick Pay Rebate Scheme
The Coronavirus Statutory Sick Pay Rebate Scheme allows small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The online ... read more
One step forward
The recent news that the lockdown is being eased for certain businesses is good news. Unfortunately, there are many other businesses that are still closed and unable to trade.
And there is always a ... read more
Recent statistics published by HM Treasury confirm that £22bn of Bounce-Back Loans have been taken up by 700,000 small businesses across the UK. That is an average loan of approximately ... read more
Self-Employed and Job Retention Scheme changes
On Friday afternoon, in the Government's daily news briefing, the Chancellor outlined how the Coronavirus Job Retention Scheme will operate moving forward to allow for employees to return to work ... read more
Additional funding for charities and social enterprise
The government's dormant assets scheme allows money in accounts that have been dormant for at least 15 years to be made available for certain qualifying charitable and community causes.
The ... read more
Further support for charities from VAT receipts
It has been revealed by HM Treasury that the VAT collected on donated personal protective equipment (PPE) will be given to charities supporting the NHS and care workers. This measure will apply to all ... read more
Apply for NIC Childcare Credits
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance ... read more
Reimbursing expenses for home office equipment
HMRC has updated its guide for employers who have employees working from home due to the COVID-19 outbreak. This could be a result of the workplace being closed or because employees are following ... read more
Employee car ownership schemes
An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of an ECOS can ... read more
New HM Treasury instructions re CJRS
The Chancellor, Rishi Sunak has made a further Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS).
The CJRS currently helps ... read more
Estate Agents who may be exempt from Money Laundering registration
HMRC is responsible for the money laundering supervision of a number of businesses including estate and lettings agents. Estate agency businesses that HMRC is responsible for supervising should be ... read more
Rules on waiving income or donating to charities
HMRC has published a new press release that provides some advice for people choosing to give up their income to support their business or donate to charity during the Coronavirus (COVID-19) ... read more
New advisory fuel rates published
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or ... read more
Tackling redundant stock
Many retailers and manufacturing businesses have stock on their shelves gathering dust.
There are compelling reasons for tackling this issue as we cautiously emerge from lock-down.
For example, ... read more
Winding-down the furlough scheme
Without a doubt, the furlough scheme has provided small businesses with the means to retain staff that would otherwise have been laid-off.
The government is paying 80% of furloughed employees’ ... read more
Tax Diary June/July 2020
1 June 2020 - Due date for Corporation Tax due for the year ended 31 August 2019.
10 June 2020 - The final date that employers can furlough staff for the first time
19 June 2020 - PAYE and NIC ... read more
Coronavirus Future Fund launched
Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus pandemic. One of these measures was the launch of a special investment fund for ... read more
Maximum loan under CLBILS increased to £200m
The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The maximum loan size will be increased from £50 million to £200 million. ... read more
Trade credit insurance guarantee
Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially ... read more
Upcoming bank holiday dates
We thought it would be useful to remind our readers of the upcoming bank holiday dates across England, Wales, Scotland and Northern Ireland. Whilst many people are still under lockdown, there are ... read more
Extension of vehicle MOT dates
A reminder that MOT expiry dates are being extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first ever MOT test and applies to cars, ... read more
Launch of SSP Rebate Scheme
Under the Coronavirus Statutory Sick Pay Rebate Scheme small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. It ... read more
Coronavirus insolvency and AGM measures
The insolvency measures to help prevent businesses unable to meet debts due to the impact of Coronavirus to continue trading and not be forced to file for bankruptcy have been extended. It was ... read more
Claiming tax relief on work-related expenses
Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief based on the initial cost. In most cases you can claim tax relief on the full cost of ... read more
Definition of trading profits for SEISS
The Self-employment Income Support Scheme (SEISS) opened for applications on 13 May 2020. HMRC has confirmed that by midnight on 17 May there had been a total of 2 million claims with over £6.1 ... read more
Changing a company’s year end date
There are special rules in place which limit the ability to change a company’s year-end date. A company’s year-end date is also known as its ‘accounting reference date’ and is ... read more
Removing a home address from the public register
Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official ... read more
Working safely during coronavirus
The government has produced guidance to help employers, employees and the self-employed in England understand how to work safely on their return to work during the coronavirus pandemic. The so-called ... read more
Guidance for employers on workplace testing
The Information Commissioner’s Office (ICO) has published guidance for employers on workplace testing during the coronavirus pandemic. It covers the extent to which employers can carry out tests ... read more
Ring-fencing COVID losses
Most companies will have fairly healthy accounts up to the middle of March 2020 when the lock-down of activity to control coronavirus started.
Since that date, many firms will have struggled to ... read more
Why use cloud accounting software?
For less than you would spend on tea milk and coffee each month, you can acquire the use of cloud-based accounting software.
Computerising your accounting routines in this way has a ... read more
Self-employment Income Support Scheme launched
The Self-employment Income Support Scheme (SEISS) opened for applications at 8am on 13 May 2020. The scheme will provide grants of up to £2,500 per month based on 80% of average profits to ... read more
Working Tax Credits are now increased
We would like to remind our readers that as part of the package of measures to tackle the Coronavirus outbreak, the basic element Working Tax Credit payments was increased to £3,040 for the ... read more
Financial support if you have Coronavirus symptoms
Guidance is published by the Department for Work and Pensions about support measures in place if you are employed and have Coronavirus symptoms.
You must tell your employer as soon as possible if ... read more
Self-employed and getting no work?
If you are self-employed and qualify for the Self-employment Income Support Scheme you could receive a cash grant from HMRC based on 80% of your profits, up to £2,500 per month. The initial ... read more
Lost your job? What to do…
If you lost your job after 28 February 2020, your previous employer could have agreed to re-hire you and then place you on furlough. However, there is no compulsion on the part of your ex-employer to ... read more
Working from home tax breaks
HMRC has a useful guide for employers who have employees working from home due to the COVID-19 outbreak. This could be a result of the workplace being closed or because employees are following ... read more
Businesses that must presently stay closed
Government guidance on businesses in England that must presently stay closed has been updated. The government is clear that failure to follow the law relating to these closures can lead to the ... read more
No VAT on supply of PPE
The government has introduced a zero-rate of VAT on the sale of personal protective equipment (PPE) for Covid-19. The temporary measure will apply from 1 May 2020 until 31 July 2020 unless any further ... read more
Furlough Scheme Extended to 31 October 2020
The Chancellor, Rishi Sunak has today (12 May 2020) announced significant changes to the Coronavirus Job Retention Scheme, now commonly referred to as the furlough scheme. The scheme had been due to ... read more
Laid off? Brush up your skills online
The present lock-down has created a raft of employed persons described as furloughed.
One of the criteria that employers and employees are required to abide by to benefit from the Coronavirus Job ... read more
Why pay your bills early?
If your suppliers offer you goods or services on credit, this will have a beneficial impact on your cashflow. You will have had the benefit of using the goods or services supplied, and the funds to ... read more
Additional funding for SMEs in Scotland
The Scottish Government has announced a new £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people.
The money is allocated ... read more