AUTUMN BUDGET PREDICTIONS 2020
As yet, we don’t know exactly when the Autumn Budget will be as the Treasury hasn’t set a date. After borrowing and spending billions on the COVID-19 response so far, the Chancellor is reportedly considering different ways he could earn back funds for the Treasury. We won’t know until Budget day which of the suggestions […]
Read MoreBOUNCE BACK LOAN SCHEME
The Bounce Back Loan Scheme will enable small businesses affected by the pandemic to borrow between £2,000 and £50,000 in an initiative described by the Chancellor as “an easy solution for those in need of smaller loans”. Businesses will only need to apply through a short, standardised online application and will get the loans […]
Read MoreSELF EMPLOYED INCOME SUPPORT SCHEME
In order to be eligible for the grant, claimants will have to have filed a tax return for 2018/19, have continued to trade into the tax year 2019/20, intend to continue to trade into the tax year 2020/21 and be trading when the application is made, or would have been trading had the coronavirus outbreak […]
Read MoreBUSINESS GRANTS UPDATE – ESTATE AND LETTING AGENTS!
The Government has also made a further amendment to the guidance for Retail, Hospitality & Leisure Relief which now includes the following as eligible properties: Employment agencies Estate agents and letting agents Betting shops Casinos, gambling clubs and bingo halls Eligible businesses in these sectors with a property that has a rateable value […]
Read MoreSELF EMPLOYED CORONAVIRUS HELP UPDATE
Here is the updated link for the self-employed Key points: 1) You will receive a letter by mid May, inviting you to make a claim 2) Payments will be made early June 3) This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 […]
Read MoreFurloughed employees
Here is the full detail for employers relating to the job retention scheme https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
Read MoreHELP FOR SELF-EMPLOYED RE COVID-19
Just released on government website: https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals Top points are: Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will use the average trading profits from tax returns in 2016-17, 2017-18 and 2018-19 to determine the size of the grant. […]
Read MoreFURLOUGH GUIDANCE
Our regulatory body ACCA has provided us with the following guidance for employers relating to furloughing employees https://i.emlfiles4.com/cmpdoc/2/5/6/6/2/files/660053_job-retention-scheme—furloughed-workers-update-and-suggested-proforma-letters.pdf You may need to copy and paste this into your browser! The grant paid will be 80% of the reference period wage, plus employers’ NIC and the legal minimum pension contributions. For example, if the 100% […]
Read MoreJOB RETENTION SCHEME
We are being inundated with calls and emails relating to this just now. We fully appreciate the current stress everyone is under, and can assure you we will update all clients as soon as the advice becomes available. Jennie is remaining fully briefed and on standby for announcements and updates as they happen. She will […]
Read MoreUPDATE TO SUPPORT BUSINESSES – GOVERNMENT LINK
The government link has been updated for yesterdays financial announcements, and its surprisingly easy to understand, showing the various reliefs and help that will be available https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Read MoreHMRC LIABILITIES? – TIME TO PAY
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Eligibility You are eligible if your business: pays […]
Read MoreCORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (CBILS)
The new CBILS will be rolled out from next Monday 23rd March. Here is a useful link if you wish to follow this route for your business: https://www.british-business-bank.co.uk/…/coronavirus-busi…/ Additionally, there is a separate grant available to small businesses that qualify for small business rates relief. This won’t be available until April, and the local authority […]
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