We have a great deal of experience in assisting clients in securing funding, and are currently working hard to help businesses to access the various Government schemes. Please click here to read our summary of help available to you.
Small businesses may be wondering if the trading impact of the Coronavirus means now would be a good time to deregister from VAT. A business can deregister if it expects taxable sales in the next 12 months to be less than £83,000. However, HMRC will not allow you to cancel your registration if the reduction […]
The Government has announced that the expansion of the off-payroll working rules, known as IR35, will be delayed in the light of the COVID-19 pandemic. As reported previously, the rules are designed to ensure that an individual who works like an employee, but through their own limited company, pays Income Tax and NI contributions as […]
Anyone can opt to defer! VAT payments are deferred for 3 months, applicable from 20 March 2020 until 30 June 2020 – all UK businesses are eligible. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end […]
The Chancellor has this evening announced a new self-employed income support scheme. The Government will pay self-employed people a taxable grant of 80% of their average monthly trading profit over the last three years, capped at £2,500 a month. The scheme is open to people who make the majority of their income from self-employment, and […]
As promised by the Government, further detail was provided on the Coronavirus Business Interruption Loan Scheme (CBILS) this week, and in what was an unprecedented timeframe, the scheme is now live. We have been working with clients and funders to understand the practical considerations for business who are interested in the scheme – some of […]
In a bid to ease the strain on economy, the Chancellor has followed through on his promise ‘to do whatever it takes’ to support the economy in a series of fiscal measures which would have been unthinkable just a few weeks ago. The latest measures announced include: Introduction of the Coronavirus Job Retention Scheme Deferment […]
We at Magma are here to support your business In what is proving to be a constantly evolving situation with COVID-19, we at Magma are staying informed on the financial assistance available to businesses and are here to support you in accessing the help you need. We have put together a current summary of Government […]
Yesterday, the Chancellor announced further support for businesses and individuals which could prove invaluable to those suffering from the economic impact of the global Coronavirus pandemic. Sunak’s bold measures sought to assure all those affected that the Government was determined to ‘do whatever it takes’ to support the economy through the crisis. Support for […]
A recent study has shown that UK small and medium size businesses spend more than a week a year chasing late customer payments, worth more than £50bn. Published figures indicate that the average late payment has gone up to £8,500, and more than a third of UK businesses reported running into cash flow problems. Late […]
