Chancellor Rishi Sunak has announced further measures to support businesses covering three main areas: The new Job Support Scheme means that for six months from 1 November the Government will top up the wages of those workers on reduced hours. Employees must work at least 33% of their regular hours, for the remaining hours not […]
The Covid-19 outbreak has had a huge impact on the economy, and in many cases has caused business owners to fall into a loss position. As a result, HMRC have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has […]
Just to remind you that from 1 September the 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. Employers will still need to pay furloughed employees 80% of their usual wages for the hours they do not work, up to a […]
The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits. The lump […]
The Treasury has announced that it plans to expand the Making Tax Digital (MTD) reporting regime to all VAT-registered businesses from April 2022. At present, it only applies to those with a taxable turnover of £85,000 and above. From 2023, it will also extend to cover income tax reporting for all unincorporated businesses and landlords […]
Today the Chancellor delivered a summer statement in the Commons presenting a financial package to support young people, help the housing market and improve the country’s struggling hospitality sector. Key points included: A job retention bonus, whereby businesses will be paid £1,000 for every eligible furloughed employee they bring back to work. A kickstart job […]
HM Revenue & Customs (HMRC) updated its guidance on the Coronavirus Job Retention Scheme (CJRS) to include details on how the scheme will change from 1 July to include flexible working For June and July, the Government will pay 80% of wages up to a cap of £2,500 for the hours the employee is on […]
The Chancellor has announced plans to end the Furlough scheme on 31 October 2020, with Government contribution levels gradually reducing from 1 August. From 1 July 2020, businesses will be given the flexibility to bring furloughed employees back part time – this is a month earlier than previously announced. Employers will be able to decide […]
Chancellor Rishi Sunak has today announced that the Coronavirus Job Retention Scheme will be extended by four months until the end of October. Employers will be able to bring back furloughed employees part-time, as part of the Government’s plan to re-open the economy. Until the end of July, there will be no changes ie workers […]
HM Treasury (HMT) has announced details of a new 100% Government-backed loan scheme for small businesses. Under the scheme, businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple […]
