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 […]
To date we have not been advised of any Covid-19 related extension covering the reporting of Employment Related Securities, however, we will advise if this situation changes. Therefore, where an employee or Director has received shares or share options in their employing company in the tax year to 5 April 2020, these will, in most […]
We can help you get ready to make a claim under the Coronavirus Job Retention Scheme. If you are eligible for the scheme, there are things that you should be doing now to be ready for when the system is up and running later this month. In order to make a claim, you will need […]
The Government has announced amendments to the Coronavirus Business Interruption Loan Scheme (CBILS) after claims that banks were forcing companies to provide personal guarantees, and is adding an option for larger companies. The Chancellor announced that the CBILS programme is being extended, so that all viable small businesses affected by COVID-19, not just those unable […]
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 […]
