July income tax deferral option
As we approach July, it’s a good time to consider the Income Tax deferral option which was announced as part of the government’s Coronavirus support measures. The deferral option allows the second payment on account for the 2019/20 tax year, which is normally due for payment on 31 July 2020, to be deferred until 31 […]
Furlough scheme extended until October
The Coronavirus Job Retention Scheme (furlough) has been extended until October as the Chancellor, Rishi Sunak, continues the government’s help businesses through the Coronavirus pandemic. Coronavirus Job Retention Scheme will continue until end of October furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500 new flexibility will be […]
Getting Ready for the Self-employment Income Support Scheme
The government grant scheme for the self employed is set to launch on the 13th May and to qualify for the taxable grant calculated at 80% of your profits for a 3 month period you will need to check if you qualify on the HMRC eligibility checker gov.uk/hmrc/self-employment-income-support-scheme The qualifying criteria are as follows:- You […]
Bounce Back Loans have launched. Find out more.
The Bounce Back Loan Scheme (BBLS) went live on Monday morning with fast-track funding support for smaller businesses. Key features of BBLS Apply for 25% of turnover up to a maximum of £50,000 (minimum £2000) Simple, seven-question application form If you’ve already taken out a CBIL up to £50,000, you can apply to switchover the […]
100% State backed small business loans announced
Chancellor Rishi Sunak has today announced that small firms are to get access to 100% taxpayer-backed loans. The news comes after business owners raised concerns about slow access to existing coronavirus rescue schemes. The scheme will open on Monday the 4th May and will offer firms loans up to £50,000 within days of applying and […]
Government support for innovative SMEs
Rishi Sunak as Chancellor has announced a suite of new incentives for UK businesses to support innovative businesses at this difficult time. Chancellor announces new £1.25 billion coronavirus package to protect firms driving innovation in UK package includes a £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from […]
Job Retention Scheme – claim details for employers
HMRC have now released further information for employers on the procedure to claim grants under the Job Retention Scheme (furlough). Most importantly is the news that the portal to make claims will open on Monday 20th April. An equally pleasing aspect is that claims are expected to be paid within 6 working days of submission. […]
Coronavirus Job Retention Scheme (furlough) further guidance and webinar
HMRC have updated their website in relation to Furlough (Job Retention Scheme), the key changes are: 1. You can furlough a member of staff who is on sick leave, as long as it is for business reasons. You then take them off SSP and claim Furlough instead. 2. You may furlough employees on long term […]
Updated information released on Self Employment Income Support Grant
HMRC confirms it aims to contact those eligible for the grant by mid-May, with payments expected in early June. Contrary to early information released, there will be an online system to claim the grants, although this has not yet been made available. Further specific details include how HMRC will calculate grants where there has not […]
Have you claimed your business rates support grant?
Local Authorities are now paying out the Small Business Grants Funding and Retail, Hospitality and Leisure Grant Funding – have you claimed yours yet? If you have been identified as qualifying for the either of the grants, you will have been written to or e-mailed directly and informed how to claim it. If you cannot […]
