VAT Domestic Reverse Charge for Construction Services delayed to March 2021
The VAT domestic reverse charge for construction services has been delayed again until 1st March 2021, further slowing down the roll out of this scheme. In a surprise move, HM Revenue and Customs announced the latest delay on 5 June 2020, one week after stating there would be no delay to the original date of […]
Discretionary Business Grants: Details Released
A discretionary business grant fund has been made available to councils by the Government to support businesses which are NOT eligible for the Small Business Grant Funding (SBGF) or Retail, Hospitality and Leisure Grant (RHLG) but which have been affected by the Covid-19 outbreak. The SBGF and RHLG schemes are the one-off £10,000 or £25,000 […]
Extension to Self Employment Income Support Scheme (SEISS)
Rishi Sunak has announced that the Self-Employment Income Support Scheme will be extended, with those eligible able to claim a second and final grant capped at £6,570 Those eligible under the Self-Employment Income Support Scheme (SEISS), which has so far seen 2.3 million claims worth £6.8 billion will be able to claim a second and […]
Update to Coronavirus Job Retention Scheme
On 29 May, the Chancellor announced further details regarding the extension of the Coronavirus Job Retention Scheme (CJRS). The intention is now for the scheme to end on 31 October 2020, with changes being introduced from 1 July 2020 to allow more flexibility and from 1 August 2020 to gradually increase the level of employer […]
Furlough extension: What does it mean?
Extension to Coronavirus Job Retention Scheme (Furlough) The Coronavirus Job Retention Scheme (furlough scheme) has been extended to 31 October 2020. The scheme will continue in its current form until 31 July 2020. From 1 August 2020, employers will be able to bring employees currently on furlough back to work on a part-time basis if […]
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 […]