News
Government SEISS guidance updated
21 April 2020
To help people that are eligible for the Self-Employed Income Support Scheme (SEISS) the Government has updated its guidance to confirm essential points. Tax: The grant will be subject to Income Tax and National Insurance contributions but does not need to be repaid. Universal Credit: Many people awaiting payment from the SEISS grant...
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Coronavirus Job Retention Scheme extended to end of June
21 April 2020
The Chancellor, Rishi Sunak, has announced a further extension to the Coronavirus Job Retention Scheme (CJRS), which will see employers able to furlough employees for an additional month. The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work for them by placing them on furlough and to claim...
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Expanded Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched
21 April 2020
Following an announcement by Chancellor, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched on Monday 20 April 2020 and, in a change of policy, will be open to businesses with turnovers of more than £500 million. Businesses turning over more than £45 million can to apply for facilities of £25 million...
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How total income and trading profits will be calculated for the Self-Employed Income Support Scheme
21 April 2020
You can claim for the Self-employment Income Support Scheme (SEISS) if you’re a self-employed individual or a member of a partnership and you: have submitted your Self-Assessment tax return for the tax year 2018 to 2019; traded in the tax year 2019 to 2020; are trading when you apply, or would be except for Coronavirus...
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Coronavirus Job Retention Scheme (CJRS) cut-off date extended to 19 March 2020
16 April 2020
The Government has announced that the cut-off date for the Coronavirus Job Retention Scheme (CJRS) has been extended from 28 February 2020 to 19 March 2020, potentially enabling employers to furlough employees taken on during that period. The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work...
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Accounting for grant payments
15 April 2020
Thousands of business hope to make use of the various grant payments being made available by the Government and local authorities in response to the Coronavirus pandemic. However, those in receipt of the new funding will need to make sure it is properly accounted for, which raises the question, how do you account for grant income?
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CGT reporting of property sales to be given more time
15 April 2020
It was announced that from the start of April all Capital Gains Tax (CGT) from residential property sales would have to be reported and paid to HM Revenue & Customs (HMRC) within 30 days where tax is due. However, HMRC has now confirmed that it will not charge late filing penalties for reports of CGT on disposals of UK...
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Four new Coronavirus Business Interruption Loan Scheme (CBILS) lenders announced
15 April 2020
The Government’s British Business Bank, which oversees the Coronavirus Business Interruption Loan Scheme (CBILS), has confirmed the addition of four new lenders businesses can approach to access the scheme. The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank are now able to provide CBILS loans to businesses.
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Detailed guidance published on the Self-Employed Income Support Scheme
15 April 2020
HM Revenue & Customs (HMRC) has published detailed guidance on the working of the Self-Employed Income Support Scheme (SEISS), which was announced by the Chancellor as part of the Government’s response to the economic impact of the coronavirus crisis. SEISS will pay self-employed individuals an amount equivalent to up to 80 per cent...
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OBR warns that the UK economy may contract by more than a third before bouncing back by end of 2020
15 April 2020
The Office for Budget Responsibility (OBR) has released a new report which suggests that the UK economy may shrink by 35 per cent in June as a result of the Government’s ‘Stay at Home’ guidance, before ‘bouncing back’ in the following months. The OBR report, which is not considered an exact prediction, suggest that UK gross...
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