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Changes to CJRS – Employer costs
02/06/2020 - More...
HMRC’s guidance on the Coronavirus Job Retention Scheme has been updated a number of times as the workings of the scheme evolve. The most recent update, on 29 May 2020, followed an announcement by the Chancellor, Rishi Sunak. The Chancellor outlined further details on the extension of the scheme to 31 October 2020 and the

Eligible for extended self-employed scheme?
02/06/2020 - More...
The Chancellor has confirmed that the Self-Employment Income Support Scheme (SEISS) is to be extended for a final three-month period to 31 August 2020. The maximum grant for the final 3 months of the scheme will be based on 70% of eligible earnings (previous quarter 80%). This means that the SEISS will in total provide qualifying

Certain retail outlets given green-light to re-open
02/06/2020 - More...
The government has started the slow process of reopening selected businesses as we continue to face restrictions in almost all aspects of daily life. The reopening of retail outlets reflects the acceptance that life for the foreseeable future will operate under what is being referred to as the ‘new normal’ complete with social

New code of practice for High Street businesses and their landlords
02/06/2020 - More...
The government has announced that a new code of practice is to be published for High Street businesses and their landlords to help provide clarity and reassurance over rent payments. A new working group has been setup with leading businesses and trade associations to develop the new code of practice. The government has said that the new

National Insurance numbers
02/06/2020 - More...
If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip or P60. You can also login to your personal tax account to view, download, print, save or share a letter with your National Insurance number. If you do not already have a National Insurance

CJRS closure to new entrants
02/06/2020 - More...
The Coronavirus Job Retention Scheme (CJRS) is open to all UK employers to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. The CJRS will close to new entrants on 30 June 2020. From that date onwards, employers will only be able to

Intellectual Property Office service changes
02/06/2020 - More...
The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trademarks and copyright. The IPO buildings are currently closed but the majority of services remain unaffected. A number of service changes were put in place on 27 March 2020. The

Coronavirus Statutory Sick Pay Rebate Scheme
02/06/2020 - More...
The Coronavirus Statutory Sick Pay Rebate Scheme allows small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The online service to reclaim SSP launched on 26 May 2020. The scheme covers up to 2 weeks’ SSP per eligible employee who has been off work because of

One step forward
02/06/2020 - More...
The recent news that the lockdown is being eased for certain businesses is good news. Unfortunately, there are many other businesses that are still closed and unable to trade. And there is always a background risk that any relaxation of the lockdown will increase the number of COVID-19 infections. The Government seem intent on easing

Bounce-back economy
02/06/2020 - More...
Recent statistics published by HM Treasury confirm that £22bn of Bounce-Back Loans have been taken up by 700,000 small businesses across the UK. That is an average loan of approximately £31,000 per business. As these loans are limited to 25% of business turnover, the average turnover of each business is £124,000. The

Self-Employed and Job Retention Scheme changes
30/05/2020 - More...
On Friday afternoon, in the Government's daily news briefing, the Chancellor outlined how the Coronavirus Job Retention Scheme will operate moving forward to allow for employees to return to work part time. Following that announcement, self-employed workers got a boost when it was revealed that they will be able to get Government

Additional funding for charities and social enterprise
26/05/2020 - More...
The government's dormant assets scheme allows money in accounts that have been dormant for at least 15 years to be made available for certain qualifying charitable and community causes. The Culture Secretary, Oliver Dowden has announced that £150 million from dormant bank and building society accounts is to be unlocked to help

Further support for charities from VAT receipts
26/05/2020 - More...
It has been revealed by HM Treasury that the VAT collected on donated personal protective equipment (PPE) will be given to charities supporting the NHS and care workers. This measure will apply to all the VAT collected on donations made from 1 March until 30 April - the period between PPE donations starting and when the temporary zero VAT

Apply for NIC Childcare Credits
26/05/2020 - More...
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to such as the State Pension. National Insurance credits are

Reimbursing expenses for home office equipment
26/05/2020 - More...
HMRC has updated its guide for employers who have employees working from home due to the COVID-19 outbreak. This could be a result of the workplace being closed or because employees are following government advice to self-isolate. The updated guidance reflects temporary changes to the rules for reimbursing employees for the purchase of

Employee car ownership schemes
26/05/2020 - More...
An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of an ECOS can effectively be seen as a halfway measure between providing a company car and leaving an employee to make all their car arrangements

New HM Treasury instructions re CJRS
26/05/2020 - More...
The Chancellor, Rishi Sunak has made a further Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS). The CJRS currently helps employers furlough their employees with significant government support. Employers can currently claim cash grants of up to 80% for eligible

Estate Agents who may be exempt from Money Laundering registration
26/05/2020 - More...
HMRC is responsible for the money laundering supervision of a number of businesses including estate and lettings agents. Estate agency businesses that HMRC is responsible for supervising should be aware of the requirement to register with HMRC and the penalties for not doing so. It is a criminal offence to trade as an estate agency or

Rules on waiving income or donating to charities
26/05/2020 - More...
HMRC has published a new press release that provides some advice for people choosing to give up their income to support their business or donate to charity during the Coronavirus (COVID-19) pandemic. Employers, directors and employees have several options to support a business or employer, including: Waiving their salary or bonuses

New advisory fuel rates published
26/05/2020 - More...
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A

Tackling redundant stock
25/05/2020 - More...
Many retailers and manufacturing businesses have stock on their shelves gathering dust. There are compelling reasons for tackling this issue as we cautiously emerge from lock-down. For example, freeing up storage space will enable you increase the volume of goods that are selling. Stock that is not selling is rather like withdrawing

Winding-down the furlough scheme
25/05/2020 - More...
Without a doubt, the furlough scheme has provided small businesses with the means to retain staff that would otherwise have been laid-off. The government is paying 80% of furloughed employees’ wages (subject to a £2,500 maximum). From 1 August 2020, this level of support is expected to drop to say 60%. From the same date, 1

Tax Diary June/July 2020
24/05/2020 - More...
1 June 2020 - Due date for Corporation Tax due for the year ended 31 August 2019. 10 June 2020 - The final date that employers can furlough staff for the first time 19 June 2020 - PAYE and NIC deductions due for month ended 5 June 2020. (If you pay your tax electronically the due date is 22 June 2020) 19 June 2020 - Filing deadline for

Coronavirus Future Fund launched
20/05/2020 - More...
Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus pandemic. One of these measures was the launch of a special investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector, called the Future Fund. The

 

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