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Practice News

£100m funds to help business

Courtesy of Scottish Government Published: 30 Apr 2020 11:01Part of: Coronavirus in Scotland, Business, industry and innovation, Economy Applications open for lifeline support schemes. A £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people opens for applications later today. The three separate funds will be administered by local authorities and…Read More

Government launches new small business micro-loan scheme

Courtesy of The Institute of Chartered Accountants in England and Wales (ICAEW) 28 April 2020: the chancellor has announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000, with the government guaranteeing 100% of the advance. Billed by chancellor Rishi Sunak as a…Read More

COVID-19: Updated guidance on Self-Employed Income Support Scheme (SEISS) from the Institute of Chartered Accountants in England and Wales (ICAEW)

16 April 2020: ICAEW’s Tax Faculty highlights the key additions to HMRC’s guidance on the coronavirus self-employed income support scheme (SEISS), which now includes details on calculating trading profits and more information on the interaction with universal credit. HMRC has published further guidance on the SEISS and details of how to work to work out total income…Read More

Claim for your employees’ wages through the Coronavirus Job Retention Scheme (CJRS)

Claim for your employees’ wages through the Coronavirus Job Retention Scheme (CJRS) A step by step guide for employers Coronavirus https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/880099/Coronavirus_Job_Retention_Scheme_step_by_step_guide_for_employers.pdf This step by step guide will take you through five sections: Step 1: Essential information Step 2: Before you make your claim Step 3: Calculating your claim Step 4: Making a claim Step 5:…Read More

Claim for your employees’ wages through the Coronavirus Job Retention Scheme (CJRS) A step by step guide for employers Coronavirus

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave (‘furlough’) due to coronavirus (COVID-19).Published 26 March 2020 Last updated 20 April 2020 — see all updatesFrom:HM Revenue & Customs Contents Who can claim Employees you can claim for Payroll consolidation Agreeing to furlough employees Before you claim…Read More

Claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)

Find out if you can use the Coronavirus Statutory Sick Pay Rebate Scheme to reclaim employees’ coronavirus-related Statutory Sick Pay (SSP).Published 3 April 2020 Last updated 17 April 2020 — see all updatesFrom:HM Revenue & Customs Contents Who can use the scheme Records you must keep The online service you’ll use to reclaim SSP is not available yet. HMRC…Read More

COVID-19: Directors on PAYE can furlough

Update from The Institute of Chartered Accountants in England and Wales (ICAEW) 31 March: The ICAEW has issued guidance that Company directors that receive salaries through PAYE can be furloughed and apply for a grant of 80% of their salary during the coronavirus pandemic. After examining HMRC guidance, the ICAEW has said that it believes…Read More

Coronavirus: relaxation of the statutory annual leave rules – HOLIDAYS

Coronavirus: relaxation of the statutory annual leave rules HOLIDAYS Regulations have taken effect which amend the Working Time Regulations 1998 to relax the current restriction on carrying forward untaken annual leave. Under the Working Time Regulations 1998 (WTR), workers have a statutory right to 5.6 weeks’ paid annual leave. The WTR require that at least four of these weeks must…Read More

DEFERRAL OF VAT PAYMENTS

The Chancellor announced a VAT payments deferral on 20 March to support businesses with cashflow issues during the COVID-19 pandemic. This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June. Businesses have until 31 March 2021 to pay any VAT deferred…Read More

Coronavirus: UK government unveils aid for self-employed

The UK Government announced on 26 March, that self-employed workers will be able to apply for a grant of up to £2,500 a month to help them cope with the financial impact of coronavirus. The money will be paid in a single lump sum, but will not begin to arrive until the start of June…Read More

COVID-19: the impact of material changes to your business insurance

Many of our clients, just like ourselves, will have already been advised by the government to close or severely limit aspects of operations, and others will have seen, or will see, a sharp decline in business either as a direct or an indirect result of these recent government announcements. You may even have needed to…Read More

Coronavirus Business Interruption Loan Scheme

We wanted to share some further information which has been provided by the Government and some banks regarding the Coronavirus Business Interruption Loan Scheme. The key points are: Loans are available from £25,001 to £5m Available from 1-6 years No interest is Payable for 12 Months Capital Repayment Holidays are available for 12 months as well…Read More