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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...

20/05/2020 More...

The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The maximum loan size will be increased from £50 million to £200 million. Larger businesses will be able to benefit from loans up to the lower of 25% of turnover or £200m. The changes are expected to go live...

19/05/2020 More...

Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance...

19/05/2020 More...

We thought it would be useful to remind our readers of the upcoming bank holiday dates across England, Wales, Scotland and Northern Ireland. Whilst many people are still under lockdown, there are still some extra days off to look forward to for the rest of the year. 2020 bank holidays in England and Wales Monday 25 May - Spring bank...

19/05/2020 More...

A reminder that MOT expiry dates are being extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first ever MOT test and applies to cars, motorcycles, light vans and other light vehicles. The MOT expiry date will be automatically extended approximately 7 days before it’s due to...

19/05/2020 More...

Under the Coronavirus Statutory Sick Pay Rebate Scheme small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. It has now been confirmed that the online service to reclaim SSP will launch on 26 May 2020. In order to claim, you will need the Government...

19/05/2020 More...

The insolvency measures to help prevent businesses unable to meet debts due to the impact of Coronavirus to continue trading and not be forced to file for bankruptcy have been extended. It was confirmed that the temporary suspension of wrongful trading liability during the pandemic will now continue until 30 June. The measure was...

19/05/2020 More...

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief based on the initial cost. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of capital allowance called annual investment allowance. Any tax relief would be...

19/05/2020 More...

The Self-employment Income Support Scheme (SEISS) opened for applications on 13 May 2020. HMRC has confirmed that by midnight on 17 May there had been a total of 2 million claims with over £6.1 billion claimed. The scheme will provide grants of up to £2,500 per month based on 80% of average profits to qualifying...

19/05/2020 More...

There are special rules in place which limit the ability to change a company’s year-end date. A company’s year-end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the...

19/05/2020 More...

Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House. Company directors and others are still required to provide an alternative correspondence address if...

18/05/2020 More...

Most companies will have fairly healthy accounts up to the middle of March 2020 when the lock-down of activity to control coronavirus started. Since that date, many firms will have struggled to maintain profitability even with the support of the various government programmes. If we do manage to extract ourselves from lock-down without...

18/05/2020 More...

For less than you would spend on tea milk and coffee each month, you can acquire the use of cloud-based accounting software. Why bother? Computerising your accounting routines in this way has a number of benefits for your business; of crucial concern if we are to survive the current COVID disruptions. Benefits for individual businesses...

13/05/2020 More...

The Self-employment Income Support Scheme (SEISS) opened for applications at 8am on 13 May 2020. The scheme will provide grants of up to £2,500 per month based on 80% of average profits to qualifying applicants. HMRC has reiterated that the claim is designed to be made by the claimant directly and that advisers cannot make a claim...

12/05/2020 More...

The Chancellor, Rishi Sunak has today (12 May 2020) announced significant changes to the Coronavirus Job Retention Scheme, now commonly referred to as the furlough scheme. The scheme had been due to run until at least 30 June 2020. The Chancellor has now confirmed to the House of Commons that the furlough scheme will be extended for a...

12/05/2020 More...

We would like to remind our readers that as part of the package of measures to tackle the Coronavirus outbreak, the basic element Working Tax Credit payments was increased to £3,040 for the 2020-21 tax year. This increase of £1,045 is equivalent to an extra £20 each week for the current tax year. The actual amount that...

12/05/2020 More...

Guidance is published by the Department for Work and Pensions about support measures in place if you are employed and have Coronavirus symptoms. You must tell your employer as soon as possible if you are showing signs of Coronavirus. Your employer will be able to inform you if you are covered by their sick leave policy. If you are, you...

12/05/2020 More...

If you are self-employed and qualify for the Self-employment Income Support Scheme you could receive a cash grant from HMRC based on 80% of your profits, up to £2,500 per month. The initial grant is for the three months, from 1 March through to the end of May 2020, but this measure could be extended. You can only make a claim if...

12/05/2020 More...

If you lost your job after 28 February 2020, your previous employer could have agreed to re-hire you and then place you on furlough. However, there is no compulsion on the part of your ex-employer to do this and many firms have been reluctant to make such a move. You may also have been disadvantaged if you lost your job before the 28...

12/05/2020 More...

HMRC has a useful 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. This guidance is not relevant for furloughed workers as they should not be doing any work whilst on...

12/05/2020 More...

Government guidance on businesses in England that must presently stay closed has been updated. The government is clear that failure to follow the law relating to these closures can lead to the individual responsible for the business being issued a prohibition notice, a fixed penalty notice or prosecution. The current pandemic has seen...

12/05/2020 More...

The government has introduced a zero-rate of VAT on the sale of personal protective equipment (PPE) for Covid-19. The temporary measure will apply from 1 May 2020 until 31 July 2020 unless any further extensions are announced. This move will save care homes and businesses dealing with the Coronavirus outbreak more than £100...

11/05/2020 More...

The present lock-down has created a raft of employed persons described as furloughed. One of the criteria that employers and employees are required to abide by to benefit from the Coronavirus Job Retention Scheme – that funds furloughed employees – is that employees cannot work whilst furloughed. Which begs the question,...

11/05/2020 More...

If your suppliers offer you goods or services on credit, this will have a beneficial impact on your cashflow. You will have had the benefit of using the goods or services supplied, and the funds to pay for them, initially, stay in your bank account. This benefit can be multiplied if you are able to convert the supplies into cash sales as...

 

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