26

May

You may remember that in his budget on 17th March 2020, the Chancellor anounced a raft of measures to support businesses through the CODIV-19 crisis. Among these measures was the fact that if you were off sick or self-isolating because of COVID-19, from Friday 20th March Statutory Sick Pay (SSP) could now be paid from…

18

May

For those businesses who may be experiencing problems getting business support loans, we thought it might be helpful to share some information provided by Kirsty McGregor, at The Corporate Finance Network. Kirsty reports that “there is a lot of activity on social meda as Starling Bank have declined a large number of Bounce Back loans,…

15

May

We are delighted that some of our clients have already contacted us to say that they are opening their businesses back up as of Monday 18th May. With this in mind, we are passing on some links which may be useful. You can keep up to date with the latest government guidance here:  https://www.gov.uk/coronavirus https://www.gov.uk/guidance/working-safely-during-coronavirus-covid-19/offices-and-contact-centresĀ …

04

May

Today, 4th May 2020, HMRC have announced that the Self-employed cannot ask their Accountant to make the claim on their behalf. Self employed individuals have to make the claim themselves. To make the claim you need to have a government gateway account. So if you do not have a government gateway account, we would strongly…

04

May

The government has confirmed that COVID-19 grant funding for business will be taxable as income. The business can then claim tax relief on the expenditure supported by the grant.

30

Apr

We have gleaned more information on the Bounce Back Loan and thought we would share it with some bullet points below. The Bounce Back loans are available to all sectors. The loans should be available from Monday 9am but lenders are snowed under with CBILS at the moment so that date may be pushed back….

28

Apr

The amount of grant that HMRC will pay to those claiming the SEISS is based on the average yearly trading profit in the 16/17, 17/18 and 18/19 tax years. Even if a self employed person made made a loss in the 2018/2019 tax year, they can still claim under the SEISS grant. The amount received…

28

Apr

The Coronavirus Business Interruption Loan scheme is a six year loan, with the first year interest free, and the other five years capital and interest repayments. However, the banks are calculating affordability over five years, and not six. As a bottom line, if a business was deemed “lendable” last year, then they should be deemed…

28

Apr

To try and help our clients, we have been listening to a webinar with Victoria Todd from the Low Incomes Tax Reform Group and have noted below the information imparted by Victoria Todd with regard to Universal Credits. The Chancellor said that every self employed person can now access Universal Credit but this may be…

28

Apr

If you are unable to access much of the support offered by the Government in these challenging times, you may be able to apply for Universal Credits. This may be something that you have never had to do before and the LITRG offers help and guidance to allow you to do this. Their website is…