With the Autumn Budget cancelled the Chancellor has announced a Winter Economy Plan introducing a package of measures to support businesses. The highlights are: The Coronavirus Jobs Retention Scheme (CJRS) – Will end as planned on 31 October 2020. A new Job Support Scheme – To support viable UK employers who…
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On 24th September the government announced the launching in November of the Job Support Scheme to replace the existing Furlough Scheme that is feted to end on 31st October. The JSS is to run from 1st November through to 30th April, but initial rules may be amended after three months. To qualify for the…
We are halfway through September and this month sees one of the biggest changes to the current Coronavirus Job Retention Scheme (CJRS). Employers now pay 10% of furloughed employees’ wages to make up 80% of their total wages up to a cap of £2,500, with the wage cap being proportional to the hours not worked.…
Two self assessment deadlines are approaching: 5th October 2020 For those individuals who have not previously completed a tax return you will need to report to HMRC a liability for 2019/20. 31st October 2020 For those individuals who have previously submitted ‘paper’ self assessment tax returns, the deadline for the 2019/20 return is…
The Charity Commission has launched a new public register for charities – making information more transparent. Using the below link, anyone can search for details of a charity which includes data such as financials, who the trustees are, and whether the charity fundraises from the public. The Charity Commission wants members of the…
With the Corona Virus Business Interruption Loan Scheme set to end on 30th November, it’s important that, should you wish to access funding, you begin the process as soon as possible. You may have thought that the scheme was simply offering ‘standard’ term loans however there are actually a number of products available under…
As UK GDP growth for the first two quarters of 2020 turns negative, COVID-19 has officially tipped us back into recession. As expected. SME’s were already struggling to find growth, mainly due to Brexit, so business owners will now be wondering what their own growth will look like: Source Data The answer is complicated. Some…
From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government. Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…
Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October. The online claims service is not available yet: HMRC are expected to release further information shortly. The second SEISS payment: Amounts to 70% (previously 80% for the first grant) of average monthly…
Due to the pandemic, many Companies and businesses are receiving support from the government in the form of grants, loans and reliefs. Most of these businesses would not have accounted for something like this previously. UK Accounting Standards have different accounting rules for these types of transactions. Based on the latest guidance available, we have…
