Further to my blog on 22 June 2020 (please see below), just a reminder that the deadline for applying for the first SEISS grant is 13 July. Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70%…
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As part of the Government’s measures to try to stimulate the economy, the Chancellor has announced a reduction in the rate of VAT payable by the hospitality and tourism industries. From 15 July 2020 until 12 January 2021, the rate of VAT will be reduced to 5% on any eat-in or hot takeaway food…
Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next half-yearly tax payment which is due by 31st July. The amount payable is the second payment-on-account for the 2019/20 tax year and is automatically calculated as half of the total tax liability…
Many of the charities we support have been concerned about the impact of Coronavirus, and have understandably had many questions with regards to support and how to manage the charity. Below is some of the latest government guidance (as of 26th June 2020) with regards to some of the most frequently asked questions that…
While the Coronavirus pandemic holds our attention it is easy to overlook other changes taking place in its shadow. From 1 June 2020 new electrical safety regulations have come into force which apply to all new lettings of dwellings; from 1 July 2020 (tomorrow!) the regulations will be extended to cover all existing lettings of…
On 25 June 2020, the Corporate Insolvency and Governance Act 2020 received Royal assent. As a result, Companies House have announced that for eligible companies they will automatically extend the filing deadline for 3 months because of Covid-19. These are for companies with a filing deadline between 26 March 2020 and 29 September 2020. This…
A joint guidance has been published by ICAS, ICAEW and PRAG on pension scheme financial reports and audit, with a large focus on Covid-19 matters. The impact of Covid-19 pandemic on the control environment of pension schemes is explored, to help auditors navigate the additional challenges they are likely to experience and help them…
HMRC have implemented measures to assist businesses that are registered importers who pay VAT and Duty at the time of import and are facing financial difficulties as a direct result of Coronavirus. What to do if you’re a Duty deferment account holder You can contact HMRC for approval to enter into an extended…
Government grants are much more common recently, due to the various aid offered during the Coronavirus pandemic. Beforehand, only a small proportion of companies would have received a grant from the government, but it is now expected that most companies will have some sort of grant included in their 2020 accounts. What wording is…
Many companies have been receiving financial support from the government during the Coronavirus pandemic, either through the furlough/job retention scheme, rates relief or grants. The technical advice Under UK accounting standards, income from the government should be recognised under one of two models, based on the nature of the grant as follows: …
