Latest News

29th April 2020 Coronavirus Business Interruption Loan Scheme (CBILS) update

Further changes to the Coronavirus Business Interruption Loan Scheme (CBILS) have been announced in order to speed up the provision of finance to small and medium-sized businesses under CBILS.   A joint statement from the seven largest SME lenders (Barclays Bank UK, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander and Virgin Money) and UK Finance…

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28th April 2020 Coronavirus Bounce Back Loans

The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.   The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.   The government will guarantee 100% of the loan and there won’t be…

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27th April 2020 University Student Finance Application

Do you have a child at university right now or planning to start in September? Are you applying for student finance?  If parental  income has dropped by more than 15% since the 18/19 tax year, then you can request for a Current Year Income (CYI) Assessment.  See more at https://www.gov.uk/support-child-or-partners-student-finance-application/current-year-income

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24th April 2020 Job retention scheme update

So we are nearly at the end of the first week of the job retention scheme portal opening and as a firm have processed over 100 claims helping more than 500 employees continue to get paid. We are still continuing to process the claims, hoping to help more businesses gain funding to keep going.  …

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23rd April 2020 COVID-19 – Improving Cash Flow – Coronavirus Job Retention Scheme Claims

HMRC opened the Coronavirus Job Retention Scheme On-line Portal on Monday 20th April 2020, which allows employers to claim the Government Grant in respect of Furloughed employees.  As cash flow is a priority, our payroll team is busy helping clients compile and submit claims at the earliest possible opportunity.   At Whiting & Partners we…

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22nd April 2020 Government launches new Coronavirus business support finder tool

A new ‘support finder’ tool will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the Coronavirus pandemic.   https://www.gov.uk/government/news/government-launches-new-coronavirus-business-support-finder-tool

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21st April 2020 COVID-19 and the Statutory Residence Test (SRT)

HMRC have now updated their residence guidance in respect of COVID-19, recognising that the pandemic may impact individuals’ ability to move freely to and from the UK, or require individuals to remain unexpectedly in the UK.   There have been two main changes: for overseas individuals coming to the UK to work in connection with…

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20th April 2020 COVID-19: Capital Gains Tax (CGT) 30 day reporting changes

When UK resident individuals, trustees and personal representatives dispose of residential property it is important to be aware of the Capital Gains Tax (CGT) reporting changes now with us where the unconditional contract is signed after 6 April 2020, usually this is the date of exchange.   Generally a return in respect of such a…

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20th April 2020 COVID-19 – Updated Guidance re Life Events for Salary Sacrifice Arrangements

In light of the COVID-19 Pandemic, HMRC has updated it’s guidance for employers who offer salary sacrifice arrangements.   Under the terms of a salary sacrifice arrangement, a ‘life event’ is a permitted reason to break the arrangement mid-term.  Previously the list of life events was limited to marriage, divorce, and a partner becoming redundant…

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20th April 2020 Coronavirus Job Retention Scheme – HMRC Online Portal

Earlier this week, HMRC reached out to their ‘customers’ to inform them about the information which will be required for the Coronavirus Job Retention Scheme online portal, due to be open from 20th April 2020.   The online portal will allow employers to submit information to HM Revenue & Customs about furloughed workers in order…

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