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19 May 2020

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 re-awakening COVID-19, it will probably be...

14 May 2020

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 on behalf of their clients. Instead, qualifying...

13 May 2020

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 furlough.

Employers may reimburse employees for certain...

13 May 2020

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 million.

The government is acting under an exceptional basis...

13 May 2020

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 February 2020 deadline or started a new job or were...

13 May 2020

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 may be asked to furnish them with an isolation...

13 May 2020

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 further 4 months until the end of October and kept open for...

13 May 2020

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 most non-essential businesses closed in an...

13 May 2020

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 Working Tax Credits recipients will receive depends on their...

13 May 2020

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 your business has been adversely affected by Coronavirus. For...

12 May 2020

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, what do you do when the garden is pristine, all the other...

12 May 2020

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 you could possibly have the funds to pay created...

06 May 2020

HMRC has published new guidance on the scheme for charities that have had events cancelled due to coronavirus.

The Gift Aid scheme allows charities or Community Amateur Sports Clubs (CASC) to take a taxpayer’s donation and, provided all the qualifying conditions are met, to reclaim the basic rate tax. This allows for an extra 25p of tax relief on every pound donated to charity.


06 May 2020

Up to the lock-down, most business owners were fully engaged in running their businesses and chasing new sales opportunities. The opportunity to take time out to consider longer-term issues: expanding your business, planning for a business exit or retirement, were fanciful strategies that may have crossed our minds in the second before we slept or when stretched out on a beach towel.


06 May 2020

It has been confirmed that the minimum weekly hours requirement to be eligible for tax credits has been temporarily suspended because of coronavirus. Tax Credits can provide top-up payments to those on low incomes.

Under normal circumstances, you must work a certain number of hours a week to qualify for these credits. If you are working reduced hours due to coronavirus or as a result of...


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