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26/03/2020 More...

Job Retention Scheme - Furloughed workers update and suggested proforma letters Under the Coronavirus Job Retention Scheme, all employers in the UK will be able to access support to continue paying part of employees’ salaries who would otherwise have been laid off during the ongoing crisis. Furloughed workers are employees whose...

02/04/2020 More...

Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80% guarantee – on the basis that they fit the banks’ criteria for this type of lending. The Chancellor has now confirmed that this is not the intention of...

31/03/2020 More...

Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support the employed and the self-employed. In the first news story published by government announcing the Self-Employed Income Support arrangements (26...

31/03/2020 More...

The phone number for the COVID-19 helpline launched earlier this month has been changed to 0800 024 1222. Calls to the previously published number will be redirected. The launch of the new number will help increase capacity. The helpline will field questions and concerns from any business or self-employed individual worried about paying...

31/03/2020 More...

As part of the package of measures to tackle the Coronavirus outbreak, the government has announced that the basic element Working Tax Credit payments will be increased from an expected £1,995 to £3,040 for the 2020-21 tax year starting on 6 April 2020. This annual increase of £1,045 is equivalent to £86.67 per...

31/03/2020 More...

An interesting joint statement from the Government, Ofcom and the telecommunications industry has been published to help offer support to vulnerable consumers and those who may become vulnerable due to circumstances arising from COVID-19. The UK’s major internet service and mobile providers, namely BT/EE, Openreach, Virgin Media,...

31/03/2020 More...

HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up to 80% of wage costs, up to a cap of £2,500 per month, for each employee that has been furloughed (on a leave of absence). The scheme will run...

31/03/2020 More...

New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy. The measures were announced by the Business Secretary, Alok Sharma. These changes will see the temporary suspension of the wrongful trading law during...

31/03/2020 More...

In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no application process required to defer the relevant payment. However, businesses can still choose to pay any VAT due as normal. It is important to note that this is...

31/03/2020 More...

The spending limit for contactless card payments has been increased from £30 to £45 effective 1 April 2020. The change in the limit had been under consideration and has now been expedited as part of the industry’s response to the Covid-19 outbreak. The change will allow more contactless payments to be made reducing the...

31/03/2020 More...

There is a special financial support targeted specifically at exporters. This is in addition to the package of government-backed and guaranteed loans and other measures designed to support businesses coping with the financial effects of Coronavirus (COVID-19). UK Export Finance (UKEF) is the export credit agency and a ministerial...

31/03/2020 More...

The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern Ireland. A new press release, jointly published by the NIO, HM Treasury, and Prime Minister's Office, 10 Downing Street explains the latest...

31/03/2020 More...

Company directors, company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register at Companies House. Prior to the introduction of this law (in April 2018) it was only possible for a director to ask for their personal address to be...

31/03/2020 More...

Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge. The new late payment interest rate, applied to the main taxes and duties, took effect from 30 March 2020, when the interest rate was set at 2.75% (reduced from 3.25%). This was the first change...

31/03/2020 More...

During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively. A number of businesses will be in the fortunate position of heading into the current COVID-19 crisis with adequate cash reserves to see them through, many others will not. In both cases,...

31/03/2020 More...

As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments. VAT HMRC will not enforce payment of VAT liabilities that fall due between 20 March 2020 and 30 June 2020. For most VAT registered firms, this will boost cashflow as one...

31/03/2020 More...

1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2020. 19 April 2020 -...

26/03/2020 More...

The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from self-employment. A list of the scheme features as announced, and published, are as follows: Those...

24/03/2020 More...

In a joint statement from the BBC and the Department for Digital, Culture, Media & Sport it has been announced that the changes introducing television licence charges for the over-75s has been delayed. These changes had been due to come into effect from 1 June 2020 but have now been delayed until at least 1 August 2020 due to...

24/03/2020 More...

There are automatic late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. Companies House is advising businesses to take appropriate measures to file on time. If,...

24/03/2020 More...

The government has announced a number of funding and support measures to help those affected by the COVID-19 virus outbreak. A significant number of the measures are designed to help provide financial support at this most difficult time. One of the main measures announced relates to the provision of sick pay. You are entitled to receive...

24/03/2020 More...

If you have been 'furloughed' then the new Coronavirus Job Retention Scheme may be able to help. If you are furloughed it essentially means that your employer has given you a temporary leave of absence or a type of sabbatical to help cope with the economic turmoil resulting from COVID-19. If you are on furlough, then you should be...

24/03/2020 More...

The government has announced that certain benefits will be increased as part of the package of measures to help households affected by COVID-19. This will see the standard rate of Universal Credit and Tax Credits increased by £20 a week (£1,040 per year) for one year from 6 April 2020. It has earlier been announced as part of...

24/03/2020 More...

We have written about the changes to business rates for businesses in England due to COVID-19. There is also a Retail and Hospitality Grant Scheme that provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property as well as a one-off Small Business Grant of up to £10,000 to...

 

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