Last updated on May 21, 2022Nobody enjoys paying interest charges, especially when a repayment for a later year is offset against an earlier year’s liability. However, this situation is now likely as many businesses struggled through covid lockdowns, and therefore have claimed a trading loss on their 2020/21 tax return. Rather than pay tax still…

Last updated on May 12, 2022HMRC are writing to individuals who have received grants under the Self-Employment Income Support Scheme but have yet to fully complete a self-assessment tax return for 2019/20. The letter details the action claimants need to take. To be eligible to claim a grant under the Self-Employment Income Support Scheme (SEISS)…

Last updated on April 25, 2022Last week, there was a report from accounting today that suggested 66% of the SME (Small to Medium Enterprise) leaders believe it’s likely that their business will default on the Bounce Back Loan they received due to Covid. According to research from the nucleus commercial finance that equates to 2.3…

Last updated on April 25, 2022For those wanting to apply for the 5th SEISS grant, you will need to have two different turnover figures prepared in order to claim. Working out those figures won’t be easy for many traders so thought I’d share a blog that was on an accounting website to help: The portal…

Last updated on May 12, 2022Just to let you know HMRC has confirmed that the fifth grant available under the Self-employment Income Support Scheme (SEISS) will open to applications from late July 2021. The grant will cover the five months from May to September 2021 and be paid in a single instalment. The specific guidance…

Last updated on April 25, 2022HMRC have set out their policy on how to pay back overclaims of SEISS grants and also their penalties for failure to notify on coronavirus support payments you were not entitled to.  Telling HMRC about a grant you’ve overclaimed They understand that mistakes can happen, particularly in the present circumstances….

Last updated on May 12, 2022The fourth SEISS grant claim that covers 1 February 2021 to 30 April 2021, will be open to those who actively traded during the 2019 and 2020 tax years, as evidenced by tax returns that were submitted prior to the Budget on 3rd March 2021. HMRC will be contacting those…

Last updated about 5 days agoUPDATE (15 February 2021):  Bounce back loan borrowers can delay repayments by extra six months The Chancellor’s Pay as You Grow repayment flexibilities now include the option to delay all repayments for a further six months, meaning businesses can choose to make no payments on their loans until 18 months…

Last updated on April 25, 2022SEISS fourth grant delayed HM Treasury has confirmed that the amount of the fourth grant available under the Self-employment Income Support Scheme (SEISS) will be announced as part of the Chancellor’s Budget on 3 March 2021. The fourth grant will cover the three months from February to April 2021. The…

Last updated on May 12, 2022 Some of our clients have been asking if they should pay back the Bounce Back loan, which is just sitting in the account, before the bank starts to charge interest. So I got in touch with my Financial Advisor friend at Red Star Wealth Management, who came up with…

Last updated on May 12, 2022Government announce £4.6 billion in new lockdown grants to support businesses and protect jobs HMRC have sent out a press release explaining how the Chancellor announces one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring £594…

Last updated on May 12, 2022Working from home has both its pros and cons but one of the keys to success is working out how to accommodate it on a sustainable basis. If you have already, or are looking at creating, office space in your garden take a look at the issues you need to…

Last updated on April 25, 2022As business owners we push ourselves to extremes in normal times. But this year… This year we’ve been dealt some really dodgy cards!! I don’t know about you but with Brexit and Covid taking up most of the conversational space it’s been a bit like treading mud at times. So,…

Last updated on April 25, 2022if you’re claiming this third grant. The SEISS claims portal reopened on Monday 30 November, and now the conditions have changed slightly.  What is this change? When claiming the first two grants taxpayers had to confirm that their trade had been adversely affected by the coronavirus pandemic, which was a…

Last updated on May 12, 2022Other employees may be now eligible for CJRS.3 as they either: had earnings for 2019/20 reported on a full payment submission (FPS) from 20 March 2020 to 19 April 2020 (19 April being the deadline for 2019/20 submissions); or had earnings for 2020/21 reported on a full payment submission from…

Last updated on April 25, 2022– as of 4th November 2020 The new England Lockdown restrictions will apply from 5 November to 2 December 2020, but the financial support for employers applies from 1st November to 2nd December 2020 for eligible employers across the UK. Furlough scheme reinstated During Lockdown Friday night (30th October) had…

Last updated on May 12, 2022This Job Support Scheme has been revised quicker than a formula one pit crew can change a set of tyres. I wrote an article last week that was out of date within an hour! So lets hope this one lasts a little longer … Last week (22nd October) the Chancellor…

Last updated on May 12, 2022The Chancellor has boosted local lockdown grants, which were announced in early September. The grants enabled businesses forced to close to claim up to £1,500 every three weeks. The revised local lockdown grants now allow businesses to claim up to £3,000 per month payable every two weeks. However, small businesses…

Last updated on April 25, 2022for those that must close their doors as part of local or national restrictions. Under the latest tweaks to the job support scheme (JSS) for businesses required to close temporarily due to local restriction Covid-19 protective measures, the government will pay two thirds of each employee’s salary. Who is Eligible?…

Last updated on May 12, 2022Who is Eligible? Employers are eligible to claim the job retention bonus for an employee, if that individual was included in a claim for the furlough scheme under the CJRS and they remain continuously employed until 31 January 2021. Employers can claim for the same employees under the JSS and…

Last updated on April 25, 2022Are you wondering what to do with your team once the furlough ends on 31st October? A new Job Support Scheme (JSS) will be introduced from 1 November to protect jobs where businesses are facing lower demand over the winter months due to coronavirus (COVID-19). The new scheme, which will…

Last updated on April 25, 2022VAT rate will remain at 5% until 31 March 2021 for the hospitality sector, and from that date, traders can apply for an 11 month interest-free payment window for their deferred VAT. The reduced 5% VAT rate for the hospitality industry was due to apply for the period between 15…

Last updated on April 25, 2022The 22nd of July, a requirement was introduced that said if anyone claimed any money under the SEISS Grants scheme (self-employed income support scheme) that they were required to notify HMRC if they received any money they were not entitled to and repay the money back. Many people have been…

Last updated on May 12, 2022On 8th July, the Government announced a VAT reduction for hospitality trade from 20% to 5%. This came into force from 15th July 2020 and will run until 12th January 2021. What are the details in summary? Food and Drink There is a distinction between food and drink intended to…

Last updated on May 12, 2022Well, you may have seen last night that the Chancellors’ summer statement was announced, here is a brief summary …. Furlough bonus He introduced the Job Retention Bonus. This is going to be a one off payment to employers that have used the corona virus job retention scheme. The bonus…

Last updated on April 25, 2022for Business owners that broke Coronavirus payment rules for both the CJRS and the SIESS. With the lockdown being lifted in parts of the UK and businesses start the process of re-opening, HMRC will now be looking to ensure all those that got help did it correctly. The scheme has…

Last updated on April 25, 2022What does this mean for me? If you are VAT registered, you need to note that the VAT holiday is over from 1st of July 2020. If you pay by direct debit you need to reactivate your direct debit mandate with your bank, so that everything goes smoothly and you…

Last updated on April 25, 2022Workers continue to accrue holidays while on furlough, including any additional holiday provided for under their employment contract Almost all workers, including zero-hour contracted workers and those on irregular hours contracts, are legally entitled to 5.6 weeks’ paid holiday per year.  Therefore this could be mounting up while your staff…

Last updated on May 12, 2022On 12th June HMRC amended eight pieces of guidance regarding the coronavirus  job retention scheme (CJRS).  What does this mean for employers and employees? Periods to claim and when Claims under the existing CJRS scheme must be made by 31 July. Claims under the new CJRS cannot be made until…

Last updated on April 25, 2022Extension of the SEISS Those eligible under the self-employed scheme will be able to make a second and final claim in August, but with the grant reduced to 70% of your average monthly trading profits. As with the first SEISS payment, the money will be paid in a single instalment…

Last updated on May 12, 2022Just a quick one today as I just wondered … how long is it since you’ve spoken with your clients?? I know you may be sat there thinking well my business is closed, but honestly at this time it is more important than ever to remind your clients to continue…

Last updated on April 25, 2022When is it happening? This week we are getting a bit more information regarding the SEISS that we thought would be helpful for anyone who is waiting for this scheme to open …. The self-employed income support scheme (SEISS) will be open for applications from 13 May. Your accountant will…

Last updated on May 12, 2022This is how HMRC are going to work out total income and trading profit for the Self-Employed Income Support Scheme I know that no one has had any correspondence from HMRC on when, or if, they are eligible for the Self-employed Income support scheme but they have released details on…

Last updated on May 12, 2022What is Home working allowance? Many self-employed people who work from home already benefit from this tax allowance via their self-assessment tax return but for those who normally work in an office this may be a new benefit they didn’t know about. Home working as become the new normal during…

Last updated on May 12, 2022This is step by step guide on claiming the furlough payments if you are needing to do it yourself. If you have a payroll agent, such as TI Accountancy we will be doing this for you, however, there are points in the guidelines I wanted to make you aware of:…

Last updated on April 25, 2022What part of the salary is claimable? You can claim for 80% of your employee’s wages (even for employee’s on National Minimum Wage) – up to a maximum of £2,500 per month. You’ll still need to pay employer National Insurance and pension contributions on behalf of your furloughed employees, and…

Last updated on April 25, 2022There are several scenarios where an employee could be returning to work during Covid-19 period, here is how each of these is handled: Employees returning to work from family-related statutory leave Family-related statutory leave includes maternity leave, paternity leave, shared parental leave, adoption leave, parental bereavement leave and unpaid parental…

Last updated on May 12, 2022I’m part of a Mastermind Group that usually meets once a month but in these strange times we have been meeting, online, once a week.  We’ve been giving each other updates of where our businesses are, what troubles we have, honest feedback on marketing ideas and providing ideas on alternative…

Last updated on May 12, 2022How to access the scheme Originally HMRC said that your local authority will write to you if you are eligible for this grant. However, it has come to light that many, not all, councils are asking people to apply for this grant via their website.  Therefore if you are still…

Last updated on May 12, 2022Well the announcement on 26th March by the Chancellor on guidance for Directors wasn’t very good news was it!! I’ve been looking at both schemes and how they both affect directors of small limited companies and give my summary to help you understand.  The Self Employed Support Scheme: I had…