Knowledgebase

From The Knowledgebase: Covid 19 updates for businesses

Updates for business owners during Coronavirus outbreak.

Just 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 to do business with you….

Well technically it isn’t, but the Bounce Back Loan Scheme (BBLS) the government have introduced to help business through the Corona pandemic are very affordable and very enticing! If you have been sat thinking that these loans are only for those in crisis then this may be good news.  As these loans can be used…

This 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 how they will work it…

This 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: The Furlough is being paid…

What 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 you can claim for these…

There 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 leave. In line with other…

I’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 income streams. Today, one of…

Well 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 been in anticipation of the…

What is the financial help for the self-employed? A direct cash grant of 80% of their profits, up to £2,500 per month. How is this worked out? HMRC will use the average trading profits from tax returns in 2016-17, 2017-18 and 2018-19 to determine the size of the grant If you haven’t submitted 3 years…

I’m getting several clients asking about the Time to Pay eligibility for HMRC payments of tax, so I thought I’d share what HMRC are telling us: Support for businesses paying tax: Time to Pay service All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with…

This isn’t our usual accountancy blog, as today March 20th is International Day of Happiness so I thought I’d do a short blog about ways in which you can protect your mind and stay happy in these uncertain times of the Coronavirus. Anyone who knows me well, knows what a positive and happy person I…

The government has sensationally delayed the private sector IR35 reform by 12 months, after pressure by peers and the Coronavirus, made not deferring the off-payroll rules unjustifiable. Steve Barclay, the chief secretary to the Treasury stated that this was not a cancellation of the controversial policy, but a necessary delay due to the Coronavirus outbreak:…

TI Accountancy will stay open to help …. In these uncertain times I wanted to write to everyone to let you know how TI Accountancy are dealing with the changes due to Coronavirus and also share some ideas of how you can help yourself. Firstly, some of our team are working from home from this…