News

Self-Employed Income Support Scheme

26/03/2020

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

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Coronavirus: government launches online “isolation notes” service

25/03/2020

Employees who are unable to work for more than seven days because of coronavirus (COVID-19) can now obtain an “isolation note” through a new online service. The new isolation note, which can be used by employees as evidence of their coronavirus-related absence from work (either because they have symptoms or they live with

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Acas publishes updated coronavirus resources

25/03/2020

Acas has published updated guidance for employers and employees on the coronavirus (COVID-19). The guidance now covers: social distancing and vulnerable people self-isolation and sick pay what to do if the employer needs to close the workplace what to do if an employee needs time off work to look after someone what to do if someone

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Television licence fees for over-75s

24/03/2020

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

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Companies House deadlines and Coronavirus

24/03/2020

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,

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Sick pay if you are unable to work

24/03/2020

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

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Coronavirus Job Retention Scheme

24/03/2020

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

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COVID-19 and claiming benefits

24/03/2020

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

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Business rates and grants - regional variations

24/03/2020

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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The importance of credit control

24/03/2020

Most business owners are rightly focussed on sales. If sales dry up business costs will quickly result in losses; and losses will eventually burn through your assets until insolvency rears its ugly head. In the current “lock-down” environment there is a temptation to ease back on collecting cash from customers if you offer

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Please read our emails and news updates

24/03/2020

The current “lock-down” to slow down the Coronavirus epidemic is a sensible medical response, but a potential disaster for small businesses desperately trying to keep their businesses open and operational. Since the 10 March, we have had a formal budget and at least two major “mini-budget” announcements bringing

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Further details on Hardship Fund published

24/03/2020

The launch of a new £500 million Hardship Fund in England was announced at Spring Budget 2020 by the Chancellor. On 24 March 2020, the Local Government Secretary Rt Hon Robert Jenrick MP confirmed the Hardship Fund will provide council tax relief to vulnerable people and households to help those affected most by Coronavirus. This

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Paper tax returns

24/03/2020

HMRC has announced that taxpayers still using paper returns will no longer routinely do so. This is part of the efforts to encourage the use of online services and reduce the unnecessary use of paper. Last year, HMRC automatically sent out more than 500,000 blank paper tax returns, while more than 10.4 million taxpayers filed their

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Tax-Free Childcare scheme

24/03/2020

The Tax-Free Childcare Scheme (TFCS) is open to all eligible families with children under 12. It was announced as part of the Budget measures that a service improvement will be made to ensure the TFCS is compatible with school payment agents. This will allow parents of up to 500,000 school-aged children across the UK to access the TFCS

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COVID-19 - new ministerial structures

24/03/2020

The Prime Minister, Boris Johnson has set up four new ministerial structures to coordinate, prioritise and respond to the Coronavirus pandemic. The new implementation committees will focus on health, public sector preparedness, economy and international response. This new structure is in addition to the regular UK COBR meetings to take

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Tax relief for pension contributions

24/03/2020

The decision of the Chancellor, Rishi Sunak to increase the tapered annual allowance thresholds in the Budget earlier this month will have been welcomed by many high earners. From 6 April 2020, the tapered annual allowance will increase from £150,000 to £240,000. The annual allowance for tax relief on pensions will remain at

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Coronavirus Business Interruption Loan Scheme

23/03/2020

The Chancellor announced at Spring Budget 2020 that a new Coronavirus Business Interruption Loan Scheme (CBILS) would be launched to help support smaller businesses, with turnover of up to £45m, across the UK. Since that announcement, the Chancellor has added features and benefits to the scheme including increased loan support and

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COVID-19 Business Support Update - 20 March 2020

20/03/2020

On Friday, the Chancellor went significantly further than in the history of this great county, with a series of unprecedented announcements in the Government’s support of businesses, employees and individuals. The range of measures for UK businesses is significant and now includes the following: a Coronavirus Job Retention

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COVID-19 Business Support Update: Regional Variations Scotland - 20 March 2020

20/03/2020

The following guidance is reproduced from the mygov.scot website Help with non-domestic rates in Scotland during coronavirus (COVID-19) Last updated: 20 March 2020 To help owners of non-domestic properties, including businesses, deal with the impact of COVID-19, the Scottish Government has made changes to non-domestic rates (business

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COVID-19 Business Support Update: Regional Variations Wales - 20 March 2020

20/03/2020

The following guidance is reproduced from the businesswales.gov website The Welsh Government has announced a package of support worth £1.4bn for small businesses to help them during the coronavirus outbreak. Retail, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rates.

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COVID-19 Business Support Update: Regional Variations Northern Ireland - 20 March 2020

20/03/2020

The following guidance is reproduced from the GOV.UK website General guidance for employers The UK Government has published extensive guidance for employers, including details on how to prevent the spread of COVID-19 and what to do if someone is suspected or confirmed to have the virus. UK Government support for businesses The UK

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The Latest Measures to Support SME’s

17/03/2020

The Chancellor, Rishi Sunak, outlined a raft of further measures last night to support the UK’s ailing businesses, those affected by the forbidding COVID-19 outbreak. The list that follows summarises his announcements in the order they were announced: The Treasury are making available £330bn of loan guarantees. These

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Sick benefit support for the self-employed

17/03/2020

In the Budget, the Chancellor set out a package of temporary, timely and targeted measures to support public services, individuals and businesses through the economic disruption caused by COVID-19. One of these measures was to offer the self-employed the opportunity to access a claim for Universal Credit or Contributory Employment and

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Hardship Fund

17/03/2020

The huge monetary and fiscal stimulus measures announced by the government and the Bank of England has seen amongst other measures interest rates lowered by 0.5% and a significant package of targeted measures to help support those affected. One of these measures was the launch of a new £500 million Hardship Fund to help support

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Reclaiming Statutory Sick Pay

17/03/2020

Concerns continue to grow regarding absences from work during the Coronavirus pandemic. Virus counter-measures requires a significant number of employees having to self-isolate if they are feeling sick or who have returned from other affected areas worldwide. To help support small and medium sized businesses, the government has announced

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Business Interruption Loan Scheme

17/03/2020

The government announced as part of the Spring Budget 2020, that a new Coronavirus Business Interruption Loan Scheme will be launched. Since the Budget changes have been made to the scheme increasing the benefits provided. The scheme will be delivered by the British Business Bank to support the continued provision of finance to UK

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Time to pay your tax

17/03/2020

HMRC has launched new emergency measures to help those businesses and self-employed people affected by COVID-19 through the Time to Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. The new dedicated COVID-19 helpline opened on 11 March 2020 and offers advice

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IR35 rules change delayed

17/03/2020

The Chief Secretary of the Treasury, Steve Barclay, made an unexpected announcement to parliament on the night of 17 March 2020. The announcement confirmed that the government are postponing the roll-out of IR35 measures to the private sector that would have affected the tax status of many incorporated contractors across the UK. This a

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Enterprise zones capital allowances

17/03/2020

Enterprise zones were first launched in 2011 and are specific geographic areas that provide various tax breaks and government support. Businesses that set-up in enterprise zones can benefit from up to 100% first year capital allowances for qualifying investments in plant and machinery. This benefit was expected to have ended on 31 March

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Junior ISAs

17/03/2020

Junior ISAs were introduced to encourage parents to save money for their children and to provide an alternative to the Child Trust Funds (CTF) that were only available to children born after 31 August 2002 and before 3 January 2011. It is possible to transfer CTF funds to a Junior ISA. Junior ISAs were made available in November 2011

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