– Third SEISS Grant introduces “significantly reduced profits” test…. The eligibility criteria for the third SEISS grant have been further tightened, as the guidance for the third Self-employment Income Support Scheme (SEISS) grant has been published, less than one week before the portal opens for claims from 30 November 2020. On the eve of clients preparing to make a claim, we loo...

Now that the Government has provided fuller particulars of the new  Job Retention Scheme Extended there are a few points that we would like to draw to your attention.   Who Is Eligible? The CJRS as re-engineered from 1 November allows businesses to furlough and claim grants for an additional group of employees. Claims for periods starting on/after 1 November 2020 can in...

HMRC have now updated their guidance upon how traders should go about settling VAT that was deferred in the period between 20‌‌‌‌‌‌ March and 30‌‌‌ June 2020. The Government has set out more particulars as to the options and how you can prepare to utilise the new VAT Deferral Payment Scheme.   So What Are My Options? If you deferred the payment of VAT owed to HMRC ...

The Government has now set out further particulars of how the Job Retention Scheme Extended is intended to work following through to 31st March 2021 (effective from 1st November 2020) Whilst many of the guidelines have remained the same, there have been some very important changes.  As previously, we must caution that whilst more detailed guidance is welcome, there remain uncertaintie...

Following the announcement of the ability to defer tax payments in July 2020, the Government has announced enhanced payment arrangements for those paying income and capital gains tax via self-assessment. HMRC has increased the upper threshold for online applications for time-to-pay to £30,000.   What Has Changed? The Chancellor has announced enhanced payment arrangement...

The Coronavirus Business Interruption Loan Scheme (CBILS) has again been extended, and is now due to close on 31st January 2021. Please refer to our previous posts concerning the Scheme should you wish to research your potential to benefit from the Scheme, or alternatively follow this link: https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme &...

In a week that started with a perhaps not unexpected Government announcement introducing Lockdown II, things continued to move at a pace as Rishi Sunak announced details of a five-month extension to the current Coronavirus Job Retention Scheme. The Self-Employment Income Support Scheme (SEISS) will also be increased, with the third grant covering November to January calculated at 80% ...

In the last week, the Government has updated it’s advice in relation to employees who are required to work from home as a result of COVID-19. If you have asked your employees to work from home, and you have not reimbursed them already, your employees may be entitled to claim tax relief on additional household expenses they have incurred, such as heating and lighting.   Wh...

Following the announcement of the ability to defer tax payments in July 2020, the Government has announced  enhanced payment arrangements for those paying income and capital gains tax via self assessment. HMRC has increased the upper threshold for online applications for time-to-pay to £30,000.   What Has Changed? The Chancellor has announced enhanced payment arrangemen...

With the ongoing impact of COVID-19 upon most businesses at this time, and with no clear indication of what further measures and consequent trade restrictions that may yet be imposed in already difficult trading circumstance,  business directors are being forced to consider whether they should be considering a form of formal creditor process. Running a business has always been a chall...