Category Archives: coronavirus support

New Lockdown Grants To Support Businesses

£4.6 billion in new lockdown grants to support businesses and protect jobs have been announced Following the Prime Minister’s announcement of a nationwide lockdown on Monday night, the chancellor has announced new lockdown grants to support businesses in the retail, hospitality and leisure sectors. These one-off grants worth up to £9,000 per property are intended to help businesses through to the Spring. In addition, a £594 million discretionary fund has also been made available to support other impacted businesses. The new lockdown grants are in addition to the £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support […]

The claims portal for the third SEISS grant opened on the 30th of November.  However, there have been changes to the eligibility criteria and taxpayers must declare that their trade has been impacted by reduced demand before they claim the third grant. “HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.” To make a claim for the third SEISS grant, your business must have had a “new or continuing impact from coronavirus between the 1st of November 2020 and the 29th of January 2021, which you reasonably […]

For those businesses that opted into the government’s COVID-19 VAT payment deferral scheme, the new guidance that outlines the further extension of deferral has been released by HMRC. The scheme which allowed for VAT payments falling due between 20 March 2020 and 30 June 2020 to be deferred until 31 March 2021 is to be extended for organisations that still have deferred VAT payments to make. Opt In To The VAT Payment Deferral Scheme By opting in to the new VAT payment deferral scheme when it launches in 2021, the option to pay in instalments instead of one bulk payment […]

Self Assessment Time To Pay

It’s that time of year again as we start the process of preparing self-assessment tax returns for our clients. This year however things are a little different, due to changes to the Self Assessment Time To Pay service. Al self-assessment tax returns must be submitted and the 31st of January, however, it is best not to wait until the deadline because not only does the tax return need to be filed you also need to arrange payment for any personal tax due by the payment deadline. Time To Pay Online Service Self Assessment taxpayers can apply online for additional support […]

Furlough Scheme Is Extended – CJRS.2

Furlough scheme is extended to March For those businesses affected by the increased restrictions necessary to curb the coronavirus pandemic, additional economic support has been announced by the Chancellor. The Coronavirus Job Retention Scheme (CJRS) otherwise known as furlough was originally due to end on the 31st of October. However, the Government has announced that the furlough scheme is extended to March. This means that the CJRS will now be extended by five-months until the end of March with the government paying 80% of wages for the hours that furloughed employees do not work. SEISS Also Extended Similarly, support for […]

Job Support Scheme – Now Postponed

Edit – Job Support Scheme Now Postponed The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended, with the UK government paying 80% of wages for the hours furloughed employees do not work, up to a cap of £2,500 for periods from 1 November. The new Job Support Scheme, which was due to start on Sunday 1 November, has been postponed. Any employees who have already signed agreements for the Job Support Scheme which was due to start on the 1st of November must be placed back on furlough leave wherever applicable. […]

Dates For Your Tax Diary

There have been many different grants, schemes and tax-deferment options throughout the coronavirus pandemic. Whilst they have been vital to the economy and survival of UK businesses, the various start and end dates are quite confusing. Keeping track of timescales for grants, loans and tax deferment is also essential for good cash-flow planning. With this in mind, we have put together a list of important dates for your tax diary. Important Dates To Remember This blog will detail the key dates for your tax diary including when the rules change when claims must be submitted, and when payments of deferred […]

90 Days To Repay Coronavirus Grants

Employers and self-employed people now have 90 days to repay coronavirus grants if they have been over-paid. HMRC have announced that they must be informed within a 90 day period if businesses have over-claimed furlough payments through the CJRS. Self-employed individuals have the same time-period to report any overpaid grants through SEISS. The excess payments must also be paid back or penalties will apply. CJRS Overpayments – Furlough Scheme A CJRS grant should be repaid to HMRC if the funds were not used to reimburse the employer’s costs related to furloughed employees within a reasonable period of time. The grant […]

Update On Part-time Furlough, Changes To The Coronavirus Job Retention Scheme And The Second Self-employed Income Support Scheme. On the 28th of May, the Chancellor Rishi Sunak announced plans to end the eight-month coronavirus job retention scheme (CJRS) and self-employed income support scheme (SEISS) by gradually withdrawing taxpayers’ contributions from August. Whilst outlining his plans Mr Sunak said that he intends to reduce contributions to the furlough scheme as it “cannot continue indefinitely”. This means that in the final phase of the eight-month scheme employers will be asked to “contribute, alongside the taxpayer, towards the wages of their staff”. CJRS […]

The self-employed income support scheme (SEISS) allows self-employed tax-payers to claim a taxable grant of 80% of their average monthly trading profits. This will cover 3 months and will be paid in one instalment (capped at £7,500). The grant will be subject to Income Tax and self-employed National Insurance. Work Restrictions Unlike the furlough scheme, if you receive the grant you CAN continue to work, start a new trade or take on other employment. You are also able to take part in voluntary work, or duties as an armed forces reservist. When Is It Open? The self-employed income support scheme […]