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How to pay back Coronavirus Job Retention Scheme Grants

Written 26 June 2020. The Government has provided guidance on how to pay back all or some of your grant if you’ve overclaimed through the Coronavirus Job Retention Scheme. If you have overclaimed through the Coronavirus Job Retention Scheme, you can either: correct it in your next claim make a payment to HMRC (only if…Read More

Future Fund data published for the first time since launch

The British Business Bank has published Future Fund data that gives a detailed picture of the 252 companies that have been approved for £236.2m worth of Convertible Loan Agreements since the scheme was launched on 20 May. There have been 623 applications in total in the first month of operation. The government has said it…Read More

SEISS support extension for new parents

The government announced on 19 June that self-employed parents who were caring for newborns in 2018-19 are eligible to make a claim for Self-Employed Income Support Scheme SEISS support extension. The Institute of Chartered Accountants in England and Wales believes that the move will benefit fewer new parents than expected. However, the extension signals that…Read More

Deferral of VAT due to COVID-19 closes on 30 June

Businesses need to reinstate VAT Direct Debits. The deferral of VAT payments due to coronavirus comes to an end on 30 June and businesses need to take action to reinstate their Direct Debit mandates. The Institute of Chartered accountants in England and Wales (ICAEW) Tax Faculty has reminded its members. Key dates for deferral of…Read More

How different circumstances affect SEISS eligibility

The Self-Employment Income Support Scheme (SEISS) currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If you are self-employed or member of a partnership find out how your circumstances can…Read More

One million fall through “critical gaps” in COVID-19 funding schemes

Approximately one million people are not being supported through the crisis by existing COVID-19 funding schemes. Ministers in the Treasure Select Committee have called on the government to plug “critical gaps” in the schemes to meet its pledge of “doing whatever it takes”. Among those who currently cannot access support include recently hired employees, freelancers…Read More

Debt advice budget surpasses £100m to support communities

Ministers have announced an additional £37.8m for debt advice providers this financial year (20-21). This will bring the Money and Pensions Service (MaPS) budget for debt advice to over £100m. The money will deliver advice to more people in England who are experiencing financial problems due to coronavirus. Managing debts during this difficult time Debt…Read More

Grants for small businesses in Brighton & Hove this June

Brighton and Hove grants are now available for small businesses. They can now apply online for a discretionary grant to support them through COVID-19. Grant allowances and eligibility criteria are outlined below. The deadline for applications is 12 June, so if you need to access the support grants outlined below please act quickly. Brighton &…Read More

The Coronavirus Job Retention Scheme is changing…

UK Chancellor Rishi Sunak outlined changes to the Job Retention furlough scheme during the daily press briefing (29 May 2020). The Chancellor stated that in June and July the furlough scheme will continue as before, but employers will be asked to cover National Insurance and employer pension contributions in August. What’s changing to the furlough…Read More

Brexit: UK publishes approach to Northern Ireland Protocol

The Government has published its approach to implementing the Northern Ireland Protocol, as part of meeting in full its obligations under the Withdrawal Agreement with the European Union. What is the Northern Ireland Protocol command paper? The command paper outlines how the protocol can be implemented in a pragmatic, proportionate way: One that protects the…Read More

A Guide to Tax Relief & Homeworking

Written by Corporate Tax Manager, Adam Thompson Homeworking was already becoming more commonplace, but with the outbreak of COVID-19, millions more people will be working from home, so it is important to understand the potential tax savings which can be made. In this article, we have briefly outlined the tax position for: Employees Sole traders…Read More

Claim £6pw for working from home expenses

Working from home due to coronavirus? Claim £6pw tax back on extra home expenses. Millions of staff are still working from home due to the COVID-19 pandemic, with no end in sight as yet for office workers and other occupations. If you’re familiar with working from home, you’ll know that there is a variety of…Read More

Cycle scheme tax breaks for your business

What tax breaks are available to you if you provide your workforce with an eco travel/cycle scheme? There are different ways of providing cycles and safety equipment to your team: The loan of cycling equipment to employees. Providing pool cycles for general use by employees. Providing employee loans so an employee can purchase their own…Read More

SEISS Guidance for Self-Employed Clients

You may have already received, or will shortly receive from HMRC correspondence to tell you that you could be entitled to claim for the self-employed income support scheme (SEISS). This is a taxable grant of up to £7,500 that HMRC are paying people who are self-employed and have been affected by the Coronavirus. HMRC’s guidance…Read More

Claiming furlough for PAYE non-employees

As many of you know, the UK furlough scheme has now been extended to the end of October to support the workforce through the challenges of COVID-19. If you have already made a furlough claim, it’s not too late to make a new claim for others who you didn’t think were eligible. Individuals you can…Read More

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