Struggling to complete your Self Assessment tax return ahead of the midnight 31 January online-filing deadline? HMRC acknowledges that COVID-19 could be a key reason, which is why it has again decided to help sole traders and others by waiving Self Assessment late-filing and late-payment penalties for one month. If you declare income via Self Assessment, effectively, you have up …
Coronavirus Job Retention Scheme – CJRS
Update 14/09/2021 Furlough payments will end on the 30th September 2021. September claims should be submitted for payment before the 14th October. The reclaim rate will be 60% up to a maximum cap of £1,875 for the hours the employee is on furlough. Going forward, where you still envisage issues with work availability, you may find it necessary to consider …
Covid-19 Financial Update
Business Interruption Action Steps (BIAS) Update as at 13/09/2021 1. Coronavirus Job Retention Scheme Furlough payments will end on the 30th September 2021. September claims should be submitted for payment before the 14th October. The reclaim rate will be 60% up to a maximum cap of £1,875 for the hours the employee is on furlough. Going forward, where you still …
Self-Employed Income Support Scheme – Covid19
UPDATE – 5th September 2021 The fifth SEISS grant – FINAL GRANT – DEADLINE 30th September 2021 The final SEISS grant covering May 2021 to September 2021 is now open to claim. The amount of the fifth grant will be determined by how much your business turnover has been reduced. The grant will be worth 80% of three months’ average …
Super-Deduction on Capital Purchases
For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments. Under the super-deduction, for every pound a company invests, their taxes are cut by up to 25p. The new Capital Allowances offer As a result of measures announced at this Budget, businesses will now benefit …
£2000 Grant – SME – Brexit Support Fund
The SME Brexit Support Fund could give you up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover. Applications will close on 30 June 2021 or earlier if all funding is allocated before this date. What you’ll be able to use the grant for …
Recovery Loan Scheme (RLS)
CBILS and BBL are no longer open for applications – RLS replaces these two facilities. The scheme covers term loans, invoice finance, asset finance and overdrafts. Businesses can borrow up to £10 million, but there’s no interest or fee-free period. The government guarantees 80% of the debt and there’s no turnover or trading history requirements. Personal guarantees aren’t needed for …
Changes to off-payroll working (IR35) for intermediaries and contractors – April 2021
What is the IR35? IR35 is a set of rules that make sure workers, who would have been an employee if they were providing their services directly to the client, pay broadly the same Income Tax and National Insurance contributions as employees. The client is the organisation who is or will be receiving the services of a contractor. How the …
VAT Deferment Programme – Payment Plan
Set up an 11 month payment plan to pay historically deferred VAT due to Covid-19 – This service will close on 21 June 2021 If you deferred VAT between 20 March 2020 and 30 June 2020 and still have payments to make, you can: Pay the deferred VAT in full on or before 31 March 2021 or, Opt in to …
Business Bounce Back Loan Scheme (BBLS)
CLOSED – RECOVER LOAN SCHEME NOW OPEN Application deadlines for Government Loan Schemes are extended until the end of March 2021. Bounce Back Loans can be extended from 6 to 10 years. Interest-only periods of up to 6 months and payment holidays will also be available. Coronavirus Bounce Back Loan – Open 4th May 2020 The Bounce Back Loan scheme …
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