Team

Job Support Scheme – JSS

Update 26th October 2020: Introduction There have been further developments to the Job Support Scheme (JSS) since our last update on the 7th October (below). In a nutshell Employees will still be paid at least 73% of their usual salary when short time working, Employers will pay less, and the government will pay more. A temporary written agreement will need …

Self-Employed Income Support Scheme – Covid19

UPDATE – 23rd October 2020 The Self-Employment Income Support Scheme Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021. The extension will last for six months, from November 2020 to April 2021. Grants will be paid in …

Covid-19 Financial Update

Business Interruption Action Steps (BIAS) Update as at 23/10/2020 1. Self-Employment income Support Scheme (SEISS) The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period. The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will …

Deadline

HMRC Deadline Updates Due to Covid-19 impact

Tax Detail Original Deadline  Extended Deadline How to Apply Self Assessment / Personal Tax Second Payment On Account 31/07/2020 31/01/2021 Automatic, no application required VAT Making Tax Digital – Requirement to digitally link software 01/04/2020 01/04/2021 Automatic, no application required Defer VAT Payments due between March and June 2020 20/03/2020 – 20/06/2020 31/03/2021 Automatic, no application required PAYE/NICs IR35 off-payroll …

tax

Payments to Tax Informants 2019/20

The amount of money paid out for information about individuals or companies in relation to small-scale tax evasion came to £473,000 in 2019/20, and increase of  from £182,000 from the previous year. HMRC is under pressure to investigate bigger companies for tax evasion and is paying key informants for information to fraudulent activities. A big potential fraud opportunity at the …

employees

Coronavirus Job Retention Scheme – CJRS

See Job Support Scheme post for developments from October 2020: https://www.aelmarkhams.co.uk/jobsupportscheme/ Further developments regarding  the flexible JRS/Furlough scheme have now been announced by HMRC, effective from 1st July. As this is a little more complex than the current scheme, we have answered the most common questions below. Q:   I don’t know yet when I will re-open my business. Can I …

Business rates revaluation postponed

The government has revealed that a revaluation of business rates, scheduled to have taken place next year, will now be deferred until 2022 to help reduce uncertainty for firms affected by the impacts of coronavirus. The government is continuing work on the fundamental review of business rates, with the key aims of reducing the overall burden on businesses, improving the current business rates system, …

Business Bounce Back Loan Scheme (BBLS)

Application deadlines for Government Loan Schemes are extended until the end of November 2020. 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 will help small and medium-sized businesses to …