27 Mar 2020 Source – AJC Admin Coronavirus (COVID-19) Self-employment Income Support Scheme – Explained To all my fellow self-employed comrades out there, I totally appreciate that all of this information the government is providing about their new self-employment support scheme is becoming increasingly confusing for many people and so I wanted to just outline
More guidance has been published on the coronavirus job retention scheme (CJRS), although there are still some grey areas. Kate Upcraft summarises what we know so far. 30th Mar 2020 Source Accounting Web Who can claim? All employers can benefit from the scheme, even owner-managed businesses. The government wants the support to be as inclusive as possible.
Source: AAT The Government has launched a ground-breaking scheme to help self-employed people remain solvent through the worst of the coronavirus (Covid-19) crisis. The Self-Employed Income Support scheme will pay a direct cash grant of 80% of their profits, up to £2,500 per month. But payments won’t be made before June. And those who turned self-employed recently
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19). Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave
Use this scheme if you’re self-employed or a member of a partnership and have lost income due to coronavirus. Published 26 March 2020 From: HM Revenue & Customs Contents 1. Who can apply 2. How much you’ll get 3. How to apply 4. After you’ve applied 5. Other help you can get This scheme will
The Chancellor announced a VAT payments deferral on 20 March to support businesses with cash flow during the COVID-19 pandemic. This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June. Businesses have until 31 March 2021 to pay any VAT deferred
Dear All, I appreciate that you are all worried about the financial impact of COVID-19 and I am trying my hardest to reply to all your emails including out of hours replies. I have very little information on the schemes offered as HMRC are slow to release this. But I will summarise what is available;
The Chancellor, this evening, announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19. GOV.UK has further details about who is eligible for the scheme and how it will work. Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open
Source: Sky News A coronavirus bail-out for the self-employed is being unveiled by the chancellor after pressure from MPs, but handouts could go to only one in three of the five million who work for themselves. Rishi Sunak will announce an emergency package at Boris Johnson’s daily Downing Street news conference, promising help for groups
Whether you work through a PSC, other limited company, umbrella company or are self-employed, will affect what sick pay support you are entitled to during the Covid-19 pandemic. There is a lot of confusion around the terminology in the freelance sector and as a result, who is entitled to what or not entitled at all.
Source – https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick
VAT and self assessment tax payments have been delayed as the government launched a new HMRC-administered coronavirus jobs retention scheme to cushion the economic blow of COVID-19. Source Accountancy Today – Richard Hattersley HM Treasure Chancellor Rishi Sunak joined the Prime Minister again on Friday evening for the latest Downing Street press conference, where he deferred VAT
Dear All, with the latest news from the government that we are now on lockdown, I want to reassure you that Tax Return Online Services is trading as normal as myself, Jackie, Pauline and Judith all work from home, so there will be no disruption to the services you receive from us. The software company
Here is the latest update, if you need to utilise the business loan you will need to contact you bank directly On the evening of Friday 20 March, the Chancellor of the Exchequer Rishi Sunak announced additional measures to help smaller businesses and the self-employed affected by COVID-19. The Government also has said it will announce
In 2008, businesses faced a crisis from the ‘credit crunch’. In 2020, credit is not in short supply – it’s sales that are vanishing. Small businesses have been overcome by the speed with which the health crisis has accelerated in the last week. As social distancing, self-isolation and working from home have become the new
The Chancellor, this evening, announced further measures to support people and businesses through this period of disruption caused by COVID-19. The Chancellor’s statement can be found at GOV.UK. Updated guidance for employers, businesses and employees is available at: COVID-19: support for businesses COVID-19: guidance for employees We will continue to share the most up to date
Source – Accountancy Today 19 March 2020 The new Bank of England boss, Andrew Bailey, has promised a fresh set of measures to help fight the economic “emergency” faced due to the coronavirus outbreak. Bailey, who has only been in the position for three days after taking over from former Bank Of England chief Mark Carney, told Sky
Advice and guidance on reducing the risks of disruption from the COVID-19 virus to you and your business. Source – FSB With the rapidly changing nature of the COVID-19 outbreak, information and advice from Government can change quickly. For all the latest Government information on COVID-19 and the measures the Government, and Devolved Governments, are
Rishi Sunak has vowed to do “whatever it takes” to help the economy with an “unprecedented package” including Government-backed loans equivalent to 15 per cent of GDP, with the potential to be extended further depending on the demand. What’s Included in COVID-19 Emergency Funding? Government backed loans with attractive terms for payment of rent, salaries,
Please check the government guidelines and how you may be able to get financial help A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch in a matter of weeks to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80%
The Chancellor set out a plan to support public services, individuals and businesses that may be affected by COVID-19. These include: For businesses with fewer than 250 employees, the cost of providing 2 weeks of COVID-19 related statutory sick pay per employee will be refunded by the government in full. This will provide 2 million
HMRC’s online guidance will help you decide whether one of the VAT accounting schemes could benefit your business. You can use the on-screen text box to ask your questions during the following live webinars: VAT accounting schemes: We’ll explain the annual accounting scheme, cash accounting scheme and the flat rate scheme to help you make
Budget 2020: tax rates and allowances Source – ACCA 2019/20 2020/21 £ £ Income tax rates: England and Wales only (non-dividend income) 0% starting rate for savings only (note 1) Up to 5,000 Up to 5,000 20% basic rate tax 12,501-50,000
A guide to Budget 2020 Source ACCA A SIMPLE GUIDE TO THE BUDGET 2020 This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should
We have a wide range of guidance for new employers and those more experienced with payroll. Our live webinars cover specific payroll topics and you can ask questions using the on-screen text box. Have a look at the selection coming up soon: Expenses and Benefits – trivial benefits: We use examples to explain what counts