Since the start of the pandemic lockdown and all the issues this has created for businesses up and down the UK the focus for many owners, directors and indeed government has rightly been surviving this unprecedented period of shutdown.
On 1 June we outlined proposed changes to the Coronavirus Job Retention scheme. A significant volume of further guidance has now been issued and the following is only a summary, touching on some of the key points and does not go into detail on every matter.
Over the course of the pandemic the UK government has introduced various schemes each with the aim of supporting various sectors of the UK economy and society. Much of the support has been by way of grants, such as the small business grant, the Retail, Hospitality and Leisure Grant and the furlough scheme...
On Friday the Chancellor announced details of future changes to the government’s coronavirus support schemes. The key details are outlined below:
The Department for Business, Energy and Industrial Strategy has just published guidance on workers entitlement to holiday and holiday pay during the COVID-19 pandemic.
HMRC have brought forward the date from which claims under the Self-Employment Income Support Scheme (SEISS) can be made. Claims will now be able to be made from 13 May 2020.
From the 4th of May, the Government's Bounce Back Loan scheme will be made available. The loan scheme aims to help small and medium-sized businesses to borrow between £2,000 and £50,000.
Updates that HMRC have now issued in respect of the Job Retention Scheme.
Topics include: Deferring self-assessment payments on account due in July 2020 Coronavirus Business Interruption Loan (CBIL) Scheme update 1/4/20
Topics include: Self-employment Income Support Scheme The conditions for eligibility
Topics include: Furloughed workers COVID-19 Briefing - Gordons Solicitors
Topics include Coronavirus Jobs Retention Scheme What is a "Furloughed" employee? Deferral of VAT and Income Tax Nursery businesses - Rates holiday Coronavirus Business Interruption Loan Scheme
Topics include: Coronavirus Business Interruption Loan Scheme Grants Tax - Time to Pay arrangements
The current Covid19 outbreak is bringing many financial challenges to UK businesses and as such the government is announcing various support packages which seem to be changing on a daily basis. Below is a summary of the announcements as we understand them today and some practical issues to consider. We will endeavour to keep you up to date as we are made aware of further details.
The maximum Employment Allowance (EA) will increase from £3,000 to £4,000. Employers will only be eligible for EA if their total qualifying employers’ secondary Class 1 NIC liability in the tax year ending 5 April 2020 is under £100,000.