Employers want to know about reclaiming furlough pay (CJRS – Coronavirus Job Retention Scheme). A little more information came to light following a meeting of The Treasury Select Committee where HMRC Chief Executive, Jim Harra, was asked ... [Continue Reading]
CBILS and other loans
Maybe you are one of the businesses seeking support through the CBILS (Coronavirus Business Interruption Loan Scheme) – or need other support. CBILS is a loan made to the business for up to 6 years. The money comes from an approved lender and the ... [Continue Reading]
Directors and Furlough
Whether or not directors can be furloughed is the most common question we are being asked. The answer is “maybe”. Not very helpful but much confusion surrounds this issue. The first sentence of the most recent guidance from HMRC says: “As ... [Continue Reading]
Get your Tax Return (and Accounts) done
Getting your tax return for 2019/20 submitted may not seem like a priority right now but many people will be due a refund so getting your tax return submitted quickly will mean you get your money sooner. There are other reasons why it will make sense ... [Continue Reading]
Home working – Tax Free payments
Many employees are working from home. An employer can make some tax-free payments to employees, although it isn’t compulsory, - and it’s not a lot. Home working allowance Someone working from home will incur extra costs, including heating etc. They ... [Continue Reading]
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBIL) sounds great. 12 months interest paid by the government. The government will also pay any fees. Why isn’t every business applying? Maybe it isn’t quite as simple or straightforward as it ... [Continue Reading]
Furlough – Calculating what to pay
Calculating what an employee on furlough needs to be paid has led to a number of queries. Guidance has been issued and a summary might help. Cut off Only employees which were on the payroll on 28 February 2020 can be furloughed. This is the first ... [Continue Reading]
Self-Employed Covid-19 Help
The self-employed were the subject of the Chancellor’s announcement on Thursday. Anything is welcome but not everything is crystal clear. As with most of the initiatives announced, there are big question marks over some of the proposed ... [Continue Reading]
Furlough – A quick guide
Putting an employee on furlough is a great option for many businesses and employees. It gives employees a reasonable, certain, income in uncertain times. However, many employers are assuming that “furlough” is automatic. It isn’t and this could cause ... [Continue Reading]
VAT and Covid-19 info
Information and clarification is thin. The expected clarification announcement by the Chancellor did not take place. However, there are a few droplets of information being released. VAT Deferral Scheme HMRC are saying that no one needs to pay VAT ... [Continue Reading]
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