Coronavirus is affecting the profits of most companies. Some will, unfortunately, become loss making. HMRC is quite readily allowing time to pay arrangements for corporation tax. A quick telephone call usually results in an extension of up to ... [Continue Reading]
Child Benefit – Register or risk losing it
Quite a few people haven’t bothered to register for Child Benefit because they assumed there was no point because they would only have to repay it. Reductions in income because of coronavirus may bring them under the threshold where they don’t ... [Continue Reading]
Loans to small business made easier
The Bounce Back Loan Scheme was announced yesterday (27th April) by Rishi Sunak. The scheme, intended for small businesses with a turnover of up to £200,000, should make it much easier for a business to borrow up to £50,000. Loans will be for ... [Continue Reading]
Extension to Furlough Scheme – and more on reclaiming it
The Furlough Scheme (CJRS – Coronavirus Job Retention Scheme) was, unsurprisingly, extended in a government announcement yesterday (Friday 17 April). Originally set to run until 31 May, it has been extended to 30 June. The government has said it ... [Continue Reading]
Furlough Pay Reclaiming – An Update
Guidance on reclaiming furlough pay (Coronavirus Job Retention scheme – CJRS) has been updated by HMRC. This is a summary of the main changes. Change of date While not directly related to claiming, some of the dates have been changed, which will ... [Continue Reading]
Furlough pay claims
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]
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