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Covid-19 VAT Deferral New Payment Scheme (VDNPS)

Covid-19 VAT Deferral New Payment Scheme (VDNPS)

Who is it aimed at? Businesses who deferred their VAT payments due between 20th March 2020 and 30th June 2020 and have yet to pay it over to HMRC. What 3 options are presently open to these businesses? Pay the deferred VAT over in full on or before...

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Latest Updates

Latest Updates

England New Lockdown Grant The Chancellor has announced a one off grant for England aimed at the Hospitality, Retail and Leisure Sectors of up to £9,000 per business premises. What is the grant? A one off grant on a per property basis. £4,000 for...

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Covid-19 Government update

Covid-19 Government update

Job Retention Scheme (JRS) Extension The JRS which was due to come to an end on 31st October 2020 has now been extended until at least the beginning of December 2020. The Job Support Scheme, which was due to replace the JRS, has been put on a back...

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Extra Support For Business If Required To Close

Extra Support For Business If Required To Close

What are changes announced?   The Chancellor has announced an extension to the new Job Support Scheme for businesses required to close due to COVID restrictions. Cash grants for businesses required to close in local lockdowns.  When does the...

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Contact-tracing app launch date – 24 September

Contact-tracing app launch date – 24 September

Contact-tracing app launch date – 24 September After the first version was abandoned in June, a new contact-tracing app will be launched across England and Wales on 24 September. Here’s what we know so far: The app will be used to alert you if...

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British Business Bank clarifies CBILS deadline

British Business Bank clarifies CBILS deadline

The British Business Bank has written to accredited lenders confirming that they have until 30 November to consider and approve applications for the coronavirus business interruption loan scheme (CBILS), effectively extending the deadline. Though...

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Glut of holidays? What are your options?

Glut of holidays? What are your options?

If holidays are accruing faster than your employees have time to take them, what are your options? Here are our thoughts: The government have allowed workers to carry over up to four weeks’ holiday into the next two holiday years if the reason...

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Government launches second round of SEISS

Government launches second round of SEISS

From today, self-employed people can claim grants worth up to £6,570 each to make up income lost due to the coronavirus after 14 July. This second round of the self-employed income support scheme (SEISS) is less generous than the first, which...

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Juggling work alongside the school holidays

Juggling work alongside the school holidays

While the ongoing pandemic has certainly brought the world to a standstill and has ordered many children to stay home from school, the school holidays have only just begun! While some year groups have returned to their educational responsibilities,...

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VAT Penalties

VAT Penalties

All businesses in the UK, with annual turnover above the VAT threshold (currently £85k), are required to register for VAT and charge 20% VAT on their sales. This VAT must then be paid over to HMRC each quarter. Some businesses, however, can get...

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Latest Updates from HMRC

Latest Updates from HMRC

New legislation – redundancy payments  New legislation came into force on 31 July 2020 to ensure that furloughed employees will receive statutory redundancy payments based on 100% of their normal pay, not at the reduced furlough rate. Furlough...

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July 2020 Self-Assessment Payment on Account

July 2020 Self-Assessment Payment on Account

In measures to help small businesses through the COVID-19 pandemic, HMRC announced that the usual 31 July 2020 self-assessment payment on account can be deferred to 31 January 2021. How does it work? You have to make 2 payments on account every...

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VAT cut kicks in for certain sectors

VAT cut kicks in for certain sectors

A temporary cut to the standard rate of VAT for businesses in the food, drink, hospitality and tourism sectors has come into force.  Chancellor Rishi Sunak used last week's economic update to announce the measure, which reduces the main rate from...

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9 big reasons to get your accounts completed NOW!

9 big reasons to get your accounts completed NOW!

One of the most important times of the year for any self-employed person or company director is January - tax month! It can be super stressful if you don't get your accounts sorted in time for the new year - it really is a case of ' the sooner you...

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What does the Chancellor’s mini budget mean for you?

What does the Chancellor’s mini budget mean for you?

We spent a large part of yesterday afternoon listening and reflecting on the budget update from the chancellor. As ever, statements from the government regarding personal and business finances can be difficult to grasp, so we've broken it down for...

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Self Employed Income Support Scheme Update

Self Employed Income Support Scheme Update

The Self Employed Income Support Scheme  (SEISS) allows you to claim a taxable grant of 80% of your average monthly trading profits capped at £7,500 covering 3 months. Unlike the Coronavirus Job Retention Scheme(CJRS), if you receive the grant you...

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