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Charity funds – which can I use during Covid?
During this unforeseen prolonged period of economic downturn charities may need to re-assess their short to long term aims. Certain planned activities may need to be delayed or even cancelled while more crucial expenditure takes priority. Charities may find it necessary to make use of their reserves to cope, or even just survive, this on-going…
New lockdown grants to support businesses and protect jobs
On 5th January 2021 the Chancellor announced new one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through the new lockdown. The one-off top-ups will be granted to closed businesses as follows: £4,000 for businesses with a rateable value of £15,000 or under…
Wrongful Trading Liability Suspension – Renewed 26 November 2020
In March 2020 the Government temporarily suspended wrongful trading provisions until 30 September 2020. The purpose of this measure had been to ensure that company directors could continue to operate during Covid-19 without worrying about becoming personally liable for wrongful trading. On 26 November 2020, following the 2nd lock down, new legislation came…
Coronavirus loan scheme deadline extended
On 17th December the government announced a further extension to the Coronavirus Business Interruption Scheme loans (CBILS) – meaning that businesses now have until 31st March 2021 (previously 31st January) to apply. This welcome announcement means that more businesses will be able to enter the loan scheme, benefitting from the needed funds during these…
BREXIT: Is your SME ready?
As 1-Jan-21 draws ever nearer what changes should your SME business prepare to adopt ready for Brexit: Exporting Goods to the EU Despatches are renamed exports. Apply for an EORI number (which will look something like: GB123456789123). Check whether what you sell is a restricted good that requires an export licence. Check whether there are…
Prevention of abuse of R&D tax credit refunds for small and medium sized companies
From 1 April 2021, HMRC are to introduce a limit on the amount of payable tax credits which can be claimed by a loss-making company. The refund will be restricted to £20,000 plus 300% of its PAYE and NIC liability for the period. Where the accounting year straddles 1 April 2021, the company will be…
Company accounts – do you know your new filing deadline?
As a response to COVID-19, earlier this year the Government announced a temporary extension to the filing deadline of certain documents that are filed at Companies House. Private companies whose annual accounts filing deadline fell between 27 June 2020 and 5 April 2021 were given an additional three months to prepare and file their accounts.…
Covid-19 – Support for the hospitality and tourism industries extended
In response to the continuing Coronavirus health emergency, the Government has extended the period during which the reduced rate of VAT will apply to the hospitality and tourism industries. The reduced rate of VAT, which came into force on 15 July 2020, will continue to apply until 31 March 2021. As a result, VAT at…