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Corona Virus Business Interruption Loan Scheme extended by two months to 30th November 2020 to accept an offer from an accredited lender. Businesses still need to make an application by 30th September.
With the Corona Virus Business Interruption Loan Scheme set to end on 30th November, it’s important that, should you wish to access funding, you begin the process as soon as possible. You may have thought that the scheme was simply offering ‘standard’ term loans however there are actually a number of products available under…
SME Growth: where next?
As UK GDP growth for the first two quarters of 2020 turns negative, COVID-19 has officially tipped us back into recession. As expected. SME’s were already struggling to find growth, mainly due to Brexit, so business owners will now be wondering what their own growth will look like: Source Data The answer is complicated. Some…
Covid-19 – VAT complexity of Eat Out to Help Out Scheme
From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government. Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…
DING DING – SEISS Round 2!
Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October. The online claims service is not available yet: HMRC are expected to release further information shortly. The second SEISS payment: Amounts to 70% (previously 80% for the first grant) of average monthly…
Accounting for Coronavirus Support
Due to the pandemic, many Companies and businesses are receiving support from the government in the form of grants, loans and reliefs. Most of these businesses would not have accounted for something like this previously. UK Accounting Standards have different accounting rules for these types of transactions. Based on the latest guidance available, we have…
New grant for employing apprentices
A new scheme which will be launched next Monday, 3rd August to support non-levy paying businesses which recruit new apprentices aged 16-24. The scheme is called Recruit – Retain – Reward and is provided by the apprenticeship teams at Norfolk and Suffolk County Councils. It will pay the following: £1,000 to businesses taking…
Government sets out draft agenda for a 21st century tax system
Today the government has set out its draft agenda for a 21st century tax system, they say these are the next steps in an ambitious plan to create a modernised digital tax system fit for the modern world. This is part of the Treasury’s long term tax digitisation plan, which is designed to increase…
Are you MTD compliant?
Over the last week or two HMRC have begun getting in touch with small businesses across the UK who are not complying with Making Tax Digital (MTD) but are required by law to do so. These businesses need to take action now to avoid any potential penalties being levied. If you are a VAT…
Talent Retention Scheme set to aid growth in the construction industry
As the country starts to emerge from the Coronavirus pandemic where many businesses have simply been striving to survive, the new focus is likely to become one of growth. Many bodies and institutions around the world are therefore looking to offer help in bringing the economy up to full speed again and ensuring that it…
REMINDER – Deadline for SEISS grant is 13 July 2020
Further to my blog on 22 June 2020 (please see below), just a reminder that the deadline for applying for the first SEISS grant is 13 July. Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70%…