HMRC have announced more details on the Job Retention Bonus scheme they set forth in July. The JRS allows an employer to claim a one-off payment of £1000 per employee furloughed and claimed for through the CJRS and kept employed until at least 31st January. This money is to be paid to the employer and…
After many years of perceived abuse, the Government has announced that they are soon to introduce new laws to require stricter, independent, scrutiny (by an ‘Evaluator’) where connected parties purchase a failed business out of administration (a Pre-pack). In announcing the move, the government said that while pre-pack administration sales are widely considered to be…
£25 million has been made available in the third and final round of The Countryside Productivity Small Grants Scheme. The scheme offers grants of between £3,000 and £12,000 to fund a wide range of new equipment and technology in an attempt to help farmers improve efficiency whilst also benefitting the environment. Potential applicants…
With the Autumn Budget cancelled the Chancellor has announced a Winter Economy Plan introducing a package of measures to support businesses. The highlights are: The Coronavirus Jobs Retention Scheme (CJRS) – Will end as planned on 31 October 2020. A new Job Support Scheme – To support viable UK employers who…
On 24th September the government announced the launching in November of the Job Support Scheme to replace the existing Furlough Scheme that is feted to end on 31st October. The JSS is to run from 1st November through to 30th April, but initial rules may be amended after three months. To qualify for the…
We are halfway through September and this month sees one of the biggest changes to the current Coronavirus Job Retention Scheme (CJRS). Employers now pay 10% of furloughed employees’ wages to make up 80% of their total wages up to a cap of £2,500, with the wage cap being proportional to the hours not worked.…
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…
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…
As part of the Government’s measures to try to stimulate the economy, the Chancellor has announced a reduction in the rate of VAT payable by the hospitality and tourism industries. From 15 July 2020 until 12 January 2021, the rate of VAT will be reduced to 5% on any eat-in or hot takeaway food…
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% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,750 in total. The eligibility criteria remain…