The new Job Support Scheme The Chancellor Rishi Sunak has outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK. The package of measures, which applies to all regions and nations of the UK, includes: Support for workers and employers A new Job Support Scheme will be introduced…
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Maintaining your NIC contributions record during Covid-19 The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their…
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Tax implications of Covid-19 support payments Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and…
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What’s the Difference between Cash and Profit and Can a Business Be Profitable But Still Run Out of Cash? So, you want to know how a company can be profitable but still run out of cash? This article courtesy of Brixx is a terrific place to start. Part of the answer is that profit is…
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Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after…
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Making Tax Digital to be extended from April 2022 A couple of days ago there was an announcement that was hidden away from most taxpayers but the implications of which will have a major effect on many. After delay after delay caused by Brexit and now Coronavirus the government have now announced they will be…
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Deferring your July payment on account – Is it is good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have announced that self-assessment taxpayers can delay making their second payment on account for 2019/20. The payment would normally by due by 31 July 2020. Under self-assessment, a…
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Business Expenses – A few basic rules Over the years I have seen some amazing claims for what taxpayers believe should be an allowable expense against their profits. From make-up to pet food for the guard dog. With this in mind I thought it worthwhile just going back to a few basic rules. The “Wholly…
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What would you say if a restaurant asked you to pay more for a well-done steak than a rare one? You wouldn’t be happy being asked to pay more in a restaurant for a well done steak because it takes the chef longer to cook than a rare one, would you? And you wouldn’t be…
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On Friday (29th May) the Chancellor announced some changes to the Coronavirus Job Retention Scheme and the Self employed Income Support Scheme. Here are the details: Coronavirus Job Retention Scheme (CJRS) – Important Update 29th May 2020 The Chancellor has announced three changes to the job retention scheme: 1. From 1 July 2020, the scheme…
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