Discretionary Grant Fund The government have recently announced an additional fund of up to £617 million for local authorities to assist businesses that missed out on the earlier grant funding for shops, hotels, hospitality etc.. This additional fund is aimed at small businesses with ongoing fixed property-related costs. The government are asking local authorities to…
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Profit extraction in 2020/21 – What is the optimal salary? A popular tax-efficient profit extraction strategy used by personal and family companies is to take a small salary and extract further profits as dividends. Where this approach is adopted, the starting point is to determine the optimal salary. While this will depend on personal circumstances…
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How to calculate statutory redundancy pay While some help is available to employers through the Coronavirus Job Retention scheme to help them keep staff on during the COVID-19 pandemic, in some cases, it may not be possible to avoid making staff redundant. Where staff are made redundant and have at least two years’ continuous service,…
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Cash is King In times of uncertainty, cash is king. If you have plenty of cash or reserves to get through this period, then you do not need to read on. If not, then monitoring cash flow must be one of your priorities. We’ve already looked at reducing your fixed and operational costs and the…
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Why it’s more important than ever to stay visible Whilst you may be experiencing a downturn in business during this time or you may be thinking of mothballing the business in readiness for the end of the crisis now is most certainly not the time to go quiet on your customers. Actually, quite the opposite.…
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Self Employed Income Support Scheme (SEISS) – Update 4th May 2020 HMRC have now issued guidance on how this scheme will work and the steps you need to take now to ensure you are ready to make your claim and receive the grant without delay. Please note that HMRC have specifically EXCLUDED accountants and agents from being able to…
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Bounce Back Loans The government have listened to taxpayers who were concerned that the Coronavirus Business Interruption Loans didn’t fit the size and requirements of smaller businesses and have therefore announced a different type of loan, launching on Monday 4th May 2020. These are loans of between £2,000 and £50,000 to assist businesses that have…
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Why you should get the Accounts done early If you are self employed you will know that your Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not payable until the 31 January following the tax year end date. From a cash…
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HMRC will assess your eligibility for the grant based on your total income and trading profits. This guide details how they will do this. You can use this guide to find out if you’re eligible and how much you may get and if you want my help in assessing your possible grant please get in…
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The government have issued an update to the Job Retention Scheme detailing who can claim and for which employees. There’s not much change of course to who can claim but this update gives us a bit more information as to the type of employee and how they should be furloughed. It mentions specifically other forms…
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