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Budget 2021

Budget 2021 So today (3rd March 2021) the Chancellor has released his 2021 budget. Here are the details as announced so far with more to come over the next few days. If you prefer your updates by video click the play button below. The Furlough Scheme He has announced that the Job Retention Scheme, otherwise…
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Domestic Reverse Charge – Construction Industry

Back in 2019 before any of us had heard of Covid, HMRC announced that they were introducing the Domestic Reverse Charge for VAT and that it would affect everyone in the Construction Industry who is VAT registered. After delaying the introduction of this a couple of times due to Brexit and Covid it has finally…
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Government Assistance – Lockdown 3

The Chancellor Rishi Sunak has unveiled some brief plans with regards to extra financial support after yesterday’s lockdown news: – Businesses in the retail, hospitality and leisure sectors will receive up to £9,000 per property in one-off grants as follows: – £4,000 for businesses with a rateable value of £15,000 or under – £6,000 for…
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Virtual Staff Xmas Party – The tax break

Virtual Staff Christmas Parties – The tax break Due to the coronavirus restrictions, many businesses will be unable to host the usual Christmas Party for employees. HMRC have are confirm that the annual parties’ exemption will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties.Therefore,…
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Sick Pay for self-isolation during Coronavirus

Sick pay for self-isolation during Coronavirus If you are an employer, here is a great article / guidance regarding this courtesy of the ICPA and ACAS As of 13 March 2020, employees and workers who self-isolate must receive any Statutory Sick Pay (SSP) due to them from the first day they’re absent from work if it’s because:…
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VAT or Income Tax Deferred due to Covid 19 and due in January 2021

VAT or Income Tax Deferred due to Covid 19 and due in January 2021 At the beginning of the coronavirus pandemic, the government gave individuals and  businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. This…
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Self Employed Income Support Scheme (SEISS) – New Guidance for next claim

Self Employed Income Support Scheme (SEISS) – New Guidance for next claim With the scheme now extended HMRC have issued somenew guidance and rules around who can claim, what records must be kept and how to make your claim. If you were not eligible for the first and second grant based on the information in…
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Bounce Back Loans Extended and Top-Ups

Bounce Back Loans Extended and Top-Ups From today participating lenders in the Bounce Back Loan Scheme (BBLS) are able to offer small businesses across the UK a top up to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them. The Bounce Back Loan top-up will be available…
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Coronavirus Job Retention Scheme Extended (again)

Coronavirus Job Retention Scheme Extended (again) The CJRS (also known as the furlough scheme) will remain open until 30th April 2021. For claim periods running from November 2020, employees will receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month. The £2,500 cap is proportional to the hours not…
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Self Employed Income Support Scheme – Extension

Self Employed Income Support Scheme – Extension The Self-Employment Income Support Scheme Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021. Who can claim To be eligible for the Grant Extension self-employed…
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