The Treasury is advising banks that operate the Bounce Back Loan scheme to offer a more flexible approach when repayments are due to be made – Pay As You Grow. Pay As You Grow (PAYG) The new conditions, called the Pay As You Grow approach, offer the following concessions: To extend the length of the … Read more
How to pay VAT payments deferred between 20th March and 30th June 2020. You can pay now or get ready to join the VAT deferral new payment scheme. If you deferred VAT payments due between 20th March and 30th June 2020 and still have payments to make, you can: pay the deferred VAT in full, … Read more
Rules on carrying over annual leave are to be relaxed to support key industries during COVID-19. Workers who have not taken all of their statutory annual leave entitlement due to COVID-19 will be able to carry it over into the next 2 years. The Government have amended the regulations on carrying annual leave. This will … Read more
HMRC have today announced a Self Assessment filing extension. Self Assessment customers will not receive a penalty for their late online tax return if they file by 28th February. More than 8.9 million customers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so … Read more
HMRC will accept Covid-19 as a reasonable excuse for late filing of self assessments, as long as they explain how they were affected in their grounds for appeal and submit the return as soon as they can. Pandemic related personal or business disruption, whether to a taxpayer or their agent, might very well constitute a … Read more
How to pay VAT payments deferred between 20 March and 30 June 2020. If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt in to the VAT deferral new payment scheme when it … Read more
With the Self Employment Income Support Scheme being extended to provide support until March 2021 HMRC have published the details for the third grant. The Changes The eligibility rules have changed, however a self assessment tax return for 2018-19 will need to have been submitted and will need to show income from self employment. The … Read more
The help for the self employed and businesses affected by the November 2020 lockdown has been updated. Self Employment Income Support Extension The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and … Read more
It has been announced that the Coronavirus Job Retention Scheme will be extended until March 2021. This is a 5 month extension to the original scheme which will support employers keep employees over the winter months. Workers across the United Kingdom will benefit from increased support with a five-month extension of the furlough scheme into … Read more
The generosity of the Self-Employment Income Support Scheme (SEISS) Grant Extension will be increased from 40% of average trading profits, to 55%. In addition, the opening of the service has been brought forward from 14 December to 30 November. How will it work? The SEISS Grant Extension provides support to the self-employed in the form of … Read more
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