The AJR guide to getting it right! Your Limited Company has been formed what next? When starting a business there are lots of important decisions to make, an accountant that you can rely on is just one of them. With this in mind we have put together a short checklist to help, although different businesses … Read more
The Extended Loss Carry Back measure announced at Budget 2021 allows businesses to make claims to carry back losses for a further two years than current rules allow. This temporary extension applies for losses in accounting periods ending between 1 April 2020 and 31 March 2022. Claims over £200,000 must be made in a company tax … Read more
Having decided on your business idea, you need to start to put some structured thoughts together in the form of a Profit & Loss Forecast to see how good an idea it is and then a Cashflow Forecast to see if the idea works initially for 12 months and then for 3 years. The Profit … Read more
The Job Support Scheme has been expanded to include support for businesses required to close due to local restrictions. Extension of the Job Support Scheme (JSS) The new Job Support Scheme has been expanded to offer support to businesses across the UK that are required to close their premises due to coronavirus restrictions. Businesses required … Read more
The FCA (Financial Conduct Authority) are seeking legal clarity on business interruption insurance during the coronavirus (COVID-19) crisis. The coronavirus pandemic has led to widespread disruption and business closures resulting in substantial financial loss. Many customers have made claims for these losses under their BI insurance policies. There has been widespread concern about the lack … Read more
The Large Business Interruption Loan Scheme which has been put in place to offer support to larger businesses affected by coronavirus. The scheme will help medium to large sized businesses to access loans or finance up to £200 million. The government will guarantee 80% of the finance to the lender. Who can apply? The eligibility … Read more
The coronavirus Statutory Sick Pay Scheme is due to launch on the 26th May, 2020. This scheme will enable employers with fewer than 250 employees to claim coronavirus- related Statutory Sick Pay. Eligibility criteria for the online scheme is as folloes: you’re claiming for an employee who’s eligible for sick pay due to coronavirus the … Read more
Under the job retention scheme employers can claim 80% of their furloughed staff wages back, HMRC are still working on the portal but once it is ready the following information will be needed: The PAYE reference number Number of employees being furloughed The start and end date of the claim Amount to be claimed Company … Read more
With the support for Self-employed and the job retention scheme for employees, limited company directors could get caught in a gap between the two schemes. This group contains contractors, consultants and other off payroll workers whose services to an organisation are provided through a limited company or a personal services company. With the norm being … Read more
Financial assistance for Businesses during COVID-19 Since the announcement of financial assistance to businesses which employ staff under PAYE, we await the set-up of the HMRC portal through which it is intended that businesses will claim the 80% rebate. It appears that companies can make a claim having designated which staff are ‘furloughed’ i.e. those … Read more
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