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
Payment dates to HMRC changed due to COVID-19 With the outbreak of COVID-19 gripping the nation HMRC have announced some changes to the payment dates for VAT and Self-assessment. I would like to take this opportunity to clarify that although there has been a change to the payment deadlines the returns still have to be … Read more
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by the Coronavirus. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief … Read more
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