Government announces top up to local business grant funds scheme

A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. This additional fund is aimed at small businesses with ongoing fixed property-related costs. We are asking local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet Read more about Government announces top up to local business grant funds scheme[…]

Check to see if you are eligible for the Self-Employment Income Support Scheme today

A summary of the scheme The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended. If you receive the grant you can continue Read more about Check to see if you are eligible for the Self-Employment Income Support Scheme today[…]

Top-up to local business grant funds scheme announced

The Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke spoke to local authorities in England yesterday to set out that up to £617 million would be made available. This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and Read more about Top-up to local business grant funds scheme announced[…]

Charities can claim gift aid for cancelled tickets for charity events during coronavirus (COVID-19)

To help reduce administrative burdens on charities, if a charity event is cancelled due to coronavirus (COVID-19), HMRC will accept that where a person due a refund decides to donate this to a charity, the requirements of S416 ITA07 are met provided: the individual does not receive a benefit as a result of their donation Read more about Charities can claim gift aid for cancelled tickets for charity events during coronavirus (COVID-19)[…]

Claim for wages through the Coronavirus Job Retention Scheme

HMRC has today opened the portal to Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19). Before you start You’ll need to: check that both you and your furloughed employee can use the scheme work out how much Read more about Claim for wages through the Coronavirus Job Retention Scheme[…]

Update – Job Retention Scheme – How you can claim and how much

HMRC have updated their guidance for the Job Retention Scheme. How much you can claim You’ll need to claim for: 80% of your employees’ wages (even for employee’s on National Minimum Wage) – up to a maximum of £2,500. Do not claim for the worker’s previous salary. minimum automatic enrolment employer pension contributions on the Read more about Update – Job Retention Scheme – How you can claim and how much[…]

Tax treatment of the Job Retention Scheme

Payments received by a business under the scheme are made to offset these deductible revenue costs. They must therefore be included as income in the business’s calculation of its taxable profits for Income Tax and Corporation Tax purposes, in accordance with normal principles. Businesses can deduct employment costs as normal when calculating taxable profits for Read more about Tax treatment of the Job Retention Scheme[…]

Update – Job Retention Scheme – Who Can Claim

HMRC have updated their guidance for the Job Retention Scheme Who can claim All UK companies are eligible: limited companies, sole traders who employee people, LLPs, partnerships, charities. You must have: created and started a PAYE payroll scheme on or before 28 February 2020 enrolled for PAYE online – this can take up to 10 days a UK bank account Read more about Update – Job Retention Scheme – Who Can Claim[…]