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[…]

Grants for small businesses Update

As you know, it was announced by the Government that small businesses who are in receipt of small business rate relief and rural relief will receive a £10,000 grant. What is Available £10,000 for businesses in receipt of Small Business Rates Relief (SBRR) or Rural Rates Relief £10,000 for retail, hospitality or leisure businesses with a Read more about Grants for small businesses Update[…]

Grants for small businesses

As you know, it was announced by the Government that small businesses who are in receipt of small business rate relief and rural relief will receive a £10,000 grant. If a business is eligible for this grant, you local authority will endeavour to contact businesses directly once further guidance from Government on how this will Read more about Grants for small businesses[…]

Companies to receive 3-month extension period to file accounts during COVID-19

From today (25 March 2020), businesses will be able to apply for a 3-month extension for filing their accounts. This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus. There are approximately 4.3 million businesses on the Companies House register, and all companies must submit their Read more about Companies to receive 3-month extension period to file accounts during COVID-19[…]

Job Retention Scheme – Furloughed workers

What is Job Retention Scheme (JRS) The Coronavirus Job Retention Scheme allows all UK employers to access financial support to continue paying part of their employees salary that would otherwise have been laid off due to Covid-19. It prevents against layoffs and redundancies. What organisations are eligible? All UK companies are eligible: limited companies, sole Read more about Job Retention Scheme – Furloughed workers[…]

Statutory self-employment pay

The Coronavirus Bill, currently going through parliament is set to pay self employed 80% of their net monthly earnings (average over the last three years) or £2,917, whichever is lower. Workers who have only recently become self-employed would have to prove a record of regular income to claim the cash – through receipts and banking Read more about Statutory self-employment pay[…]