The New Lockdown Grant For Businesses And How You Can Apply
Earlier this week, the Chancellor, Rishi Sunak, announced a new £4.6 billion programme of grants for the retail, hospitality and leisure sector. Since March 2020, businesses across the retail, hospitality and leisure sectors have endured months closed, followed by a cycle of limited re-openings and more closures. With a number of weeks of closures ahead, the government has provided assistance for businesses to get ahead and sustain jobs over the coming months. Who is entitled to the grant? The new…
New Year, New Business Goals
New years resolutions are not just for yourself, but for your business too. However, studies show that on average 80% of new year’s resolutions fail by the second week of February. That’s a whole year’s goal, evaporated in just 6 weeks of the new year, pretty astounding right? It is often due to resisting change due to not being in the right mindset, and not having an actual plan, rendering your ‘goal’ as simply a wish. Check out these…
Furlough Scheme And Loans Extension!
The Chancellor, Rishi Sunak, has announced that the Coronavirus Job Retention Scheme (CJRS) aka furlough scheme, has been extended until the end of April 2021, giving businesses and employees across the UK certainty into the New Year. Extending government-backed loan schemes will give companies right across the UK the finance they need to support, protect and create jobs as we build back better from the pandemic. The Chancellor said he would review the employer contribution element of the CJRS…
All The VAT Brexit Changes
VAT On Low Value Imports There will be several VAT changes for businesses that import and export goods from January 1st 2021 as the rules that permit free movement of goods and people between the UK and the EU cease to apply from 11pm on December 31st 2020. New year, new rules. All goods entering Great Britain must be subject to VAT (different rules will apply for Northern Ireland). You should talk to your suppliers and find out which of…
Deferring Tax Due
Many people are going to face sizeable tax bills in January 2021 as the balance of income tax due for 2019 -20 on profits earned before the pandemic is due for payment. In a bid to help business owners, income tax payable by 31st July 2020 was automatically deferred to 31st January 2021, making the January 2021 bill even bigger. Any capital gains tax for 2019-20 is also payable by the same date. Take some time to look over…
Nudging To Correct Your Tax Return
HMRC gathers and uses data from a plethora of sources such as banks, land registries and Companies House in order to cross check any information reported on your self assessment tax return. The run-up to a Self Assessment tax return deadline can be stressful, which is why it pays to get it done as early as possible. If HMRC happen to find a discrepancy between the third party data and your 2018-19 tax return you may receive a letter…
Brexit Transition For Businesses
There is little under a month to go until the end of the transition period, and there will be new rules to follow come January 1st 2021. The Business Secretary, has stated that it's in everyone's best interests to act now to avoid your business operations being interrupted. The Government is providing a range of support to walk you through the changes. Make sure that you are subscribed to our newsletter in order to stay up to date. We…
Tax Crunch Expected
It's looking very likely that UK tax increases will begin in April and continue for at least the following two years. Tackling the pandemic has led chancellor Rishi Sunak to borrow an extra £280bn, bringing the national deficit to nearly £400bn, the highest ever peacetime total! This year the government is spending a staggering £280bn on measures to fight Covid-19 and its impact on the economy. That includes £73bn for measures to support jobs such as the furlough scheme,…
The THIRD Self Employed Grant Is Now Live
The Self Employed Income Support Scheme (SEISS) has been extended. If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns, unfortunately you will not be eligible for the third. HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits. To make a claim for the third grant your business must have had a new or continuing…
