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Changes announced to Coronavirus Business Interruption Loan Scheme (CBILS)03-04-20
Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80% guarantee – on the basis that they fit the banks’ criteria for… Read more..
Tax Diary April/May 202001-04-20
1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 - Filing… Read more..
Directors – between a rock and a hard place01-04-20
Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support the employed and the self-employed. In the first news story… Read more..
Coronavirus tax payment helpline01-04-20
The phone number for the COVID-19 helpline launched earlier this month has been changed to 0800 024 1222. Calls to the previously published number will be redirected. The launch of the new number will help increase capacity. The helpline will field… Read more..
Working Tax Credits increased for one year01-04-20
As part of the package of measures to tackle the Coronavirus outbreak, the government has announced that the basic element Working Tax Credit payments will be increased from an expected £1,995 to £3,040 for the 2020-21 tax year starting… Read more..
Relaxation of phone contracts during COVID-19 outbreak01-04-20
An interesting joint statement from the Government, Ofcom and the telecommunications industry has been published to help offer support to vulnerable consumers and those who may become vulnerable due to circumstances arising from COVID-19. The… Read more..
Further details on Coronavirus Job Retention Scheme01-04-20
HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up to 80% of wage costs, up to a cap of £2,500 per month,… Read more..
Coronavirus – relaxation of insolvency rules01-04-20
New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy. The measures were announced by the Business Secretary, Alok… Read more..
Coronavirus deferral of VAT payments01-04-20
In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no application process required to defer the relevant payment. However,… Read more..
Contactless payment limit increased01-04-20
The spending limit for contactless card payments has been increased from £30 to £45 effective 1 April 2020. The change in the limit had been under consideration and has now been expedited as part of the industry’s response to the… Read more..
Financial support for exporters01-04-20
There is a special financial support targeted specifically at exporters. This is in addition to the package of government-backed and guaranteed loans and other measures designed to support businesses coping with the financial effects of Coronavirus… Read more..
Businesses and employers in Northern Ireland01-04-20
The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern Ireland. A new press release, jointly published by the NIO,… Read more..