News

Changes announced to Coronavirus Business Interruption Loan Scheme (CBILS)

02/04/2020 – 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 this type of lending. The Chancellor has now confirmed that this is not the intention of … More...

Tax Diary April/May 2020

31/03/2020 – 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 deadline for the CIS300 monthly return for the month ended 5 April 2020. 19 April 2020 - … More...

Directors – between a rock and a hard place

31/03/2020 – 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 published by government announcing the Self-Employed Income Support arrangements (26 … More...

Coronavirus tax payment helpline

31/03/2020 – 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 questions and concerns from any business or self-employed individual worried about paying … More...

Working Tax Credits increased for one year

31/03/2020 – 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 on 6 April 2020. This annual increase of £1,045 is equivalent to £86.67 per … More...

Relaxation of phone contracts during COVID-19 outbreak

31/03/2020 – 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 UK’s major internet service and mobile providers, namely BT/EE, Openreach, Virgin Media, … More...

Further details on Coronavirus Job Retention Scheme

31/03/2020 – 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, for each employee that has been furloughed (on a leave of absence). The scheme will run … More...

Coronavirus – relaxation of insolvency rules

31/03/2020 – 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 Sharma. These changes will see the temporary suspension of the wrongful trading law during … More...

Coronavirus deferral of VAT payments

31/03/2020 – 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, businesses can still choose to pay any VAT due as normal. It is important to note that this is … More...

Contactless payment limit increased

31/03/2020 – 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 Covid-19 outbreak. The change will allow more contactless payments to be made reducing the … More...

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