September 2020

News Posted

Pay as You Grow

25th September 2020
In anticipation of further cashflow difficulties, Rishi Sunak has tinkered with various loan schemes to allow for more time and greater flexibility in repayment. It has been announced today that the application deadline for all four major COVID loan schemes (Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme...

VAT and Self Assessment Payment Extensions

24th September 2020
VAT It has been confirmed today that the payment of the suspended VAT quarter (the VAT quarter due in March to June 2020) which was previous due for repayment by end of March 2021 can now be repaid by way of 11 equal instalments over the tax year 2021/2022 in order to avoid businesses suffering...

Business Interruption Insurance

23rd September 2020
Light at the end of the tunnel? The insurance world has been in a state of limbo since the beginning of lockdown as insurers reviewed policy claims and the application of business interruption clauses to the current situation. Due to the enormity of the impact COVID could potentially have on the insurance industry it has...
Kickstart Scheme

Kickstart Scheme

22nd September 2020
Job Placements for those aged 16-24 As of 14 September, UK businesses have been able to apply for funding from the Kickstart Scheme to provide a 6 month placement for young people who are currently on Universal Credit and at risk of long-term unemployment. The scheme will cover 100% of the employment costs for a...

Families, Gifts and Tax?

8th September 2020
Your son is struggling with his finances and has come to you for some help. You have been paying some of his household bills until he gets back on his feet. But what are the tax consequences that you and your son should consider? Inheritance tax expert Brona MacDougall provides the answers. You may have...

Preserving ‘Furnished Holiday Letting’ status

7th September 2020
You own and let several holiday lodges but you are now approaching retirement and are planning to sell off the properties in the next few years. Could coronavirus cause a nasty tax trap for you and how can you avoid this? Stuart Hair takes a closer look. If your properties qualify as furnished holiday lettings...

Act now on furlough errors

3rd September 2020
HMRC will be seeking to recover all wrongly claimed furlough payment grants. However, employers who have made innocent mistakes in their claims have been given time to rectify their errors. When must you act by? Lauren Herbert provides the very latest advice. Thousands of employers applied for furlough payment grants under the Coronavirus Job Retention...