News by Category

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...

Job Support Scheme

24th September 2020
The Job Support Scheme is the last gasp of what was the Coronavirus Job Retention Scheme. It is a government contribution to wages for employers who are suffering from decreased demand due to Coronavirus. Rishi Sunak has carefully chosen here to continue to support only viable jobs. In order to qualify for support the employee...

Self Employed Income Support Scheme Extension

24th September 2020
The Self Employed Income Support Scheme is being extended until 30 April 2021. As before this will be paid out in 2 grants, each of which will cover a three month period. The eligibility criteria are slightly different to the earlier incarnation of this scheme. You must: • be currently eligible • be actively continuing...

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...

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...
Are you ready for SEISS checks

Are you ready for SEISS checks?

11th August 2020
You claimed a Self-Employment Income Support Scheme (SEISS) grant. Whilst it wasn’t too difficult to qualify, it is important to know that HMRC will be checking claims further down the line. What records will you need to back up your claim? Partner Brona MacDogall advises. More information about record keeping for the Self-Employment Income Support...
Taking salary again, Business Management

Taking salary again?

10th August 2020
Because of the pandemic, you have not drawn salary from your company for the last three months because its income was significantly reduced. The situation is now improving and you’re restarting your salary next month but is it worth paying yourself the arrears? Bob Johnstone looks at the implications. If you are one of the...
Remote working and VAT

Remote working and VAT

7th August 2020
The Coronavirus crisis has identified that some employees are able to work from home in the long term, but what is the position on reclaiming VAT on remote working allowance for staff? VAT expert John Craig finds out with the following example. You have agreed to pay remote working employees up to £1,000 to pay...

Hospitality businesses VAT reduction and Eat Out to Help Out

27th July 2020
In the Chancellor’s Summer Statement of 8 July measures were announced to support businesses affected by the enforced closures and social distancing measures necessitated by the COVID-19 pandemic. In order to protect jobs in the hospitality and tourism sectors the government has: • Extended the services to which the 5% reduced rate of VAT can...