Mini Summer Budget 2020
Mini Summer Budget 2020 Yesterday’s budget by the Chancellor of the Exchequer outlined plans to support, protect and create jobs. The government plans to do this by focusing on assisting workers to find work and gain experience, raising demand in the hospitality sectors and increasing infrastructural development to create more jobs. We have put together […]
Bounce Back Loan/Business Interruption Loan Scheme
The Bounce Back Loan was introduced by the government to help small businesses access financing easily during the Coronavirus. It is a 100% state backed loan where businesses and self employed workers can access up to £50,000 loan, and the first 12 months of its receipt, it is interest free and the business owners are […]
Self-employment Income Support Scheme
Self-employment Income Support Scheme The government introduced the Self-employment Income Support Scheme to help self-employed workers cope with the impact of Coronavirus on their businesses. The government has pledged to pay up to 80% of the average monthly trading profit to the maximum of £2500 per month over three months starting from March 2020, […]
Coronavirus Job Retention Scheme
Coronavirus Job Retention Scheme To help businesses cope with the effects of the coronavirus on businesses, the government introduced the Coronavirus Job Retention Scheme (Furlough). Here, instead of businesses letting go of staff, they are able to claim up to 80% of their employee’s gross salary from HMRC. The scheme will be closed to new […]
IR35 Private Sector Deferment
IR35 Private Sector Deferment As you may be aware that the government has now postponed the IR35 to the Private sector until next year in response to COVID-19. Close to the time, we would let you know if there are any further changes. For more information, please click the link below: https://www.gov.uk/government/news/off-payroll-working-rules-reforms-postponed-until-2021 The Government Support […]
Are you ready for the new VAT Reverse Charge for Construction Industry?
Are you ready for the new VAT Reverse Charge for Construction Industry? The new domestic reverse charge being introduced From O1 October 2020., the aim is to prevent VAT fraud in the building and construction industry sectors. The changes will result in business making payment for construction services now responsible for self-accounting for VAT return. […]
