Government publishes revised Coronavirus Job Retention Scheme legislation
The government recently published revised legislation on the Coronavirus Job Retention Scheme (CJRS). On 22 May, Chancellor Rishi Sunak altered CJRS legislation to reflect the extension of the scheme. On 12 May, the Chancellor announced an extension to the CJRS until the end of October and confirmed that employees will continue to receive 80% of […]
Coronavirus Statutory Sick Pay Rebate Scheme goes live
On 26 May, HMRC opened up its Statutory Sick Pay (SSP) rebate claim service. Eligible employers are able to recoup up to two weeks’ worth of SSP payments made to employees off work for coronavirus (COVID-19)-related reasons since 13 March 2020 (16 March 2020 if the employee was shielding). This is an ongoing scheme for […]
Research shows 5.2 million people have fallen victim to scams during coronavirus crisis
Research carried out by insurer Canada Life has revealed that 5.2 million people in the UK have fallen victim to scams during the coronavirus (COVID-19) pandemic. Canada Life’s research showed that the most common financial scams are banking scams, followed by insurance scams and pensions scams. Victims lost an average of £566 per scam, the […]
IPSE gives cautious welcome to extension of self-employed scheme
The government’s decision to extend COVID-19 support for self-employed workers has met with a cautious welcome from the Association of Independent Professionals and the Self-Employed (IPSE). Chancellor Rishi Sunak has announced that the Self-Employment Income Support Scheme (SEISS) will run again in August. In August, those eligible under the SEISS will be able to claim […]
Chancellor announces changes to Job Retention Scheme
Chancellor Rishi Sunak has announced changes to the government’s Job Retention Scheme (JRS), which will be slowly wound down over the next few months. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. Furloughed staff will continue to get 80% of their salary throughout until […]
Manufacturers call for coronavirus support
The coronavirus crisis has left many manufacturers on a cliff edge and in need of government intervention, Make UK has warned. The industry body says that as COVID-19 is putting a growing number of firms on the brink of collapse as production levels continue to fall. In response, Make UK is asking the government to […]
Over £31 billion borrowed through coronavirus schemes
Over £31 billion has been borrowed through the government-backed schemes that are providing business support during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 745,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large […]
Strong economic recovery likely, but not certain
A strong economic recovery following the coronavirus pandemic is likely although many risks and uncertainties remain, according to a report from Oxford Economics. The report, which was commissioned by the ICAEW, predicts that the economy should return to growth in the second half of the year if the lockdown continues to be relaxed over the […]
One in five highly skilled freelancers face business closure to COVID-19
A fifth of highly skilled freelances face having to close their business due to the impact of the coronavirus pandemic, according to research from the University of Edinburgh Business School. The study, which surveyed over 1,400 highly skilled freelancers, found that three quarters of them had lost income, with an average drop of 76%. As […]
HMRC delays VAT reverse charge on construction services
HMRC has announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the coronavirus (COVID-19) pandemic on the sector. The change will now apply from 1 March 2021 and will overhaul the way VAT is payable on building and construction invoices as part of […]