More firms to benefit from CBILS following changes to loan rules
Changes to state aid rules mean that more small businesses can benefit from the government’s Coronavirus Business Interruption Loan Scheme (CBILS). As a result of EU rules, previously small firms in the ‘undertakings in difficulty’ category were unable to make use of the CBILS. From 30 July businesses in undertakings in difficulty with a turnover […]
FSB calls for further help for employers as furlough wind-down begins
The Federation of Small Businesses (FSB) has called for the government to provide further help to employers as the Coronavirus Job Retention Scheme (CJRS) begins to be wound down. From 1 August, employers have to pay national insurance contributions (NICs) and pension contributions for furloughed employees. Starting from this date the level of the grant […]
Ensure interaction between VAT and Eat Out to Help Out is understood, ICAEW urges
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged businesses to ensure that they understand the interaction between VAT and the government’s Eat Out to Help Out scheme. The new Eat Out to Help Out discount is applicable to food and/or non-alcoholic drinks purchased for immediate consumption on premises, up to a […]
ICAEW warns taxpayers have 90 days to notify HMRC of overclaimed COVID-19 grants
The Institute of Chartered Accountants in England and Wales (ICAEW) has warned taxpayers that they have 90 days to notify HMRC of overclaimed coronavirus (COVID-19) grants. The 90-day period to inform HMRC of any overclaimed amounts is now law: Finance Act 2020 recently received Royal Assent, which confirms the taxability of the Coronavirus Job Retention […]
Second round of grants for the self-employed opens
The Self-Employment Income Support Scheme (SEISS) has opened for applications for the second and final grant. Under the scheme, the government pays self-employed individuals a taxable grant based on an average of their earnings over the past three years. The grant covers up to 70% of earnings, up to a limit of £2,190 a month. […]
Lockdown grants welcome but more support needed, say business groups
The government’s announcement of new cash grants for businesses affected by local lockdowns has been welcomed by business groups, including the Confederation of British Industry (CBI) and the Federation of Small Businesses (FSB). Businesses in England that are required to shut because of a local lockdown will now be able to claim up to £1,500 […]
Chancellor outlines Winter Economy Plan
A new emergency jobs scheme will be introduced to protect jobs during the coronavirus (COVID-19) downturn this winter, Chancellor Rishi Sunak has announced. The Jobs Support Scheme, which will replace the furlough scheme when it ends on 31 October, will see workers get up to 77% of their normal salaries for six months. It aims […]