Self-Employment Income Support Scheme – Second Grant HMRC’s second Self-Employment Income Support Scheme grant is opening for eligible people to claim. This week HMRC are writing to self-employed people who may be eligible. The scheme will open for claims on 17 August and customers have been given a date to make a claim. They can…
Help and Support for Businesses and Individuals – Update The Chancellor has recently announced the introduction of some new measures to support business and individuals, together with some changes to the existing schemes in place. Coronavirus Job Retention Scheme (CJRS) From 1 July, you can claim a more flexible grant for any employee you…
Exemption for Reimbursed Home Office Equipment The government is introducing a year-long exemption that means employers will not have to pay tax or national insurance contributions (NIC) on reimbursement of staff expenses for home office equipment purchased to enable them to work from home during the COVID-19 crisis. In a written statement , Jesse Norman, The Financial…
Bounce Back Loans The Chancellor has announced a simplified loan arrangement for smaller businesses, known as ‘Bounce Back’ loans. Amounts available between £2,000 – £50,000 Limited to no more than 25% of the business turnover Interest free for 12 months Fully guaranteed by the Government, therefore no excuse for the bank to place onerous constraints…
Support Finder In an effort to help businesses locate (amongst all the recent announcements) help that may be available, the Government has set up a ‘support finder tool’, which hopefully may provide some clarity as to what clients can / cannot claim. Please see the link below: https://www.gov.uk/business-coronavirus-support-finder
Further details on the Coronavirus Job Retention Scheme Set out below are the rules as they are currently understood (summarised from notes provided by ICAEW), however it must be stressed that further guidance is awaited and therefore the following comments are provisional and may change. For sole director/shareholder owner-managed limited companies Not treated as self-employed…