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…
HR Support As part of our service from Croner Taxwise, all clients who have opted to take out the insurance cover against professional fees incurred in the event of any HM Revenue & Customs enquiries receive telephone access to expert HR support. This service has been extended to include a dedicated Coronavirus team to guide…
SELF-EMPLOYED INCOME SUPPORT SCHEME The Chancellor has now announced the help that the Government will provide to the self-employed. The scheme will allow some self-employed clients to claim a taxable grant, initially for the next 3 months, but may be extended. You will qualify if you’re a self-employed individual, or a member of a partnership…