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…
Read more → Self-Employment Income Support Scheme – Second GrantHelp 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…
Read more → Help and Support for Businesses and Individuals – UpdateExemption 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…
Read more → Exemption for Reimbursed Home Office EquipmentBounce 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…
Read more → Bounce Back LoansSupport 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…
Read more → Support FinderHR 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…
Read more → HR SupportProcedures for a company that has ceased to trade If your company has ceased to trade, you can apply to get it struck off the Companies House Register if the following conditions are met by the company: It has not traded or sold off any stock in the last 3 months It has not changed…
Read more → Procedures for a company that has ceased to tradeCompany Pre and Post Year-End Planning Notes As your company approaches its year-end, you should bear in mind that the profit declared in the final accounts will be liable to Corporation Tax (currently at a rate of 19%) payable 9 months after the end of the year. There are certain items that you should perhaps…
Read more → Company Pre and Post Year-End Planning NotesExpense claims for the self-employed You can claim tax back on some of the costs of running your business, or what HMRC calls ‘allowable expenses’. These appear as costs in your business accounts and will be deducted from the profit that you pay tax on. In other words, expenses can reduce the average sole trader…
Read more → Self employed expensesCroner Taxwise have issued the following notes in respect of the recovery of VAT incurred prior to VAT registration: The entitlement to recover VAT on stock and assets on hand at registration as if it were input tax is contained in regulation 111 of the VAT regulations 1995. In the case of a limited company…
Read more → Recovery of VAT prior to VAT registration
