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Job Retention Bonus

On 8 July 2020 Chancellor of the Exchequer, Rishi Sunak, announced the Job Retention Bonus.  The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the Coronavirus Job Retention Scheme (CJRS), and who remains continuously employed through to 31 January 2021. Details about the…Read More

£20million in New Grants to Boost Recovery of Small Businesses

As part of the Government’s continuing appraisal of the impact of COVID-19, the Minister for Regional Growth and Local Government, Simon Clarke MP, has announced £20 million of new funding to help businesses across England get back on track. Small and medium sized businesses will have access to grants of between £1,000 – £5,000.  These…Read More

VAT: reduced rate for hospitality, holiday accommodation and attractions

The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: •             Hospitality A supply food and non-alcoholic beverages for consumption on your premises, between 15 July 2020 and 12 January 2021 you will only need to charge 5%.…Read More

Eat Out to Help Out Scheme

The Eat Out to Help Out scheme registration opens today (Monday 13th July) for eligible businesses. You can register for the scheme here. The scheme allows you to offer a 50% discount, up to a maximum of £10 per person to diners for food or non alcoholic drinks to eat or drink in and to…Read More

Guide: Changing the VAT Rate

The UK Government has announced that the rate of VAT applied on most tourism and hospitality-related activities will be temporarily cut from 15 July 2020 to 12 January 2021.  The rate of VAT changes from 20% to 5%.  We have put together this guide on how to apply the new rate of VAT.   Calculation…Read More

Summer Economic Update

Rishi Sunak, UK Chancellor of the Exchequer, has announced a host of new measures designed to mitigate the impact of the COVID-19 pandemic by encouraging job creation and customer spending.  The Summer Economic Update made on Wednesday 8 July included the following schemes: Job Retention Bonus Kickstart Scheme Reduced Rate VAT Stamp Duty Cut Eat Out…Read More

Working in the New World – with cloud-based accounting software

COVID-19 has shown business owners and employees that working remotely, from home or elsewhere, is not only possible but in many cases, has many advantages. Remote working applies to servicing clients and for many has been keeping businesses running on a day to day basis. Maintaining business finance is a key part of running a…Read More

Flexible Coronavirus Job Retention Scheme

As we move into July the new Flexible Coronavirus Job Retention Scheme begins and HMRC has issued guidance on how to pay all or some of your grant back if you’ve overclaimed through the Coronavirus Job Retention Scheme.  There are also some important July dates to remember if you are claiming grants through the Self-Employment…Read More

Vat Deferral and Direct Debits

Deferral of VAT Payments To ensure VAT payments were not made in error during the VAT deferral period, VAT registered businesses were advised to cancel their direct debit mandate with HMRC if they exercised the option to defer VAT payments. Businesses who cancelled their direct debit now need to take steps to reinstate their direct…Read More

Tackle your Tax Return Early!

Our advice for any business, and especially if you’ve just completed your first year’s trading, is to start preparing your annual tax return as early as possible. As soon as the tax year ends, we can work with you to prepare your year-end accounts and tax return. How does this benefit you? By getting ahead,…Read More

Domestic reverse charge VAT for construction services – further delay to 2021

The UK Government announced a further delay of the implementation of domestic reverse charge VAT for construction services.  This further delay has been allowed to help businesses overcome the effects of the coronavirus pandemic and give them more time to prepare. The implementation of domestic reverse charge VAT for construction services has been delayed until…Read More

Coronavirus Job Retention Scheme – Important dates

At the end of May the UK Government announced an extension to the Coronavirus Job Retention Scheme.   The extension to this scheme created important dates that employers should be aware of. Important Dates 10 June – this is the last day on which someone who has never been furloughed before can start a period of…Read More

Self-Employment Income Support Scheme

Daily updates and publications continue to be provided by the UK Government as lockdown restrictions are gradually eased. Updates have been announced for the Self-Employment Income Support Scheme and the Local Authority Discretionary Grants Fund. Useful links to UK Government guidance and our previous updates can be found at the end of this article. Self-Employment…Read More

Coronavirus Job Retention Scheme Extension

The UK Government has made several announcements over the past few days including relaxing of the lockdown restrictions, opening of non-essential shops, resumption of sporting activities, and updates on financial measures.  Daily updates and publications on these changes continue to be provided by the UK Government. Updates on financial measures were announced for the Coronavirus Job…Read More

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