HMRC have recently published a press release entitled “Just 100 days left for Self -Assessment”. Before readers make the obvious connection, that this heralds the end of tax returns in the UK, it is purely a reminder that 2019-20 Self-Assessment returns need to be filed by 31 January 2021. Gathering together the information to complete your return may have been a long...
The Job Support Scheme options – open and closed
The revised Job Support Scheme (JSS) announced in the last few days comes in two varieties: Open and Closed. JSS Open Businesses in Tier 2 areas, that suffer the restrictions to sociability rules, never-the-less are not required to close. This is an insidious outcome for these traders, particularly those in the hospitality sector, as they may not be able to generate enough...
Muras Matters: Coronavirus (COVID-19): Changes to the Job Support Scheme and Support for the Self-Employed
Background Last week the Government announced further changes to the Job Support Scheme (JSS) in order to provide increased support to businesses experiencing difficulties as a direct result of coronavirus restrictions. When originally announced, the JSS involved employers paying a third of employees’ wages for hours not worked, and required employees to work 33% of their normal hours. The changes announced by...
Export Growth Plan to help businesses
A package of measures to help businesses in England build back better following the pandemic was recently announced by the Government. The Department for International Trade’s (DIT) Export Growth Plan provides additional financial support and expertise, some of which is targeted towards specific regions that are most in need. The plan includes a £38 million Internationalisation Fund for small businesses, which will...
Planning a new business?
If you are starting to give serious consideration to setting up your own business one of the issues you will need to consider is the type of business structure that best fits your planned business activity. How risky is your business? All business activity involves a certain degree of risk. Many of these risks can be covered by taking out an insurance...
New Freeports to complement post-Brexit trade
The government has outlined new plans for Freeports to turbo-charge post-Brexit trade. Details have been released that assert a number of new freeports are being planned across the UK. The first new Freeport is on track to open by the end of 2021. Responding to the consultation on the proposals the government confirmed that sea, air and rail ports in England...
New rules for debt letters
The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result of new rules proposed by the Treasury last week. The aim is to reduce stress and anxiety that borrowers may experience if they are unable to keep up with repayments and have concerns that they will...
Extension of the Job Support Scheme
This extended support will be available to businesses across the UK that are required to close their premises due to coronavirus restrictions. Businesses required to close as a result of specific workplace outbreaks by local public health authorities are not eligible to claim under this extended JSS scheme. To make a claim, employers must have a UK bank account and be registered...
Muras Matters: Coronavirus (COVID-19): Expansion of Job Support Scheme
Background Last week the Government announced an expansion of the Job Support Scheme (JSS) to provide temporary support to businesses whose premises are legally required to close as a direct result of coronavirus restrictions. An increase in cash grants for business required to close as a result of local lockdowns of up to £3,000 was also announced. Detail Expansion of Job Support Scheme Under the...
Have you over-claimed for COVID related support grants?
Readers who may have inadvertently over-claimed grants, the furlough scheme for example, should remedy the situation before HMRC start pro-actively investigating claims. The Finance Act 2020, contains an amnesty for notifying HMRC of any errors or overclaims within 90 days of the later of: any tax charge being payable due to the overclaim and the date of Royal Assent of the Act. As such,...