Two quarterly grants have been paid to UK self-employed traders that qualify for the Self- Employed Income Support Scheme (SEISS). These covered the periods up to 31 October 2020. The Chancellor has announced that two further quarterly payments will be made. Traders will still need to qualify for the payments and in particular: Have been previously been eligible for the SEISS first...
Current businesses subject to lock-down
We have reproduced below a list of businesses which must close during the period 5 November to 2 December 2020. Business based in England and required to close To reduce social contact, the regulations require some businesses to close and impose restrictions on how some businesses provide goods and services. These include: Non-essential retail, such as clothing and homeware stores, vehicle showrooms (other...
Muras Matters: Tax Relief – Working From Home
Background It has long been the case that where employees are required to work from home, they are able to claim tax relief to reflect any additional costs they incur as a result. This can broadly be done in one of two ways. HM Revenue & Customs (“HMRC”) will allow a claim of £6 a week from 6 April 2020 (for...
Are you eligible for Universal Credit?
What to do if you are placed in a financial position where you do not have sufficient income to meet your monthly outgoings and you are unable to find work to plug the gap. The main government assistance for those who find themselves in this position is to register for Universal Credits. The following notes from the GOV.UK website may help you...
Muras Matters: Coronavirus (COVID-19): Updates to the Furlough Scheme Extension
Background The Coronavirus Job Retention Scheme (CJRS) was originally due to end on 31 October 2020 and the Government had already announced a one month extension to December to coincide with the tighter Covid-19 measures in England. On Thursday last week the Chancellor, Rishi Sunak, announced a further extension to the furlough scheme until the end of March 2021. Once again, the...
Government financial support extended
Government financial support for UK businesses affected by the COVID pandemic have been extended in the past week. Thankfully, relief for employees of affected companies and the self-employed have been announced in tandem. A short summary of the main changes follows: Coronavirus Job Retention Scheme (CJRS) This furlough scheme will now be extended until the end of March 2021. Details released 5th...
Get ready for end of EU transition period
Government have recently promoted their online webinars that aim to support businesses who will be affected by the end of the EU exit transition period, 31 December 2020. Here’s what the Department for Business, Energy and Industrial activity have to say: Over 3,000 people have attended government webinars to help them get ready for the end of the transition period, with 86%...
Are you making the most of your accounts data?
Many of us have taken the step from manual to digital accounting systems. But are you making the most of features provided? Without a doubt, accounts software offers a wealth of reports many of which will likely be of limited use to businesses, however, many will be of use. There is a temptation to stick with the basics; am I making a...
Muras Matters: Coronavirus (COVID-19): Furlough Scheme Extended
Background Following the announcement on Saturday evening of the introduction of a further national lockdown the Government has confirmed that the Coronavirus Job Retention Scheme (CRJS), due to end on 31 October, will now be extended for a further month. Under the extension of the scheme the level of government support will return to the August levels whereby furloughed employees will receive...
Cash back at all shops
Brits will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced 15 October 2020. Under the government proposals, cashback without a purchase could be widely available from retailers of all sizes in local communities across the UK. Although cash use is declining, with people increasingly choosing cards, mobile and...