If you are eligible, payments under the above scheme are due to be made by HMRC next month, June 2020. Readers who need financial support at an earlier date can still apply for Universal Credits as an interim measure. Who can claim under SEISS? To qualify for a payment under SEISS you will need to be a self-employed individual or a member...
Coronavirus Business Interruption Loan Scheme
There has been considerable commentary in the media about this support initiative as business owners - struggling to cope with the reduction in their cash resources due to the COVID-19 outbreak – are finding it difficult to secure support from their bank. Readers will be encouraged by the Chancellor’s recent comments when he confirmed that personal guarantees should not be requested...
Claiming Child Benefits for new-borns
General Register Offices are currently operating with reduced capacity and with government guidance to social distance and stay at home, new parents are advised not to visit them. They can however still claim Child Benefit without having to register their child’s birth first to ensure that they do not miss out. If they already claim Child Benefit, they can complete the...
Companies House support for ailing businesses
The following announcement was recently made by Companies House: Businesses will be given additional support to help them meet their legal responsibilities under changes announced today (16 April 2020). Companies House will temporarily pause the strike off process to prevent companies being dissolved. This will give businesses affected by the coronavirus outbreak the time they need to update their records and help...
Tax Diary May/June 2020
1 May 2020 - Due date for corporation tax due for the year ended 30 July 2019. 19 May 2020 - PAYE and NIC deductions due for month ended 5 May 2020. (If you pay your tax electronically the due date is 22 May 2020). 19 May 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 May...
Tax Diary May/June 2020
1 May 2020 - Due date for corporation tax due for the year ended 30 July 2019. 19 May 2020 - PAYE and NIC deductions due for month ended 5 May 2020. (If you pay your tax electronically the due date is 22 May 2020). 19 May 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 May...
Muras Matters: Coronavirus Bounce Back Loan Scheme Launches Today
Background The new Bounce Bank Loan Scheme is available to provide financial support to UK businesses that have been disrupted by the Coronavirus (COVID-19) outbreak, and eligible businesses can benefit from loans of up to £50,000. The government will guarantee 100% of the loan, with no fees or interest payable for the first 12 months. The scheme has now been officially launched...
Coronavirus – Business update 4 May 2020
Low interest rates announced for Bounce-Back Loan Scheme (BBLS) This new scheme announced last week, was the subject of a letter from the Chancellor (1 May 2020) to the accredited lenders who have been instructed to facilitate the scheme since 4 May 2020. In his letter he said: In my statement to the House of Commons on Monday I announced the government’s intention...
Do not forget to file returns for benefits and expenses
Aside from the plethora of schemes to support businesses during the coronavirus disruption, employers should not forget that there is a raft of filing obligations that still need to be met. This post lists the various employer reporting obligations regarding employee benefits and expenses for 2019-20. The following table is reproduced from the government website: What you need to do Deadline Submit your P11D...
Aggressive rent collection to be banned
High street shops and other companies under strain will be protected from aggressive rent collection and asked to pay what they can during the coronavirus pandemic. In a recent press release a government spokesperson said: “The majority of landlords and tenants are working well together to reach agreements on debt obligations, but some landlords have been putting tenants under undue pressure by...