Apart from the main business and personal tax reliefs that have received publicity in the past few weeks, a number of supplementary support items have been introduced. We have highlighted two in this post. 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...
Tax planning options for 2020-21
The 6th April marks the beginning of a new tax, and for the coming year, unprecedented challenges. As with most things in life, problems are a necessary precursor to finding solutions. We have listed below a few reminders of the issues you may want to consider as worthy of including in your 2020-21 tax planning to-do list. We are all likely...
How to apply for a Business Interruption Loan
The British Business Bank has updated its guidance on how to apply for the recently changed Coronavirus Business Interruption Loan Scheme (CBILS). A summary follows; Who can you apply to? Most of the UK High Street banks can provide a CBILS loan facility. As your present bankers already know you and your business, for most businesses, making an application to your existing...
Muras Matters: Coronavirus (COVID-19) Scams
Background During the current period of ‘lock down’ many fraudsters, often claiming to be from HM Revenue & Customs (HMRC), are attempting to take advantage of the situation by targeting individuals with various scams. Given the many support packages recently announced by the Government, individuals are being targeted by bogus emails, texts and phone calls. One such scam in particular promises...
Dividends excluded from job support scheme calculations
When first announced as a news story, published by government 26 March 2020, information regarding the support scheme for the self-employed included a telling paragraph. It said: Those who pay themselves a salary and dividends through their own company are not covered by the scheme [the self-employed scheme] but will be covered for their salary by the Coronavirus Job Retention Scheme...
Muras Matters: Coronavirus (COVID-19) – Support for the Self-Employed and Other Updates
Background The past week has seen more announcements by the Government to help businesses and individuals as the Country continues to fight the Coronavirus (COVID-19). The main announcement made on Thursday 26 March 2020 was the Coronavirus Self-employment Income Support Scheme to provide financial support for the self-employed and members of partnerships in the form of a taxable cash grant. There has...
Muras Matters: Coronavirus (COVID-19) – Help and Support Available
Background As the Country continues to fight the Coronavirus (COVID-19), the Government are implementing new measures to help businesses and individuals. Emergency legislation is being brought forward however at this stage there is still little in terms of detailed guidance available. Summary measures Support for Businesses Job Retention Scheme; Under the scheme all UK employers will be able to access support to continue to...
Statutory Sick Pay (SSP)
Employers have been rightly worried about the cost of funding SSP for employees that are self-isolating or suffering from the COVID-19 virus. Especially as SSP is now due on day one of absences. The Chancellor has now confirmed that he will create a means for employers to recover any SSP paid for the first 14 days of sick leave. Additionally, employees who...
Business rates changes
In England The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000. Taken together with existing small business rate relief (which provides full relief for businesses using a single property with a rateable value of £12,000 or less), an...
Protecting cash flow – tax payments
It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite. Maintaining a strict control over your personal and business cash-flow is going to be a key decider in surviving this process. A major expenditure item is taxation whether that be VAT, PAYE/NIC, self-assessed liabilities or Corporation Tax. We suggest that...