Wokingham Accountants
Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from today, the 17th of August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after 14 July 2020 can … Read more
To help employees out during the Covid-19 pandemic, employers may provide ‘hardship’ loans to employees. Where loans are provided, what are the tax implications? No special rules There are no special relaxations to deal with loans provided to help employees meet financial obligations during the Covid-19 pandemic; the usual rules for employment related loans apply. … Read more
HMRC may allow an appeal against a penalty if the taxpayer has a ‘reasonable excuse’ for why, say, they filed a return late or paid their tax late. A ‘reasonable excuse’ is something that prevented a taxpayer from meeting a tax obligation despite the fact that they took reasonable care. HMRC take a hard line … Read more
Various Covid-19 support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and flexibly furloughed employees are included … Read more
The new CJRS “Flexible furlough” grant scheme started yesterday, which will allow employers to gradually bring their furloughed employees back to work part-time. The new scheme will be in place until the end of October and the Government will gradually reduce the amount of grant towards employees’ furlough pay to 70% in September and 60% … Read more
From 1 July 2020, Businesses will have the flexibility to bring previously furloughed employees back to work part-time – with the government continuing to pay 80% of wages for any of their normal hours they do not work up until the end of August. Businesses can decide the hours and shift patterns that their employees … Read more
The government has launched a new online service for small and medium-sized employers to recover Statutory Sick Pay (SSP) payments they have made to their employees. Employers are eligible if they have a PAYE payroll scheme that was created and started before 28 February 2020 and they had fewer than 250 employees before the same … Read more
To help businesses struggling with their cashflow during the COVID-19 pandemic, VAT registered businesses can opt to defer the payment of VAT that becomes due between 20 March 2020 and 30 June 2020. This will cover returns for the quarter to 28 February 2020 (due by 7 April 2020), quarter to 31 March 2020 (due … Read more
Not all businesses are going to survive the next three months. For many businesses there is the reality of reduced or no sales for the next three or so months and even beyond if the Covid-19 virus remains. What you can do is stay healthy and ensure your loved ones are too. After all, if … Read more
