We are living in unprecedented and challenging times. For business owners, the change in circumstances and income have offered particular trials. In order to support our clients, we have undertaken to carry out Covid related work free of charge, we have provided timely updates explaining the detail of constantly changing legislation and how it affects business owners and the self-employed. Is your accountant doing the same? If you would like a free consultation to see how we can support you or your business, please contact us.
Many of us are experiencing changes to our employment situations at the current time, not all of them welcome. If you find yourself out of employment and are looking to start a new business, please get in contact with us, to find out how we can help you in the next phase of your career.
The Chancellor announced the anticipated extension to the income support scheme for the self-employed. It will now effectively run for another three months from June to August 2020. This is likely to be the final extension. This second tranche will be at the reduced level of 70% of average profits, down from 80%, and the monthly cap is reduced from £2,500 to £2,190. So if you have received a grant for the first three months, the amount you will get this time will be 87.5% of that. If you didn’t make a claim for the first three month period, this does not exclude you from making a claim for this second period.
Please note that your business must have been adversely affected by coronavirus after 14 July 2020 to be able to access this second tranche of funding.
The deadline for making a claim for the first three months March to May 2020 has been set at 13 July 2020.
From 1 July 2020 employers will be able to bring previously furloughed employees back part-time and still receive a grant for the time when they are not working. From 1 August 2020 employers will have to start contributing to the wages costs of furloughed staff and this contribution increases in September and October.
The scheme closes for new entrants from 30 June, so employees must have been furloughed from 10 June at the latest to qualify for future furlough claims. Please contact us for further information or assistance.
The furlough scheme, to help companies pay their staff whilst work has dried up due to coronavirus, went live on Monday. In just four days we have made eighty claims on behalf of clients which will release vital funding of £288,000 by the end of the month.
If you need help with a furlough claim or a self-employment income support claim, then please do get in touch.
It has been announced that the HMRC claim system will go live from Monday 20 April 2020, so if you haven’t been in touch yet about making a claim, contact us and see if we can help.
The Government has delayed controversial reforms to apply the off payroll working rules to the private sector from 6 April 2020. They will now apply from 6 April 2021. This was announced in the Commons last night by Chief Secretary to the Treasury Steve Barclay.
We wanted to let you know that, as the Coronavirus situation escalates, the majority of our team are now working from home and will be for the foreseeable future. We are operating business as usual but will be making some adjustments in line with recommendations given.
We will temporarily suspend face to face meetings and will be offering phone/video meetings instead. All staff are available if you call the office. Where possible documentation should be sent electronically via OpenSpace, Snap (our smartphone receipt App) or email to avoid hard copies being brought into the office. This will avoid unnecessary journeys and keep you and our team as safe as possible.
We will be keeping up to date with the latest advice regarding health and safety and of course any changes which may affect your business. Our website will be updated with the latest news.
If you have any specific concerns regarding the current climate and your business, please do get in touch.
Urgent action is required if you are letting a property that you previously lived in as your main residence. Changes are coming into effect from 6 April 2020 that mean that letting relief of up to £40,000 (per owner) will be lost and the final 18 month period of tax free status is being reduced to 9 months. These changes could increase the tax bill when you come to sell the property by over £25,000. Action can be taken which will avoid this extra tax but you must act now as the deadline is 5 April 2020. Contact us immediately if you are in this situation.
The 2020 budget date is just one week away on Wednesday 11 March. Speculation and rumours abound as to what it will include. We will be keeping a close eye on how it unfolds and will be sending out our budget update to inform you of changes that might affect you. Please contact us, if you would like to receive the update.