Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received furlough grants under the Coronavirus Job Retention Scheme, these were liable to […]
Category Archives: Corona Virus
14
Oct
Oct
HRMC has issued an order to seize £26.5m worth of cash allegedly obtained fraudulently through the furlough scheme from ‘non-existent’ businesses run by an ‘entrepreneur’. On Monday, Cardiff Magistrates Court District Judge Shoman Khan granted HMRC a forfeiture order over five Nationwide building society accounts. Judge Khan described the amounts involved in the case as […]
07
Jan
Jan
We have now entered into the 3rd Lockdown and the Government has acknowledged the impact by announcing new Financial Aid via different schemes. The nature of this support to businesses is implemented in many different ways. Bounce Back Loan Scheme (BBLS) Many business owners are familiar with Bounce Back Loan since early 2020. This scheme […]
06
Jan
Jan
We have now entered into the 3rd Lockdown and the Government has acknowledged the impact by announcing new Financial Aid via different schemes. The nature of this support to businesses is implemented in many different ways. 1 Self Employment and Universal Credit This financial support package helps with living costs. You can get it if […]
06
Jan
Jan
We have now entered into the 3rd Lockdown and the Government has acknowledged the impact by announcing new Financial Aid via different schemes. The nature of this support to businesses is implemented in many different ways. 1. Additional Restrictions Grant (ARG) This is a council-led grant to support closed businesses that don’t directly pay business […]
26
Oct
Oct
A – Job Support Scheme – JSS replaces Furlough Since March 2020, there are several financial aid measures declared by the UK Government. On 22 October 2020, UK Chancellor has announced a revised financial aid package for businesses. Here is a quick simplified summary. On 31 October 2020, the current “Furlough” scheme ends and a […]
30
Sep
Sep
The government has announced the Second stage of the Self-Employed Income Support Scheme since 17 August 2020. Key points: In the first round, the Government grant was 80% of the average of three months of trading profits, up to a maximum of £7,500 (average £2,500 per month). The second grant is up to 70% of […]
29
Sep
Sep
On 31 October 2020, the current “Furlough” scheme ends and a new initiative called “Job Support Scheme” starts. Initially, we were informed that Furlough is a very simple scheme but in fact, it was complex and needed expert knowledge and the tools to deliver. From 01 July 2020, it became more complex by adding “flexible […]
07
Apr
Apr
We have now received further explanation from HM Revenue & Customs regarding the 80% Job Retention Scheme eligibility. This is the most detailed clarification to date. Though it’s far from Yes or No, this is the best we could expect in the current circumstances. Who is eligible? director of a company already on payroll with […]
29
Mar
Mar
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. Who can apply? You can apply if you’re a self-employed individual or a member of a partnership and you: have […]
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