No time for head in the sand tactics
Companies that are still claiming the Coronavirus Job Retention Scheme grants, now known as the furlough scheme, will have hard choices to make come the end of September when the present scheme ends.
Unless business activity picks up between now and September a significant number of those on
Holiday update
As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out bank holiday dates for the UK regions for the rest of this year.
England and Wales – 2021
Date
Day
Holiday
31 May
Monday
Spring bank holiday
30
Taxing your car
The instructions to tax your car on the GOV.UK website is reproduced below:
To tax your car, motorcycle or other vehicle you will need to use a reference number from:
a recent reminder (V11) or ‘last chance’ warning letter from DVLA
your vehicle logbook (V5C) – it must be in your name
the
COVID support grants that are taxable
We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are treated as income where the business is within the scope of either Income Tax or Corporation Tax.
This
Recovery Loan Scheme
The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December 2021 (subject to review).
The scheme is intended to provide further
Treasury directive re fourth SEISS grant
HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS). The new Direction mainly deals with the expansion of the SEISS from 1 February 2021 to 30 April 2021,
Vaccine for your business
There is a poignant similarity between the effects of COVID on us personally and our businesses.
Thankfully, the possible dire consequences of catching the Coronavirus bug are being countered by a variety of vaccines. Fingers crossed that these will ease the pressure on the NHS and minimise the
A reminder that not all costs are costs…
Costs are defined as something that has to be paid or spent to acquire something. Costs include the acquisition of:
An object, say material required to convert into saleable goods.
A service, for example, sub-contact labour or
A right, the rates you pay to occupy business premises.
In your
Repaying overclaimed SEISS grants
Self-employed individuals (including partnerships) who have overclaimed the Self Employed Income Support Scheme (SEISS) must pay back the overpayment to HMRC. The rules for repaying HMRC state that you must tell HMRC if you were not eligible to have claimed the grant.
For example:
for the first
New support for High Streets and sea-side towns
As lockdown measures begin to be eased, a new package of support measures to help high streets and coastal areas across England has been announced by the Communities Secretary Robert Jenrick. The support will be delivered via a new £56 million Welcome Back Fund.
The new funding will help councils