• Recovery Funding: Gov to provide £20 million

    Recovery Funding: Gov to provide £20 million

    Small businesses in England are soon set to benefit from recovery funding. An additional £20 million in funding to help them recover from the coronavirus (COVID-19) pandemic. The government recently announced that small and medium-sized businesses will have access to recovery funding grants. These are between £1,000 and £5,000 to help them recover from the […]

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  • Coronavirus Job Retention Scheme changes from 1 Sept

    Coronavirus Job Retention Scheme changes from 1 Sept

    As of the 1st September, changes will be made to the Coronavirus Job Retention Scheme. Initially, employers were able to claim back 80% of an employee’s usual wage up to a cap of £2,500. However, from September, this will be reduced to 70% and up to a cap of £2,187.50 per month for the hours […]

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  • Overclaimed COVID-19 Grants: 90 days to notify HMRC
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    Overclaimed COVID-19 Grants: 90 days to notify HMRC

    The Institute of Chartered Accountants in England and Wales (ICAEW) has warned taxpayers that they have 90 days to notify HMRC of overclaimed coronavirus (COVID-19) grants. The 90-day period to inform HMRC of any overclaimed amounts is now law: Finance Act 2020 recently received Royal Assent, which confirms the taxability of the Coronavirus Job Retention […]

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  • CBILS: More firms to benefit following changes

    CBILS: More firms to benefit following changes

    New changes to state aid rules mean that more small businesses can benefit from the government’s Coronavirus Business Interruption Loan Scheme (CBILS). As a result of EU rules, previously small firms in the ‘undertakings in difficulty’ category were unable to make use of the CBILS. From 30 July businesses in undertakings in difficulty with a […]

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  • Job Retention Bonus: The Overview

    Job Retention Bonus: The Overview

    The government is introducing a new Job Retention Bonus to reward and incentivise employers who retain their furloughed employees rather than make them redundant. The Coronavirus Job Retention Scheme (CJRS) has so far supported over one million employers to protect over 9 million jobs. The scheme which started in March will wind down flexibly and […]

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  • Self-employment Scheme: HMRC updates guidance

    Self-employment Scheme: HMRC updates guidance

    HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants. The tax authority has published a number of examples that show when a business has been ‘adversely affected’ and meets the criteria for the first and second grants. Those self-employed individuals (including those trading as a […]

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  • Government extends furlough scheme for parents on statutory leave

    Government extends furlough scheme for parents on statutory leave

    The government has extended the Coronavirus Job Retention Scheme (CJRS) / furlough scheme for parents on statutory maternity and paternity leave. The Treasury recently announced that parents who are returning to work over the coming months will be eligible for the CJRS despite the scheme closing to new entrants on 30 June. Individuals on adoption […]

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  • Coronavirus Job Retention Scheme: Deadline looming

    Coronavirus Job Retention Scheme: Deadline looming

    HMRC has reminded employers who intend to furlough an employee for the first time using the Coronavirus Job Retention Scheme. That the deadline to do so is approaching fast. The Coronavirus Job Retention Scheme (CJRS) will be closed to new entrants from June 30. In order for the minimum three-week furlough period to be completed by […]

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  • Job Retention Scheme: Chancellor announces changes

    Job Retention Scheme: Chancellor announces changes

    Chancellor Rishi Sunak has announced changes to the government’s Job Retention Scheme (JRS), which will be slowly wound down over the next few months. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. Furloughed staff will continue to get 80% of their salary throughout until […]

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  • Tax-Free Childcare: Government makes temporary changes

    Tax-Free Childcare: Government makes temporary changes

    The government has made temporary changes to its Tax-Free Childcare (TFC) scheme as a result of the coronavirus (COVID-19) pandemic. The temporary changes to the eligibility criteria for Tax-Free Childcare and the 30 hours free childcare scheme are designed to help families during the COVID-19 lockdown. The changes affect individuals who are on furlough; those […]

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