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15 May '20One million apply to self-employed grant scheme in 48 hours
Continue readingA million self-employed workers whose income has been hit by the coronavirus (COVID-19) pandemic made 440,000 applications for government grants during the first 48 hours of the scheme being open. In total, claims of over £1.3 billion were made by 440,000 individuals through the Self-employment Income Support Scheme (SEISS) on 13 May, according to the […]
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15 May '20Tax-Free Childcare: Government makes temporary changes
Continue readingThe 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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11 May '200 RepliesHMRC updates process for obtaining Government Gateway ID
Continue readingHMRC has updated the process for acquiring a Government Gateway ID for its Self-employment Income Support Scheme (SEISS). The Revenue stated that it has changed the process by which it allows taxpayers to create Government Gateway IDs in order to avoid delays. HMRC is advising individuals who need to create a Government Gateway ID to […]
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06 May '200 RepliesCoronavirus Self-Employment Income Support Scheme
Continue readingHMRC has started to contact individuals who may be eligible for its coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS). Individuals who are eligible will be able to claim a taxable grant worth 80% of their average trading profits, up to a maximum of £7,500. This will be paid in a single installment, according to HMRC. […]
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06 May '200 Replies
Bounce Back Loan Scheme: Over 110,000 apply
Continue readingMore than 110,000 small businesses applied for a Bounce Back loan on 4 May, the first day the scheme was available. Banks providing the loans said they had approved the vast majority of applications and said the money would arrive in bank accounts within 24 hours. The average loan size was £30,000. The Bounce Back […]
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04 May '20Government changes Lifetime ISA rules
Continue readingThe government has altered the Lifetime ISA rules to help those adversely affected by the coronavirus (COVID-19) pandemic. Individuals who wish to access their Lifetime ISA funds early will no longer face an additional withdrawal charge as a result of a temporary rule change. The Lifetime ISA is available to adults under the age of […]
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01 May '20Business leaders eager for lockdown to ease, says IoD
Continue readingAccording to the Institute of Directors (IoD), business leaders are eager for information on how and when the coronavirus (COVID-19) lockdown will ease as fears grow over the long-term outlook for the UK economy. A survey of 1,000 directors carried out by the IoD showed that confidence is at a record low. The survey asked […]
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30 Apr '200 RepliesLenders relax evidence requirements for CBILS applications
Continue readingThe UK’s seven largest small business lenders have relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS). The seven small business lenders will use their own information when processing and approving applications, rather than relying on businesses providing forecasts and business plans. In a joint statement, the seven lenders and […]
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30 Apr '20Self-Employed Support: New mothers & over 60s most likely to miss out
Continue readingNew mothers and the over 60s are amongst the groups most likely to miss out on the government’s Self-employment Income Support Scheme (SEISS), according to the Association of Independent Professionals and the Self-Employed (IPSE). Research conducted by the IPSE revealed a 156,000 increase in the number of self-employed people over the last year. This total […]
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29 Apr '20CIPD urges government to make Coronavirus Job Retention Scheme more flexible
Continue readingThe Chartered Institute of Personnel and Development (CIPD) has urged the government to modify the Coronavirus Job Retention Scheme (CJRS) and make it more flexible so that furloughed employees are allowed to carry out work on reduced hours for their existing employer where possible. The CIPD stated that making the scheme more flexible could help […]
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