Full details of the fifth Self-employment Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant, have now been published by HMRC.
Prime Minister Boris Johnson has said he expects the final stage of England’s coronavirus (COVID-19) lockdown roadmap to go ahead on 19 July.
The government’s Coronavirus Job Retention Scheme (CJRS) begins winding down from 1 July.
The four-week delay to the easing of lockdown in England has prompted business groups to call for further government support for businesses.
Many small businesses will soon be required to begin repaying loans taken out under the government’s Bounce Back Loan Scheme (BBLS).
The fifth Self-employment Income Support Scheme (SEISS) grant covering May 2021 to September 2021 will open to claims from late July, HMRC has confirmed.
The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse.
HMRC has confirmed it will be contacting potential claimants for the fourth Self-employment Income Support Scheme (SEISS) grant this month.
The 6 April start of the new tax year sees important fiscal and business changes come into effect, including the introduction of the new coronavirus (COVID-19) Recovery Loan Scheme (RLS).
Self assessment taxpayers must pay any outstanding tax liabilities in full or set up an online payment plan for the 2019/20 financial year by 1 April to avoid incurring penalty charges.
The government is to extend business rates relief with a £1.5 billion fund targeted at those businesses unable to benefit from the current coronavirus (COVID-19) support.
Budget 2021 announced a further extension of the Coronavirus Job Retention Scheme to 30 September 2021.
Budget 2021 announced a continuation of 100% business rates relief. Scotland and Wales have also made business rates relief announcements.
Budget 2021 confirmed details of the fourth Self-Employed Income Support Grant and announced the fifth and final grant.
Budget 2021 announced the introduction of Restart Grants.
Budget 2021 announced the introduction of a new government-guaranteed Recovery Loan Scheme.
Guidance published by HMRC states that employers and employees will not be liable for any income tax or national insurance contributions (NICs) on the costs of the test.
Borrowers of Bounce Back loans given six more months for repayments
Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced.
HMRC waives self assessment penalties for a month
Self assessment taxpayers will not be fined for late online returns if they file by 28 February, HMRC has said.
Chancellor unveils £4.6 billion lockdown grant package
Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.
Chancellor extends furlough scheme until end of April 2021
Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021.
Chancellor extends furlough scheme to end of March
Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of March 2021.
Furlough scheme extended and changed for new lockdown
The Coronavirus Job Retention Scheme (CJRS) has been extended until December 2020.
Chancellor increases financial support for businesses affected by COVID restrictions
On 22 October Chancellor Rishi Sunak announced increases to the coronavirus (COVID-19) financial support measures first outlined in the Winter Economy Plan.
Job Support Scheme expanded for local lockdowns
The government’s Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors due to local lockdowns.
Lockdown grants welcome but more support needed, say business groups
The government’s announcement of new cash grants for businesses affected by local lockdowns has been welcomed by business groups.
Second round of grants for the self-employed opens
The Self-Employment Income Support Scheme (SEISS) has opened for applications for the second and final grant.
ICAEW warns taxpayers have 90 days to notify HMRC of overclaimed COVID-19 grants
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.
Ensure interaction between VAT and Eat Out to Help Out is understood, ICAEW urges
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged businesses to ensure that they understand the interaction between VAT and the government’s Eat Out to Help Out scheme.
FSB calls for further help for employers as furlough wind-down begins
The Federation of Small Businesses (FSB) has called for the government to provide further help to employers as the Coronavirus Job Retention Scheme (CJRS) begins to be wound down.
More firms to benefit from CBILS following changes to loan rules
Changes to state aid rules mean that more small businesses can benefit from the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Mixed picture for retail sector, CBI finds
Retail sales were broadly flat in the year to July despite three months of sharp declines, according to the monthly Distributive Trades Survey published by the Confederation of British Industry (CBI).
Public warned to watch out for top coronavirus scams
Fraudsters are exploiting people’s financial concerns during the coronavirus (COVID-19) pandemic, UK Finance has warned.
NIESR calls for furlough scheme to be kept open
The National Institute of Economic and Social Research (NIESR) has called for the government to keep the Coronavirus Job Retention Scheme (CJRS) open for longer.
Committee suggests many have ‘fallen through gaps in support schemes’
The Treasury Select Committee has found that over a million people have ‘fallen through the gaps’ of the government’s coronavirus (COVID-19) support schemes.
Fifth of small firms expect poor performance in next three months, data suggests
Data published by the Federation of Small Businesses (FSB) has suggested that a fifth of small businesses expect their performance to be ‘much worse’ over the next three months as a result of the coronavirus (COVID-19) lockdown.
UK economy ‘still stuck in first gear’
The UK’s economy is ‘still stuck in first gear’, with many businesses operating at half their pre-coronavirus (COVID-19) capacity, according to the British Chambers of Commerce (BCC).
FRC urges companies to provide high-quality disclosures on impact of coronavirus
The Financial Reporting Council (FRC) has urged companies to provide more detailed disclosures on the impact the coronavirus (COVID-19) has had on their firm.
Claims deadline approaching for first phase of furlough scheme
Coronavirus Job Retention Scheme (CJRS) claims for periods ending on or before 30 June 2020 must be made by 31 July 2020, HMRC has reminded employers.
Lockdown has ‘negatively impacted young people’s labour market outcomes’
The coronavirus (COVID-19) lockdown has negatively affected young people’s labour market outcomes, according to a report published by the Institute for Fiscal Studies (IFS).
Business groups cautious on easing of lockdown restrictions
Businesses groups have given a cautious response to the easing of lockdown restrictions in England announced by Prime Minister Boris Johnson last week.
Coronavirus borrowing now over £46 billion
UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury.
Homeworking creates new opportunities for cyber criminals, research finds
The rise in homeworking caused by the coronavirus (COVID-19) pandemic has created new vulnerabilities for criminals to exploit, according to research from cyber experts CyberCube and insurance broker Aon.
Welsh government to reduce LTT rate
Following the reduction in the rate of residential Stamp Duty Land Tax (SDLT), the Welsh government has announced that it will reduce the rate of Land Transaction Tax (LTT).
Scottish government to reduce LBTT rate
The Scottish government will reduce the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update.
Recovery advice scheme launched for small businesses
A government-backed scheme to offer free online advice to help small businesses bounce back from the coronavirus (COVID-19) has been launched.
HMRC scraps benefit-in-kind charge on coronavirus tests
The government has scrapped plans to get workers to pay income tax on coronavirus (COVID-19) testing kits purchased by their employer.
Business groups react to Summer Economic Update
Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rishi Sunak’s Summer Economic Update.
Chancellor announces Job Retention Bonus in Summer Economic Update
On 8 July Chancellor Rishi Sunak delivered a Summer Economic Update, which outlined measures designed to boost the UK economy following the coronavirus (COVID-19) lockdown.
Chancellor to deliver Summer Economic Update
Chancellor Rishi Sunak will deliver the Summer Economic Update today, in which he will announce measures to help boost the UK economy following the coronavirus (COVID-19) lockdown.
VAT cut on PPE extended
The Treasury has extended the temporary scrapping of VAT on personal protective equipment (PPE) until the end of October.
Private sector off-payroll reforms given go ahead for April 2021
The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them again failed in the House of Commons.
LITRG urges self-employed to check eligibility for SEISS
The Low Incomes Tax Reform Group (LITRG) has urged self-employed individuals to check their eligibility for the first round of the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) grant.
FSB finds late payment crisis has worsened during coronavirus lockdown
The Federation of Small Businesses (FSB) has found that the UK’s late payment crisis has worsened during the coronavirus (COVID-19) lockdown.
Furlough scheme now covering 9.3 million workers
The number of workers now furloughed under the Coronavirus Job Retention Scheme (CJRS) has risen to 9.3 million, according to the latest figures from the Treasury.
Business warned about rise in impersonation fraud
Businesses have been told to stay vigilant against the rise in impersonation fraud during the coronavirus pandemic, by trade credit insurer Atradius.
Job retention scheme closing to new entrants
HMRC is reminding businesses that the Coronavirus Job Retention Scheme (CJRS) will close to new entrants on 30 June.
Overseas VAT claims subject to COVID delays
VAT claims submitted under the Overseas Refund Scheme will be subject to delays due to changes in HMRC’s working practices during the COVID-19 pandemic, the tax authority has stated.
IoD urges government to support jobs and investment after coronavirus lockdown
The Institute of Directors (IoD) has called on the government to act to support jobs and investment once the coronavirus lockdown ends.
Government-backed coronavirus lending now over £40 billion
Over £40 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury.
Government urged to consider emergency VAT reduction
The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends.
UK public calls for greater transparency on tax avoidance and evasion
According to an annual survey carried out by Fair Tax Mark, the UK public is using the coronavirus (COVID-19) lockdown to take ‘decisive action’ against tax avoidance practices.
Businesses urged to reinstate VAT direct debits
Business have been reminded to reinstate their direct debit mandates before the deferral of VAT payments due to the coronavirus (COVID-19) comes to an end on 30 June.
HMRC updates CJRS guidance for employers
On 12 June, HMRC updated its guidance for employers who have furloughed employees under the Coronavirus Job Retention Scheme (CJRS).
HMRC updates guidance for self-employed coronavirus scheme
HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants.
MPs call for VAT reduction to help firms affected by coronavirus
MPs have urged the government to reduce VAT for firms in the tourism sector in order to help them recover from the coronavirus (COVID-19) lockdown.
