by Karen | Dec 1, 2020 | Accounting, Business Costs, Covid-19, HMRC
Many businesses have been forced to close as a result of the national and local restrictions introduced to slow the spread of Coronavirus. Where this is the case, the business may be eligible for a grant from their local authority. The following grant support is...
by Karen | Nov 13, 2020 | Accounting, Covid-19, Tax
Where a family company has cash in the bank but profits have been adversely affected by the pandemic, directors of a family company may wish to take a short term loan to enable them to meet personal bills, with a view to clearing the loan with a dividend payment when...
by Karen | Nov 6, 2020 | Accounting, Covid-19, HMRC
The Government has extended Furlough to March and increases the self-employed support scheme. As the lockdown has now started for England and continues elsewhere, the Government has changed its mind again about business supports and decided to extend the Coronavirus...
by Karen | Sep 25, 2020 | Accounting, Covid-19, HMRC, VAT
The hospitality and leisure industries as we all know, have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, the Government has reduced the rate of VAT to 5% rather than the standard rate of 20%. This...
by Karen | Sep 11, 2020 | Accounting, Covid-19, HMRC
As the Coronavirus Job Retention Scheme draws to a close, employers may face the difficult decision to make some employees redundant. Legislation was introduced at the end of July to protect furloughed employees. Entitlement An employee is entitled to statutory...
by Karen | Sep 4, 2020 | Accounting, Business Costs, Covid-19, HMRC
Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special relief for losses made in...
