These are unprecedented times and the challenges being presented to business owners are huge. This guide aims to share our thoughts and knowledge by way of some tips and advice.
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- Budget summary
Latest News & Events
Petitions to wind up restaurants up by 165% last year- another surge expected once lockdown ends
Our research shows that the number of petitions to wind up restaurants over unpaid bills has jumped to 53 so far this year*, up 165% from 20 in the same period last year.
Many SMEs making errors on furlough scheme applications – risks unexpected HMRC bills later
Many SMEs are making errors on their applications for the Government’s furlough scheme, meaning they will have to repay thousands of pounds back to HMRC later.
HMRC should show more flexibility on controversial loan charge during Covid-19
Following HMRC’s refusal to stop chasing taxpayers caught by the controversial ‘loan charge’ during the Coronavirus lockdown, the tax authority should do more to reassure taxpayers that it will not penalise them.
VAT deferment period drawing to a close
The Chancellor announced a deferment of VAT payments for UK VAT registered businesses with a VAT payment due between 20 March 2020 and 30 June 2020. So for payments due from 1 July 2020 these must be made as normal.
Furlough finds further funding and flexibility
In an expected announcement on 29 May, the Chancellor gave details of the second phase of the Coronavirus Job Retention Scheme (CJRS) and the equivalent support for the self-employed.
SSP reclaim process announced
When we went into lockdown two months ago, the Chancellor made an early announcement that businesses would be able to reclaim Statutory Sick Pay (SSP).