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Tackling redundant stock
26/05/2020 - More...
Many retailers and manufacturing businesses have stock on their shelves gathering dust. There are compelling reasons for tackling this issue as we cautiously emerge from lock-down. For example, freeing up storage space will enable you increase the volume of goods that are selling. Stock that is not selling is rather like withdrawing

Winding-down the furlough scheme
26/05/2020 - More...
Without a doubt, the furlough scheme has provided small businesses with the means to retain staff that would otherwise have been laid-off. The government is paying 80% of furloughed employees’ wages (subject to a £2,500 maximum). From 1 August 2020, this level of support is expected to drop to say 60%. From the same date, 1

Coronavirus Future Fund launched
21/05/2020 - More...
Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus pandemic. One of these measures was the launch of a special investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector, called the Future Fund. The

Maximum loan under CLBILS increased to £200m
21/05/2020 - More...
The scope of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is to be extended from 26 May 2020. The maximum loan size will be increased from £50 million to £200 million. Larger businesses will be able to benefit from loans up to the lower of 25% of turnover or £200m. The changes are expected to go live

Working safely during coronavirus
20/05/2020 - More...
The government has produced guidance to help employers, employees and the self-employed in England understand how to work safely on their return to work during the coronavirus pandemic. The so-called “COVID-19 Secure” guidance currently comprises eight separate guides covering the following workplace settings: construction

Guidance for employers on workplace testing
20/05/2020 - More...
The Information Commissioner’s Office (ICO) has published guidance for employers on workplace testing during the coronavirus pandemic. It covers the extent to which employers can carry out tests on staff on their return to work to see if they have either coronavirus or symptoms of it. The guidance makes clear that any testing needs

Trade credit insurance guarantee
20/05/2020 - More...
Trade credit insurance is a contract acquired by suppliers to make sure they get paid even if their customers default. This gives businesses the confidence to trade with one another and is especially important as the COVID-19 pandemic continues to decimate many businesses. The risk of COVID-19 meant that insurers could withdraw insurance

Upcoming bank holiday dates
20/05/2020 - More...
We thought it would be useful to remind our readers of the upcoming bank holiday dates across England, Wales, Scotland and Northern Ireland. Whilst many people are still under lockdown, there are still some extra days off to look forward to for the rest of the year. 2020 bank holidays in England and Wales Monday 25 May - Spring bank

Extension of vehicle MOT dates
20/05/2020 - More...
A reminder that MOT expiry dates are being extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first ever MOT test and applies to cars, motorcycles, light vans and other light vehicles. The MOT expiry date will be automatically extended approximately 7 days before it’s due to

Launch of SSP Rebate Scheme
20/05/2020 - More...
Under the Coronavirus Statutory Sick Pay Rebate Scheme small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. It has now been confirmed that the online service to reclaim SSP will launch on 26 May 2020. In order to claim, you will need the Government

Coronavirus insolvency and AGM measures
20/05/2020 - More...
The insolvency measures to help prevent businesses unable to meet debts due to the impact of Coronavirus to continue trading and not be forced to file for bankruptcy have been extended. It was confirmed that the temporary suspension of wrongful trading liability during the pandemic will now continue until 30 June. The measure was

Claiming tax relief on work-related expenses
20/05/2020 - More...
Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief based on the initial cost. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of capital allowance called annual investment allowance. Any tax relief would be

Definition of trading profits for SEISS
20/05/2020 - More...
The Self-employment Income Support Scheme (SEISS) opened for applications on 13 May 2020. HMRC has confirmed that by midnight on 17 May there had been a total of 2 million claims with over £6.1 billion claimed. The scheme will provide grants of up to £2,500 per month based on 80% of average profits to qualifying

Changing a company’s year end date
20/05/2020 - More...
There are special rules in place which limit the ability to change a company’s year-end date. A company’s year-end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the

Removing a home address from the public register
20/05/2020 - More...
Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House. Company directors and others are still required to provide an alternative correspondence address if

Ring-fencing COVID losses
19/05/2020 - More...
Most companies will have fairly healthy accounts up to the middle of March 2020 when the lock-down of activity to control coronavirus started. Since that date, many firms will have struggled to maintain profitability even with the support of the various government programmes. If we do manage to extract ourselves from lock-down without

Why use cloud accounting software?
19/05/2020 - More...
For less than you would spend on tea milk and coffee each month, you can acquire the use of cloud-based accounting software. Why bother? Computerising your accounting routines in this way has a number of benefits for your business; of crucial concern if we are to survive the current COVID disruptions. Benefits for individual businesses

Self-employment Income Support Scheme launched
14/05/2020 - More...
The Self-employment Income Support Scheme (SEISS) opened for applications at 8am on 13 May 2020. The scheme will provide grants of up to £2,500 per month based on 80% of average profits to qualifying applicants. HMRC has reiterated that the claim is designed to be made by the claimant directly and that advisers cannot make a claim

Furlough Scheme Extended to 31 October 2020
13/05/2020 - More...
The Chancellor, Rishi Sunak has today (12 May 2020) announced significant changes to the Coronavirus Job Retention Scheme, now commonly referred to as the furlough scheme. The scheme had been due to run until at least 30 June 2020. The Chancellor has now confirmed to the House of Commons that the furlough scheme will be extended for a

Working Tax Credits are now increased
13/05/2020 - More...
We would like to remind our readers that as part of the package of measures to tackle the Coronavirus outbreak, the basic element Working Tax Credit payments was increased to £3,040 for the 2020-21 tax year. This increase of £1,045 is equivalent to an extra £20 each week for the current tax year. The actual amount that

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Latest News

Tackling redundant stock
26/05/2020 - More...
Many retailers and manufacturing businesses have stock on their shelves gathering dust. There are compelling reasons

Winding-down the furlough scheme
26/05/2020 - More...
Without a doubt, the furlough scheme has provided small businesses with the means to retain staff that would otherwise

Coronavirus Future Fund launched
21/05/2020 - More...
Last month, the Chancellor, Rishi Sunak, announced a number of measures to help innovative firms survive the Coronavirus

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