Furlough Scheme set to reduce before ceasing at the end of October

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Whilst the furlough scheme is set to reduce it will also allow greater flexibility to bring employees back to work part-time from 1st July.

The furlough scheme will continue to operate in the same way it has done since its introduction until the end of July, but with the addition of allowing employees to return to work part-time and remain on the scheme from the 1st July.

An example of the way the scheme will support employees returning to work part-time was ...

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Extension to Self Employed Income Support Grant

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The chancellor has announced an extension to the Self Employed Income Support Scheme.

This will be welcome news to those who were eligible for the first grant under the scheme as they will be eligible to apply for the second grant.

The Scheme will be open for applications in August.

The grant will be reduced to 70% of the average monthly trading profits.

You do not need to have claimed the first grant to be eligible for the second grant.  But if you are ...

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Payments on account for July 2020 deferred

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So the lockdown continues…………………….

Our clients in Teignmouth and Penzance, and the surrounding areas, will know from previous information we have provided, that the government have announced that self-assessment tax payers can defer the payments on account normally due by the 31st July 2020 until the 31st January 2021.  If you are due to make a payment in July 2020 and wish to defer the payment until January 2021 there is no action that needs to be taken other than to ...

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Coronavirus self-employed help scheme – update

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Coronavirus self-employed help scheme – the self-employed income support scheme – SEISS announced on the 26th March

As the self-employed only report their income annually, and that can be some months after the end of the trading period, for example if your trading period ends on the 31st March, the tax return covering that period, and the profits from that trading period, do not have to be submitted until the following 31st January, HMRC had to come up with a way ...

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Self-Employed Income Support Scheme

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Well there’s a turn up for the books, I hadn’t expected that!  I guess that shows the seriousness of the situation for all of us who run our own businesses.

The self-employed are to receive a similar grant to that offered to employers for employees.  80% of your profits up to £2500 per month for at least 3 months, bringing parity to the Coronavirus Job Retention Scheme announced for employees.

The new scheme is called the Self-Employed Income Support Scheme.  To be ...

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Coronavirus Job Retention Scheme

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As I am sure you will already know the government have announced a scheme to help employers whereby 80% of salaries are covered by HMRC grants.  However, what you may not know are details of the scheme and how it will operate.  The scheme is called Coronavirus Job Retention Scheme – catchy title isn’t it………

The salary is capped at £2,500 per month, and applies from the 1st March lasting for 3 months, whether the 3 month period could be extended ...

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