The VAT Domestic Reverse Charge is a change to charging VAT within the construction industry. It is essentially an anti-fraud measure designed to deal with ‘missing trader’ fraud, where companies charge and receive VAT from customers but have no intention of paying this VAT to HMRC. When Does It Apply From? The Domestic Reverse Charge …
Further funding has been announced by Doncaster Council. The grant is to support home-working, mobile and self-employed businesses in Doncaster that have lost trade due to the pandemic and have been ineligible for other schemes. The grant will see eligible businesses receive a one-off payment of £1,000 from the council’s Discretionary Grant Scheme. Doncaster council …
On 5th January 2021, the Chancellor Rishi Sunak announced a further £4.6 billion in business support grants for businesses forced to close due to the latest lockdown. This follows the Prime Minister’s recent announcement of a third national lockdown, that these business will be closed until at least February half-term in order to help control …
In the spring of 2020, one of the measures for helping businesses to cope with Coronavirus was the ability to defer VAT which was due for payment between 20 March 2020 and 30 June (as mentioned here). This was initially deferred until 31 March 2021. HMRC subsequently brought in a further measure to help. Businesses …
On 31 October 2020, the Prime Minister announced that England would go into a second lockdown with effect from 5 November 2020 for 4 weeks. There are various restrictions as with the previous lockdown. This article is to highlight the financial help for businesses. Coronavirus Job Retention Scheme This was due to finish at the …
The Job Support Scheme (JSS) was originally announced under the Winter Economy Plan on 24.9.20, although it has now changed. It will now open on 1 November 2020 and run for six months, until 30 April 2021. It also appears to be more generous than the original JSS. The government has said it will review …
UPDATED 5.1.21 – THE JOB RETENTION BONUS WAS WITHDRAWN IN NOVEMBER 2020, SEE HERE In July 2020, the Chancellor announced the Job Retention Bonus. This is a £1,000 one-off taxable payment to employers, for each eligible employee that has been furloughed and kept continuously employed until 31 January 2021. You’ll be able to claim the …
Although the situation with Covid-19 may have been a huge distraction from Brexit, the UK transitional period finishes at the end of 2020. This may affect you as a private individual and/or as a business owner. It will particularly affect you if you import goods into the UK or export goods from the UK. Therefore, …
On 24 September 2020, the Chancellor Rishi Sunak unveiled the Winter Economy Plan, a number of measures designed to help businesses still struggling with the effects of Covid-19. It appears that they not as generous as the help provided in March and April 2020 (principally the Self Employment Income Support Scheme – SEISS – and …
On 29 May the Chancellor, Rishi Sunak, announced more details about the extension to the Coronavirus Job Retention Scheme (CJRS), with the key details outlined below. Flexible furloughing From 1 July 2020, you’ll have the flexibility to bring previously furloughed employees back to work part-time. The government will continue to pay 80% of wages for any …