The Department for Business, Energy and Industrial Strategy has distributed flyers urging companies that “time is running out” to prepare for Brexit. The transition period ends on December 31st and the UK will officially leave the EU the following day. Despite the impending deadline, many businesses remain unprepared for the changing rules that will be in place from next year. Metro reported that only 24% of businesses were ready for… Read Article →
Yearly Archives: 2020
Extension to the Self-Employed Income Support Scheme
The Chancellor has given extra help to the self employed for the November lockdown bringing the help in line with the amounts received by those employed. The extension to the Self-Employed Income Support Scheme will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period. The Government will provide a taxable grant calculated at 80% of 3… Read Article →
Trouble on the Border?
A National Audit Office report on UK border preparedness for the end of the Brexit transition period has concluded that while progress is being made, significant disruption is likely. To read the report see the link below:
Evaluating the Job Support Scheme
As part of the government’s efforts to support the economy during the coronavirus lockdown, the chancellor Rishi Sunak has announced a new job support scheme. It has received much positive press coverage, but Barry Fine, a director of Alexander Bursk, remains unimpressed. How effective will the new Job Support scheme be at stopping redundancies ? Not Very. Why not? It requires employers to pay their employees at a rate of… Read Article →
Changes Made to Apprenticeships
The government has announced a new apprenticeship scheme where employers can receive up to £3000 for each Apprentice hired. This policy has been implemented to boost the chances of school leavers finding jobs and new professions, especially during the coronavirus crisis. It rewards employers who are willing to hire and develop young talent in their workforce, and will allow apprentices to combine working with studying to gain skills and knowledge… Read Article →
Guidance for the ‘Eat Out to Help Out’ Scheme
The HMRC has now issued detailed guidance on how the ‘Eat Out to Help Out’ scheme will operate, including the accounting treatment for VAT. The ‘Eat Out to Help Out’ scheme was introduced at the beginning of August and will be place for the whole month, allowing diners to eat out for half price on Mondays, Tuesdays and Wednesdays. It is an attempt by the government to help support the restaurant and… Read Article →
Directors, Dividends and Bounce Back Loans
Will directors who also own shares in their firms have to pay higher national Insurance contributions (NIC) when we emerge from lockdown? Perhaps. Many directors take a small wage of £720 per month with a dividend from the company’s profits, to top it up. This has long been considered one of the most tax-efficient ways of rewarding director shareholders. Could this cause a problem with the government’s furlough scheme? In… Read Article →
Extension of the Coronavirus Job Retention Scheme (CJRS)
Last month, the Chancellor Rishi Sunak, announced an extension to the Coronavirus Job Retention Scheme (CJRS). The CJRS enables employers to furlough employees, so that the government pays 80% of their wages. You can find information about the original CJRS here. To help our clients, we’ve provided a summary of the two major changes to the CJRS: From July 1st the scheme will be more flexible. Since the scheme was… Read Article →
Could There Be a Problem With the Government Loans for Businesses?
The coronavirus crisis has had an unprecedented effect on the UK economy. As a result the government has introduced a swathe of measures to try to stabilize the economy. This includes the Bounce Back Loan Scheme (BBLS) which “enables smaller businesses to access finance more quickly”, through a 100% state-backed loan of up to £50,000. The scheme was launched on the 4th of May and had more than 100,000 applications… Read Article →
Grant Funding Schemes Available for Small Businesses
Local authorities are now making business rate support grant payments, to help businesses during the coronavirus crisis. The grants are comprised of two schemes: Scheme 1 is the Business Supports Grants Fund, where businesses can apply for up to £10,000. Scheme 2 is the Retail, Hospitality and Leisure Business Grants Fund. This allows funding of up to £10,000 for retail, hospitality and leisure businesses with property of a rateable value… Read Article →