Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Terminal loss relief Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special...
Statutory redundancy pay and furloughed employees
Statutory redundancy pay and furloughed employees As the Coronavirus Job Retention Scheme draws to a close, employers may face the difficult decision to make some employees redundant. Legislation was introduced at the end of July to protect furloughed employees....
Reduced rate of VAT for hospitality and leisure
Reduced rate of VAT for hospitality and leisure The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, a reduced rate of VAT of 5% rather than the standard rate ...
Extracting income from a family company with no retained profits
Extracting income from a family company with no retained profits The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the bu...
Claiming the second grant under the SEISS
Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a part...
Bonus for retaining staff when CJRS comes to an end
Bonus for retaining staff when CJRS comes to an end The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic. As at 19 July 2020, 9.5 million employees had been furloughed by 1.2 million...
Tax implications of Covid-19 support payments
Tax implications of Covid-19 support payments Various support payments have been made available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payme...
Flexible furloughing As far as the Coronavirus Job Retention Scheme is concerned, it is all change from 1 July 2020. From that date, employees can be flexibly furloughed allowing furloughed employees to return to work part time and be furl...
Company car ‘availability’ during the Covid-19 pandemic
Company car ‘availability’ during the Covid-19 pandemic For many, their working patterns changed as a result of the Covid-19 pandemic. Some employees were required to work from home, some were furloughed, while those with certain health conditions were required to shie...
Reasonable excuse – does coronavirus count?
Reasonable excuse – does coronavirus count? HMRC may allow an appeal against a penalty if the taxpayer has a ‘reasonable excuse’ for why, say, they filed a return late or paid their tax late. A ‘reasonable excuse’ is something that prevented a taxpayer...
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