Accounting News

The government today (22nd October 2020) announced it will turn the cash tap on to provide more financial support to businesses and workers.

Small businesses struggling due to the coronavirus pandemic should be able to apply for a quick and easy-to-access loan of up to £50,000, with no interest charged or repayments needed in the first 12 months.     

The off-payroll working rules, known as IR35, were introduced in 2000 to ensure that someone working like an employee, but through a limited company, pays similar levels of tax to other employees. 

The government’s Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, the Chancellor announced today, 9 October.

Rishi Sunak's Winter Economy Plan.

The SEISS Grant Extension provides critical support to the self-employed. 

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic.     

The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21.     

Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. 

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 furloughed for their usual hours that they do not work.