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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.
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.
Maintaining your NIC contributions record during Covid-19
The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21.
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.
Tax implications of Covid-19 support payments
Various support payments are 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?
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.
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.
Entrepreneurs’ relief (ER) but not as we know it
The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets.
Flat rate scheme (FRS) for VAT
The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT experts would argue that the scheme is not simple to use.
Dealing with directors’ loans
For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director’s account.