Chancellor Rishi Sunak’s Summer Statement

On 8th July 2020, the Chancellor announced a number of policies which are being set up to encourage job retention, consumer spending and getting youth back into work. Below are the key points already released, with updates to follow: Job … Continue reading

Coronavirus Job Retention Scheme & Self-Employment Income Support Scheme

Following the recent government updates, we have set out below the changes announced to the above schemes: Job Retention Scheme (Furlough) This has been extended until 31st October 2020. All employees will still be entitled to a maximum of 80% … Continue reading

Self-Employment Income Support Scheme (SEISS)

What is SEISS? The scheme was announced by the chancellor Rishi Sunak on 26th March 2020. Designed to assist Self-Employed individuals whose trade has been adversely affected as a result of coronavirus. The Government will pay 80% of Self-Employed income … Continue reading

Job Retention Scheme

This has been running since 19th March 2020.   The Government will pay 80% of a standard/average wage of an employee who was on a PAYE Scheme on or before 19th March 2020. This is capped at £2,500 per month … Continue reading

Coronavirus Business Interruption Loan Scheme (CBILS)

• This has been running since 23rd March 2020. • It enables businesses to apply for loans of up to £5,000,000. • Loans would be interest and fee free for the first 12 months. • Loans or financial products can … Continue reading

Bounce Back Loan

• This Scheme was made available on 4th May 2020. • It offers loans between £2,000 and £50,000. • It is 100% government backed, i.e. there are no risks to private lenders. • The loan term will be up to … Continue reading

Tax breaks for purchasing electric cars

Business owners can write off the entire cost from company profits. Electric cars, rather than hybrids, are set to become even more widespread with tax breaks dubbed the “free-car bonus”. Accountants have reported a flood of small business owners desperate … Continue reading

2020 Budget

Following the Chancellor’s 2020 Budget speech earlier this month, below is a summary of the key points which may have an effect on you personally and/or your business: Personal taxation, wages and pensions The tax threshold for National Insurance Contributions … Continue reading