The Chancellor announced a VAT payments deferral on 20 March to support businesses with cashflow during the COVID-19 pandemic. This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June. Businesses have until 31 March 2021 to pay any VAT deferred as...Read More
If an employer has formally furloughed an employee then the employee will be entitled to 80% of his or her ‘salary’. If it is a fixed salary then it will be based upon what was paid in February (excluding fees, commission or bonuses). Where the employees pay varies and has been employed for a full...Read More
Talk with suppliers about payables The worst thing you can do here is simply ignore payments that are due. That will cause resentment and may result in the commencement of legal proceedings against you. Speak to your suppliers. Have frank discussions of where you are and see if credit can be extended. Of course, if...Read More
The Government has brought the self-employed into its emergency response to the coronavirus crisis by pledging grants to cover as much as 80% of their earnings during the pandemic. The scheme will be available to all self-employed workers with trading profits of up to £50,000 per annum, though payments are not expected to start until...Read More
The Coronavirus Bill is passing through parliament today (19th March 2020). Measures announced so far, by the government to support individuals and businesses, as we get through COVID-19, are summarised below. At a glance Announcements cover the following topics: IR35 & off-payroll working Statutory Sick Pay (SSP) IR35: off-payroll working & SSP Self-employed and...Read More
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