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Basic outline The Government are reducing certain VAT rated supplies down from the 20% standard rate down to a 5% temporary rate. It covers the period from 15th July 2020 to 12th January 2020. Aimed at the hospitality, hotel and holiday accommodation sectors as well as admissions to certain attractions.   Food and drink The...
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The aim of EOHOS Government incentive to encourage people to eat or drink in eligible establishments during the month of August 2020. To assist the hospitality and leisure sector on the road to recovery.   How does the incentive work?   It offers the diner(s) a 50% discount up to a maximum of £10 (VAT inclusive)...
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Chancellor of the exchequer, Rishi Sunak made his Summer economic update today. This outlines new measures designed to assist in reviving jobs and the economy following the outbreak of the coronavirus. With predictions that the world will suffer its worst ever economic recession, the chancellor anticipates that the UK’s economy has shrunk by 25%. Job Retention...
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What is this FFS? It is a Government convertible loan scheme. Initially, the Government will make available £250 million in total through the British Business Bank. The convertible loans will range from £125,000 to £5 million in total. Who is this loan offering aimed at? High- growth tech start-ups who are struggling under the current...
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Use the calculator A calculator will be available from 20 April 2020 to assist you in calculating how much you can claim. Holiday Pay Furloughed employees continue to accrue leave as per their employment contract. The employer and employee can agree to vary holiday entitlement as part of the furlough agreement, however almost all workers...
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COVID-19: Company Directors and Shareholders Many of the queries we at Fyfe Moir & Associates have had to handle in recent days relate to Company Directors and there is clearly much confusion in this area. Many small companies are run by just one or two directors and have no other employees. I have written this...
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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...
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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...
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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...
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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...
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At Fyfe Moir & Associates we work with forward thinking business owners to solve common business problems.

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