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Blog

Deferral of VAT payments as a result of COVID-19

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 […]

80% Furloughed Salary – Some Clarification

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 […]

Credit Concerns – Financial practicalities and Covid-19

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 […]

Coronavirus Self Employment Income Support Scheme

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 […]

Furlough

We received the following advice from our HR expert and thought it would be good to share with you. Employers need to: Decide which employees to designate as furloughed employees.  If 20 or more are affected at one establishment collective consultation may be required. Notify those employees of the intended change and commencement date. Agree […]

Business Support Fund

Local Authorities have now set up a very simple and straightforward application process, allowing business to tap into  Business Support Fund of either £10 000 or £25 000 depends on the criteria. The aim of this intervention tool is to help to ease off the strains COVID 19 have caused on your Cash Flow over […]

Coronavirus Job Retention Scheme

The following is the current information we have  hopefully much more detail will follow from the Government Coronavirus Job Retention Scheme Employers may claim a grant of up to 80% of salaries of employees who have been laid off during this crisis. This is subject to a cap of £2,500 per month. Employers must designate […]

Government Guidance

We attach a link to Government guidance to payroll support, etc. We hope to distil it further as hopefully there is going to be more guidance later today. https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses Stay safe. 23 March 2020”

COVID-19: Government Support Tracker

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 […]

Coronavirus Present Understanding

For modern times we are in unprecedented waters. No-one knows just exactly what we are all in for over the next few months. However, we do have financial information we can impart, which we highlight below. Fyfe Moir & Associates will be operational, irrespective of lockdowns, office closures or anything else which may be ahead […]