Bounce Back Loans – The BBLS Outline Businesses will be able to apply from 9am on Monday 4th Bounce Back loans for 25% of their turnover up to a maximum of £50,000. Minimum loan of £2,000. No forward-looking test on viability. Quick standard form to complete. No fees or interest to pay for the first...Read More
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...Read More
Government change of heart Previously – employees that were employed on or before 28th February 2020 and were on the PAYE payroll as at that date could be furloughed. Now – employers can make a furlough claim in respect of employees who were employed and were on the PAYE payroll on or before 19th March...Read More
Who can make a claim and what is the criteria? The self-employed (including members of LLPs/Partnerships). Must have been trading pre 2019/20 tax year. Must be continuing to trade or would be but for the coronavirus. Must be intending to trade in the 2020/21 tax year. Their trading profits must have been adversely affected by...Read More
The HMRC Capital Gains Tax Return Reporting Service is now here General outline As you may be aware, following the Finance Act 2019, the new Capital Gains Tax Return Reporting regime came into being on 6th April 2020. UK resident taxpayers, including Trusts and Personal Representatives, who make taxable gains following a disposal of a...Read More
The JRS Portal The Government has announced that they are ready to launch the online portal on 20th April. The Access rules To access the portal and to make the claim it is of paramount importance that: A PAYE payroll scheme was created and set up on or before 28th February 2020 A UK bank...Read More
The Government has revamped the Business Interruption Loan scheme to make it more attractive to business owners. We wanted to let you know that the Coronavirus Business Interruption Loan (CBIL) Scheme has been revamped after it has come under considerable and deserved criticism. The Institute of Financial Accountants reported on 3 April that £90M of...Read More
There has been a further update on Saturday to the guidance surrounding this scheme. Apprentices can be furloughed. They can continue to be trained whilst furloughed. If training then the apprentice must be paid at least the Apprenticeship Minimum Wage/NMW or NLW during the training period. The difference between the 80% of the wage and...Read More
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...Read More
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
