Social Care Reform

Social Care Reform Yesterday, PM Boris Johnson made an announcement introducing his big plans to reform the social care system. Rise in National Insurance In April 2022 National Insurance contributions will increase by 1.25%. This increase will help to generate £36 billion in funds over 3 years. These funds are to be spent as follows; [...]

Bounce Back Loan Repayments

Bounce Back Loan Repayments For those who applied for the Bounce Back Loans last year, your repayments may now be starting. However, with the ongoing business closures through isolation, many businesses are still struggling. So, what happens now? The details The Bounce Back Loan was introduced at the start of the pandemic to allow small [...]

COVID-19 Business Support July 2021

COVID-19 Business Support Coronavirus Job Protection Scheme (Furlough) The Furlough amount claimable is changing from Thursday 1st July 2021. The total amount you can claim in July for one employee is £2,187.50 in July. The total for August and September claimable is £1,875 per employee. Eligible employees must NOT do any work for the hours [...]

Reporting Expenses and Benefits

Expenses & Benefits Reporting Deadline 2020-21 Tax year The details The deadline for reporting any expenses and benefits, provided to any employees in the 2020-2021 tax year, is the 6th July 2021. What you need to do You can report these through the following methods; Payroll HMRC’s PAYE online service (up to 500 employees) HMRC’s [...]

COVID-19 Business Support

COVID-19 Business Support Self-Employment Income Support Scheme The 4th grant is now available to be claimed by those who are eligible.  The deadline for all applications is the 1st of June 2021. To be eligible you must: You must have traded in both the 2019-20 and 2020-2021 tax years. Be a self-employed individual or a [...]

VAT Reverse Charge

VAT Reverse Charge On the 1st of March 2021, the VAT reverse charge was introduced. Does it affect you? What is it? The VAT reverse charge means you will charge yourself VAT and then claim it back as input tax, which is subject to the normal rules. So, in theory, you are acting as both [...]

Budget March 2021

Budget 3rd March 2021 The Chancellors Budget announcement yesterday has confirmed that some of the current COVID-19 business help schemes will be extended. It also announced new schemes and restart grants that will help to kickstart the economy as we take the long road out of lockdown. Furlough Firstly, the Budget announced that the furlough [...]