Maintaining your NIC contributions record during Covid-19

The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their full pay. Where income drops this may …

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Extracting income from a family company with no retained profits

The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the business has received a Coronavirus Bounce Back Loan or a Coronavirus Business Interruption Loan, and the family need to withdraw funds to meet …

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Claiming the second grant under the SEISS

Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after 14 July 2020 can claim the second …

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Tax implications of providing PPE to employees

The Covid-19 pandemic has seen many employees being required to wear personal protective equipment (PPE) at work. The way in which this is provided and the extent that it is needed to enable the employee to undertake the duties of their employment will determine the associated tax implications. HMRC have published guidance on the treatment …

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Bonus for retaining staff when CJRS comes to an end

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic. As at 19 July 2020, 9.5 million employees had been furloughed by 1.2 million employers, benefitting from support totalling £29.5 billion. As with all good things, the CJRS must come to an end. The …

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Corporate tax planning in 2020/21

Managing and planning during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and the subsequent lockdown, the economy shrank a record 20.4% in April 2020, and 19.1% in …

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Post-COVID-19 support for businesses

New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown. When Chancellor Rishi Sunak stood in the House of Commons again on 8 July, it was in the context of the …

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Economic Update 2020

Economic Update 2020 Introduction It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are. The economic impact of COVID-19 has resulted in the UK’s debt-to-GDP ratio breaking the 100% mark for …

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340,000 sign petition for change to coronavirus support for the self-employed

A petition calling on the Government to relax the criteria for self-employed people to access income support during the coronavirus crisis has received more than 300,000 signatures. Though at first given a cautious welcome, the coronavirus self-employment income support scheme (SEISS) announced by Chancellor Rishi Sunak on 26 March soon came under fire for allowing …

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‘Self-employed can claim support in mid-May’

HMRC intends to contact millions of people eligible for the self-employed income support scheme by the middle this month. Those workers who have lost profits due to COVID-19 will be invited to submit online claims for payments, which will be made by early June. The scheme provides taxable grants worth 80% of a self-employed worker’s …

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