Blog - PMA Accountants

June 2020

The Coronavirus Job Retention Scheme (CJRS) is changing

Asif2020-06-02T23:22:51+01:00June 3rd, 2020|Categories: COVID-19, PAYE|Tags: CJRS, Coronavirus, Covid-19, Employers, Job Retention Scheme, PAYE|

UK Chancellor Rishi Sunak outlined changes to the furlough scheme during the daily press briefing (29 May 2020). The Chancellor stated that in June and July the furlough scheme will continue as before, but employers will be asked to cover National Insurance and employer pension contributions in August. By September, businesses will pay 10% of wages for furloughed staff, and in October 20%, the UK chancellor said. This means the subsidy will taper off from August, with businesses expected to pay a greater share of their staff salaries, starting with covering National Insurance and pension contributions. From September the [...]

Self-Employed get second grant from Government

Asif2020-06-02T23:06:52+01:00June 3rd, 2020|Categories: COVID-19, Self Employment|Tags: Covid-19, Grant, Income Support Scheme, SEISS, Self Employed, Self Employment, Self Employment Income Support Scheme|

Chancellor Rishi Sunak has said self-employed workers across the UK will be able to access a second Grant from the government to cover lost income while the country is in lockdown. The grants paid out by the Self-Employment Income Support Scheme (SEISS) will be worth 70% of a self-employed person's average monthly trading profits to cover three months' worth of income. They will be capped at £6,570. The scheme so far has been used by 2.6 million people and has paid out £6.8bn in claims to self-employed who have been affected by the impact of coronavirus on the economy. [...]

May 2020

Chancellor Extends Furlough Scheme Until October

Asif2020-05-12T18:40:03+01:00May 12th, 2020|Categories: Blog, COVID-19|Tags: CJRS, Coronavirus, Covid-19, Employees, Furlough, Job Retention Scheme, Payroll|

The government’s Coronavirus Job Retention Scheme will remain open until the end of October, The key points announced by Chancellor Rishi Sunak are: Coronavirus Job Retention Scheme will continue until end of October furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500 new flexibility will be introduced from August to get employees back to work and boost economy The Government stated as we reopen the economy, we need to support people to get back to work. From the start of August, furloughed workers will be able to return to work part-time with [...]

Check if you can claim a grant through the Self-Employment Income Support Scheme

Asif2020-05-06T16:46:18+01:00May 6th, 2020|Categories: Blog, COVID-19|Tags: Covid-19, Grant, SEISS, Self Employed, Self Employment Income Support Scheme|

HMRC updated their guidance on 4th May to outline the process for applying for SEISS. Full details: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. You will get a taxable grant based on your average trading profit over the 3 tax years: 2016 to 2017 2017 to 2018 2018 to 2019 HMRC will work out your average trading profit by adding together your total trading profits or losses for the 3 tax years, then [...]

Business Bounce Back Loan (BBBL) Update and How to Apply

Asif2020-05-04T22:18:28+01:00May 5th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Bounce Back Loan, Covid-19, Small Business|

Chancellor Rishi Sunak has written to accredited lenders about how the Government wants BBLS to be run. He makes the point that as a 100% guaranteed loan scheme, the price of BBLS is critical to its success and that the loans need to ensure that these loans are affordable and accessible. He has come to the decision that the interest rate should be set at 2.5%. Legislation and regulation Amending the regulatory perimeter The Treasury has made a statutory instrument (SI) that amends the Regulated Activities Order (RAO) so that providing regulated small business loans of £25,000 or less [...]

HMRC Release Details of SEISS Scheme

Asif2020-05-04T22:32:00+01:00May 4th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Covid-19, Grant, SEISS, Self Employed, Self Employment Income Support Scheme|

On Friday 1 May 2020 the Government issued the legislation by way of a Direction to introduce the Self-Employed Income Support Scheme. At the same time HMRC issued more detailed guidance on the operation of the scheme. The Self-Employment Income Support Scheme will allow taxpayers to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. Key points that have changed since the previous version of the guidance: HMRC guidance sets out information required to make a claim The taxpayer has to claim [...]

April 2020

Government Announces “Bounce Back” Loans

Asif2020-04-28T18:01:13+01:00April 28th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Bounce Back Loan, Covid-19, Government Support|

The Government has announced a new 100% Government backed loan scheme for small businesses. Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced yesterday. Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and [...]

Government to provide cash grants for frontline charities

Asif2020-04-28T17:56:14+01:00April 28th, 2020|Categories: Blog, COVID-19|Tags: BLOG, Charities, Covid-19|

Charities across the UK will receive a £750 million package of support to ensure they can continue their vital work during the coronavirus outbreak, tens of thousands of charities will benefit from direct cash grants to ensure they can meet increased demand as a result of the virus as well as continuing their day-to-day activities supporting those in need. Highlights: £750 million available for frontline charities across the UK – including hospices and those supporting domestic abuse victims £360 million direct from government departments and £370 million for smaller charities, including through a grant to the National Lottery Community [...]

Self-employment Income Support Scheme (SEISS)

Asif2020-04-26T01:01:23+01:00April 26th, 2020|Categories: Blog, COVID-19, Self Employment|Tags: Covid-19, Income Support Scheme, SEISS, Self Employment|

The government has announced its intention to provide further support for the self-employed (including members of partnerships) in the form of a Taxable cash grant but does not need to be repaid. The scheme allows individuals to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the 3 months from March to May 2020. This may be extended by the government if needed. The taxable cash grant will be in the form of a single lump sum to cover the three months from March to May 2020. HMRC is [...]

April 2020 Questions and Answers

Asif2020-04-01T19:43:10+01:00April 20th, 2020|Categories: Questions & Answers|Tags: Buy-To-Let, Digital Publications, HMRC, Imports, Q&A|

Q. My business imports goods from the EU. What is the current position reading postponed accounting for VAT? A. There is now a transition period until the end of 2020 during which the UK and EU negotiate additional arrangements. The current rules on trade, travel, and business for the UK and EU will continue to apply during the transition period. In broad terms, new rules will take effect on 1 January 2021. HMRC have confirmed that from 1 January 2021, postponed accounting for VAT will apply to all imports of goods, including from the EU. This will allow businesses to [...]

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