Extension of Bounce Back Loans and Repayment Holidays

Bounce Back Loans

Bounce back loans have been extended again. The scheme is now open to applications until 31st March 2021. The scheme now also allows for repayment holidays and other helpful options. The loans were originally made available back in May 2020. However, if you didn’t claim or are considering increasing your bounce back loan below are …

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Postponed VAT Accounting and Impact on Import VAT

Postponed VAT Accounting

Postponed VAT accounting is available for UK businesses from 1st January 2021. The scheme will assist the cash flow for businesses, which import goods from anywhere outside the UK. Further Information on Postponed VAT Accounting For further information please see the HMRC website on Accounting for Import VAT on the VAT Return and How to …

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Significant New Test Affecting Self-Employment Grants

Significantly Reduced Profits

A significantly reduced profits test has been introduced for the third self-employment grant. Before making your claim you must ensure you still qualify. Below are the frequently asked questions on this new requirement. Summary of the HMRC requirements To qualify for the third grant, HMRC have highlighted the following conditions: Self-Employment is still trading but …

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