Taxation

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 The loans were originally made available back in May 2020.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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Business Grants Available During Second Lockdown

Business Grants November Darlington Town Centre

Business grants are available for those that are affected by the second lockdown. Currently the grants are only available for those businesses in England, which are required to close. For the full list see our blog on which businesses can stay open and which must close. Other Business Grants Announced for Second Lockdown Furlough Extended …

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Which businesses can stay open in November 2020?

businesses open sign

Which shops and businesses can open? On 31st October 2020, a second lockdown was announced for England. As a result the Government have confirmed that certain businesses must close. UPDATE: For information on the Lockdown Roadmap, see our new blog on which businesses can open between February 2021 and the summer 2021. The information below …

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