As you may already be aware, HMRC gave businesses the option to defer their VAT payments if they were unable to pay them on time without incurring penalties or late payment interest; as part of the Government’s support for businesses during the Covid-19 pandemic. Payment of VAT
Read more →Friday [29 May 2020] saw the Chancellor clarify the expected changes to the Furlough scheme, introduced at the beginning of the COVID-19 crisis and also announce a welcome extension to the Self-Employment Income Support Scheme (“SEISS”). Coronavirus Job Retention Scheme (“CJRS”) Full details can be found at
Read more →You know how terms, expressions and phrases can catch on when they are used repeatedly by those in the Media? During this exceptional time of COVID-19, there seems to be a plethora of expressions being used to cover everything from medical matters through to economic conditions. We
Read more →On Tuesday [12 May] the Chancellor announced that the “furlough scheme” – more formerly referred to as the Coronavirus Job Retention Scheme (CJRS) – would be extended for a further four months until the end of October 2020. Before this announcement, the scheme was due to run
Read more →The Self-Employment Income Support Scheme (SEISS) portal is now open and we at Champion have already assisted a number of our clients with the claims process, which thankfully, is fairly straightforward. To make a claim, you will need your: Self Assessment UTR National Insurance number Government Gateway
Read more →On Sunday we are expecting to hear from the Prime Minister about what steps are to be introduced to allow lockdown to be eased and for some “normality” to return to our lives. As we contemplate what the economy might look like when we can begin a
Read more →HMRC has issued guidance on how SEISS is meant to work from 13 May onwards, which is available at: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#claim It is worth taking a look at the guidance to take comfort that you will be able to qualify, however, the following summary might help you in the interim.
Read more →Bounce Back Loan scheme goes live Last week we highlighted the new Bounce Back Loans introduced by the Chancellor which will enable small and medium-sized businesses to borrow between £2,000 and £50,000, and as of this morning [4 May], the scheme went live. The full guidance, including
Read more →The introduction of Making Tax Digital may seem like a distant memory, but the beginning of April 2020 was set to mark the end of HMRC’s soft landing period, which had provided a ‘light touch’ to non-compliance with the new rules. Yet due to the present-day pressures
Read more →Yesterday morning [Monday 27 April] saw the Chancellor announce a Bounce Back Loans scheme for SMEs. This will enable such businesses to benefit from a new fast-track finance initiative that will provide loans with a 100% Government-backed guarantee for lenders. HMRC’s official guidance can be found here,
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