pandemic Archives | Taxfile

Recovery Loan Scheme

Taxfile — Thu, 22 Apr 2021 12:59:06 +0000

The Bounce Back Loan Scheme (BBLS) application entries terminated on 31/03/2021 and now the government has introduced the Recovery Loan Scheme to finance UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. The government guarantees 80% of the finance to the lenders, meaning the necessity of credit checks on the […]

The post Recovery Loan Scheme appeared first on Taxfile.

Restart Grant NOW Available to Eligible Businesses

Taxfile — Thu, 22 Apr 2021 10:46:30 +0000

The Restart Grant scheme supports businesses in reopening safely as COVID-19 restrictions are lifted. Grants are available from 1 April 2021. To be eligible, your business must be in the non-essential retail sector and you may be entitled to a one-off cash grant of up to £6,000 from your local borough. Eligible businesses in the hospitality, […]

The post Restart Grant NOW Available to Eligible Businesses appeared first on Taxfile.

4th SEISS Grant Available THIS Week

Taxfile — Thu, 22 Apr 2021 10:19:28 +0000

If you are self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19), the 4th Self-Employment Income Support Scheme (SEISS) grant will be available to those eligible from this week (w/c 19 April 2021), and the online service for the fourth SEISS grant is now online HERE The grant covers the […]

The post 4th SEISS Grant Available THIS Week appeared first on Taxfile.

Furlough Scheme Extended until End of September

Taxfile — Wed, 03 Mar 2021 13:43:12 +0000

In The Chancellor’s 2021 budget speech it was announced that the furlough scheme would be extended until the end of September 2021, to protect the jobs and livelihoods of the UK population during the pandemic. The Government will pay employees 80% of the hours not worked through to the end of June 2021. As the […]

The post Furlough Scheme Extended until End of September appeared first on Taxfile.

Bounce Back Loan Applications & Top-Ups ENDING

Taxfile — Mon, 01 Mar 2021 13:51:12 +0000

Applications for the Bounce Back Loan Scheme (BBLS) come to a close on 31st March 2021. The purpose of the scheme was to allow small businesses, regardless whether they were sole traders, partnerships, or limited companies, a way of getting a cash flow worth 25% of their turnover (within the range of £2-£50k) to support […]

The post Bounce Back Loan Applications & Top-Ups ENDING appeared first on Taxfile.

5% Late Payment Penalty Relief Announced by HMRC

Taxfile — Tue, 23 Feb 2021 14:40:22 +0000

HM Revenue and Customs (HMRC) has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1st April 2021. Normally, a 5% late payment penalty is also charged on any unpaid tax that is still outstanding on 3rd […]

The post 5% Late Payment Penalty Relief Announced by HMRC appeared first on Taxfile.

SEISS Grant 4 – News Coming Soon!

Mark — Wed, 10 Feb 2021 15:29:56 +0000

https://youtu.be/bN8T-_Gh9aM

Money Saving Expert founder Martin Lewis has announced¹ exclusive news about a possible 4th SEISS Grant for self-employed people. The Self-Employment Income Support Scheme (SEISS) offers direct financial support from the Government for those self-employed people who have seen a significant drop in profits due to the coronavirus pandemic, where eligible. He says the official announcement is currently scheduled for 3rd March 2021 during the Chancellor of the Exchequer's Spring Budget.

Applications for the current 3rd SEISS grant closed on the 29th of January. The fourth SEISS grant period will cover the months February, March and April. Martin's exclusive information suggests

The post SEISS Grant 4 – News Coming Soon! appeared first on Taxfile.

Job Support Scheme Replaces the Job Retention Scheme from 1st November 2020

Taxfile — Thu, 24 Sep 2020 14:30:56 +0000

The Job Retention Scheme (JRS) winds down at the end of October. It will be followed, for the next six months, by a new job support scheme, which subsidises the wages of employees working at least a third of their normal hours, to further support viable UK employers who face lower demands due to COVID-19.

In an attempt to keep employees attached to the workforce, the Government will be introducing a new Job Support Scheme from 1 November 2020, where employees will need to work a minimum of 33% of their usual hours.

For every hour not worked the employer and the Government will each pay one third of the employee’s usual pay. The government contribution will be capped at £697.92 per month.

Employees using the scheme will receive at least 77% of their pay (where the Government contribution has not been capped) & the employer will be reimbursed in arrears for the government contribution. The employee must not be on a redundancy notice.

The scheme will run for six months from 1 November 2020 and is open to all employers with a UK bank account and a UK PAYE scheme.

All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large businesses will be required to demonstrate that

The post Job Support Scheme Replaces the Job Retention Scheme from 1st November 2020 appeared first on Taxfile.