When dividends CAN be treated as a loan in insolvency proceedings – Don’t get...
A recent case has highlighted a potential area of risk which could catch directors out – where dividends can be treated as a loan in an insolvency procedure. In the case of M Electrical Solutions Ltd...
View ArticleWorried about the Capital Gains Tax review? Consider an MVL!
Announcements from Chancellor Rishi Sunak yesterday (12 November 2020) have all but confirmed the potential tax increases to recover the costs resulting from the coronavirus pandemic. A government...
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Employees can now claim tax relief for working from home
HMRC has launched an online portal to help taxpayers claim tax relief for working from home during the pandemic. From 6 April 2020, employees can claim a tax-free amount of £6 a week to cover the...
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Chancellor extends self-employed grant
Two further grants under the self-employed income support scheme (SEISS) were announced in September and have now been updated following the second lockdown. The government’s new package of support...
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Take two: furlough scheme extended into 2021
As the second lockdown took effect on 5 November, the Chancellor returned to Parliament to announce a further extension to the furlough scheme through to March 2021. The extension of financial support...
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Scammers never sleep – rise in tax scams reported
Given the amount of Covid-19 financial assistance available, it comes as no surprise that there is an increase in HMRC-related scams this year. What is worrying is that scammers have become more...
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Bounce Back Loan Scheme extended
The application date for the Bounce Back Loan Scheme (BBLS) has now been extended to 30 November, and the loan repayment process made more flexible. To date, the BBLS has provided more than a million...
View ArticleChancellor extends VAT cut until March
The temporary reduced standard VAT rate of 5% for the tourism and hospitality sector was due to end on 12 January, but has now been extended to 31 March 2021. With Covid-19 restrictions continuing for...
View ArticleHow far do the latest pandemic support measures really go?
The latest pandemic support measures are much less generous than before. Even though the Chancellor cancelled this year’s Autumn Budget, he still made an early autumn appearance before the House of...
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The Chancellor’s 2020 Winter Economy Plan
The ‘Economic Update’ presented by the Chancellor, Rishi Sunak, on 24 September arrived six months and a day after the Prime Minister announced the start of lockdown on 23 March. Twelve days earlier...
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How HMRC are closing in on tax avoidance through insolvency procedures
In Summer 2019, new powers were proposed under The Finance Bill which will enable HMRC to make directors jointly and severally liable for the company’s tax liabilities if it is subject to or at risk...
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What’s the outlook for the childcare sector?
It’s no secret that under-funding for the early years, nursery and childcare sector has been a long-term battle for such providers. Adding the coronavirus pandemic into the mix certainly wasn’t part...
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How well will law firms weather the Covid-19 storm?
It’s no secret that law firms and the legal sector are in for a rough ride this year. The impact of Covid-19 has added to an industry already under pressure to falls in revenue. The Law Society’s Law...
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Is the recession going to make or break your business?
Last week’s announcement that the UK is officially in recession is unlikely to have come as a huge surprise. The Chancellor confirmed that between April and June the economy shrank by 20.4% compared...
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Business rates review back on the table
The government committed to undertake a fundamental review of business rates in England at the Spring Budget. It has now issued a call for evidence, with views on reliefs and the ‘multiplier sort’ by...
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8/10 Accountants have doubts about their clients’ future.
A recent survey issued by business recovery experts HJS Recovery has unveiled the stark realities accountants face with their clients as a result of the Covid-19 outbreak. The survey was completed by...
View ArticleDeferring July’s income tax payment
HMRC is allowing your second self-assessment payment due on 31 July 2020 on account for the tax year 2019/20 to be deferred, due to the Covid-19 pandemic. This means no interest or penalties will be...
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Changes to insolvency and company law to take effect
The government has made changes to insolvency and company law as a result of the coronavirus (COVID-19) pandemic. The Corporate Insolvency and Governance Bill outlines that struggling companies will...
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Help for off-payroll workers and loan charge taxpayers
HMRC has confirmed that public sector contractors within the scope of the off-payroll working (IR35) rules are eligible for the 80% furlough scheme. There has also been clarification for loan charge...
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An important update from HJS Recovery
Tuesday 12 May 2020 Statement from Gordon Johnston, MD for HJS Recovery I am very sorry to announce that our colleague and friend Ben Laycock passed away last week. Ben led the team in our Fleet...
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