Government launches small business micro loan scheme

On 4 May 2020 the government launched a micro loan scheme for small businesses as it continues to try and mitigate the economic damage caused by the coronavirus (COVID-19) lockdown. The Bounce Back Loan Scheme allows small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the… Read more…

Job Retention Scheme goes live

On 20 April 2020 the government’s Coronavirus Job Retention Scheme went live for applications. The scheme allows businesses to furlough their employees, with the government paying 80% of their wages up to a maximum of £2,500. The Coronavirus Job Retention Scheme is open for four months and was backdated from 1 March 2020 to the… Read more…

HMRC releases guidance for self-employed scheme

HMRC has released guidance on the COVID-19 Self-employment Income Support Scheme. Under the scheme, self-employed individuals will be able to claim a taxable grant based on an average of their earnings over the past three years. To be eligible, workers must have filed all relevant income tax self assessment returns; have traded in the 2018/19… Read more…

Government launches support finding tool for business

The UK government launched an online platform to help businesses access financial support during the COVID-19 crisis. The Coronavirus Business Support Finder Tool will guide businesses through the range of loans, tax reliefs and cash grants to combat the adverse economic effects of the COVID-19 lockdown. The tool asks business owners to fill out a… Read more…

OBR predicts UK economy will shrink by over a third

The Office for Budget Responsibility (OBR) has warned that the UK economy could shrink by 35% this quarter due to the COVID-19 crisis. The OBR said that the outcome was modelled on an assumption that the current lockdown would last for three months. It stated that a three-month lockdown followed by three months of partial… Read more…

Government borrowing could rise to £300 billion

The Centre for Policy Studies (CPS) has suggested that government borrowing may rise to £300 billion in 2020 as a result of the COVID-19 pandemic. The think tank has been working to estimate the cost of the COVID-19 crisis to the government’s finances, and has incorporated official data from the Office for Budget Responsibility (OBR).… Read more…

HMRC extends late reporting deadline for CGT

On 6 April changes were made so that if a UK resident sells a residential property in the UK, they now have 30 days to tell HMRC and pay any money owed. The seller must submit a standalone tax return covering the CGT, which can no longer be included as part of a self assessment… Read more…

New tests and new car benefit percentages

As part of its drive to encourage green motoring, the government has introduced a new emissions test, as well as new car benefit percentages. The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car is computed by reference to bands of CO2 emissions multiplied by… Read more…

Rise in contactless card payment limit

From 1 April the spending limit for contactless card payments rose from £30 to £45. The decision to increase the payment limit was reached following consultation between the retail sector and the finance and payments industry, and echoes similar increases in other European countries. UK Finance stated that the change had been under consideration before… Read more…