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Coronavirus Business Interruption Loan Scheme (CBILS)

Posted: 06 April 2020

ICAEW have highlighted how the following new features of the scheme have made it easier for businesses to access funds:

  • Businesses can self-certify they have been impacted by COVID-19.
  • Banks must not ask for personal guarantees for facilities under £250,000. (more…)
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Furloughing Directors and Can Furloughed Employees Work for Employers

Posted: 06 April 2020

The government has updated its guidance over the weekend on the furlough scheme. The revised guidance note is at:

www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

Furloughing Directors

The guidance is now a little clearer on the position of directors who are being furloughed: (more…)

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Coronavirus Job Retention Scheme Updates

On Friday the government updated their retention scheme guidance for the Public Sector:

The government expects that the scheme will not be used by many public sector organisations, as the majority of public sector employees are continuing to provide essential public services or contribute to the response to the coronavirus outbreak. (more…)

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Pensions Annual Allowance Charges -Budget 2020 Update

Posted: 04 April 2020

You may have heard from the budget on 11th March that the government has decided to increase the annual allowance “threshold income” by £90,000 to £200,000 and that the “adjusted income” calculation has been similarly increased to £240,000. These will take effect in the 2020/21 tax year.

What does this mean?

This is all related to the tapering of the £40,000 annual allowance. The annual allowance is how much:

  • you can contribute to a defined contribution scheme or,
  • your defined benefit pension fund value can grow in the tax year,

before incurring a tax charge. (more…)

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“Furloughing” of Directors of Personal Service Companies Supplying the Public Sector

Posted: 03 April 2020

Measures were announced yesterday, and some commentators initially thought the changes meant that all directors of small companies could be furloughed, with the rules being likely to be extended to those supplying the private sector as well – this is not the scheme. Instead it is an added measure to help business/individuals, along with the furlough of employees and the help for the self-employed, that were both previously announced. (more…)

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MTD Digital Link Requirement Delayed.

HMRC have announced that the MTD digital link requirement will be delayed by a year to April 2021

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Coronavirus Self Employment Income Support Scheme- Overview

Download our overview of the Coronavirus self employment income support scheme here: Self Employment Income Support Scheme

If you have any questions please email info@burgesshodgson.co.uk

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Coronavirus Job Retention Scheme- Overview

Download our overview of the Coronavirus job retention scheme here: Job Retention scheme overview

If you have any questions please email payroll@burgesshodgson.co.uk

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Self Employed Guidance and Job Retention Scheme

Following the announcement yesterday of financial support for the self-employed the government has now published some further detail as to how the scheme will operate. This guidance can be found at –www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

In addition to this HMRC have now published further details regarding the Coranavirus Job Retention Scheme. This gives further detail regarding the process of ‘furloughing’ employees and how wages paid to ‘furloughed’ employees will be reimbursed by the government. This guidance can be found at  www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

Guidance for employees as follows:

www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme

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