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Please find below all the articles that have been categorised as 'Uncategorised'.

Covid-19: SEISS and business grants update

Millions of self-employed individuals have been eligible to receive direct cash grants through the government’s Self-Employment Income Support Scheme (SEISS), to help them during the coronavirus outbreak.

There are four opportunities to receive a grant under the SEISS, although the deadlines for the first two parts have now passed.

For parts three and four, the government says it will provide two taxable grants to support those experiencing reduced demand due to Covid-19 but are continuing to trade, or temporarily cannot trade. Payments will be available to anyone who was previously…

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Covid-19: Job Support Scheme

The Chancellor originally announced details of the new Job Support Scheme (JSS) in his Winter Economy Plan, but the details have since been updated in a statement on 22 October 2020.

The JSS is the main employment support scheme from 1 November 2020, following the cessation of the Coronavirus Job Retention Scheme (CJRS). The scheme will run for six months, until April 2021.

There is no need for the employee to have been previously furloughed before 1 November 2020, or for the employer to have claimed under the CJRS.

The primary…

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GUIDANCE FOR OUR CLIENTS – CORONAVIRUS (COVID-19) – Firebreak/lockdown grants – 27th October 2020

Business Wales have today released further details on the firebreak and lockdown grants. These grants will be open to applications from tomorrow (28th October 2020). Availability is on a first come, first served basis so we recommend clients act quickly to secure any grants they are eligible for.
Lockdown Non-Domestic Rate Grants

Grant 1

A grant of £5,000 is being made available for retail, leisure and hospitality businesses that have been forced to close (as defined by the regulations) and occupy properties with a rateable value of between £12,001 and £51,000….

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VAT: changes to accounting methods used by opticians and sellers of hearing aids

HMRC have published Brief 14 (2020), which covers changes to the methods used by opticians and sellers of hearing aids to account for VAT on their supplies. The changes take effect from 1 October 2020.

Broadly, opticians that dispense spectacles or contact lenses to their customers are treated as making two supplies for VAT purposes – the spectacles or lenses themselves, which are taxable at the standard rate, and a supply of dispensing services, which is exempt from VAT. Similarly, dispensers of hearing aids make a taxable supply of…

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Can I get a Customs grant?

Businesses need to prepare ahead of new Customs procedures coming into play in 2021 when the Brexit transition period ends. The Government has made funding available in the form of a grant to help businesses get ready.

Who can apply?

To qualify for a grant a business must:

– have been established in the UK for at least 12 months before the submission of the application and when the grant is paid; and
– not have previously failed to meet its tax obligations.

In addition, the businesses must meet one of the following…

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Kickstart for employers

Under the new Kickstart programme, the Government hopes to create roles for as many as 250,000 young people who are currently receiving Universal Credit (UC).

Initially announced in the July Economic statement, the details of the scheme have now been published and the first placements should be available from November.

Kickstart allows employers to receive funding for six-month work placements for 16 to 24-year-olds currently receiving UC, who are seen to be among the most vulnerable to unemployment.

Applications for funding must be for new jobs – with the funding conditional…

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Covid-19: Government unveils winter economy plan

Chancellor Rishi Sunak has unveiled the Government’s winter economy plan, providing an update on current coronavirus support measures for individuals and businesses, and announcing the launch of a new Job Support Scheme.

Key points of the statement include:

– the Coronavirus Job Retention Scheme (CJRS) will end as planned on 31 October 2020;
– a new Job Support Scheme will provide funding for employers who are able to retain employees but on shorter hours. The scheme will initially run for six months from November;
– the temporary reduced (5%) rate of VAT…

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Applying for a customs grant

The next phase of the customs grant scheme is now open for applications. It sees a record £50 million investment as part of the measures to accelerate growth of the customs intermediary sector and help meet the increased demand it will see from traders at the end of the transition period.

Broadly, there are three grants available to help businesses complete customs declarations.

A business can apply to get funding for:

– training that helps the business to complete customs declarations and processes;
– hiring new staff to help the…

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Helping employees with cheap loans

In the current difficult economic client, employees may need to approach their employer for financial assistance in the form of a loan. Under the strict letter of the law, a tax charge will arise where a director or employee obtains a benefit by reason of their employment when they, or any of their relatives, is given a cheap or interest-free loan. The tax charge generally arises on the difference between interest at the appropriate ‘official rate’ (currently 2.25%) and the interest, if any, actually paid. Such loans are…

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HMRC launch consultation on NIC holiday for veterans

The Government currently provides a career transition package to service personnel leaving the Armed Forces which supports around 86% into employment. However, 6% of veterans using the service remain unemployed up to a year after leaving. The Government made a manifesto pledge to back veterans, by scrapping employer National Insurance Contributions (NICs) for a full year for every new employee who has left the Armed Forces. This policy is now being developed and is expected to take effect from April 2021.

HMRC have launched a consultation entitled Supporting veterans’…

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