£750m support for charities

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The Chancellor, Rishi Sunak, has announced an additional £750m of funding for front-line charities to help them to continue their vital work during the COVID-19 pandemic.

The £750m is made up of a direct allocation of £360 million

Employees that can be furloughed

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As we have written about previously, the Coronavirus Job Retention Scheme (CJRS) provides significant government support to allow employers to furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to

Tax credits increase

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The basic element Working Tax Credit payment has been increased from an expected £1,995 to £3,040 for the 2020-21 tax year that commenced 6 April 2020. This is part of a package of measures to help support families coping with the

Claiming Child Benefit for newborns

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HMRC has confirmed that parents of new-borns will still be able to claim Child Benefit despite the outbreak of Coronavirus. The weekly rates of child benefit for the only or eldest child in a family is currently £21.05 and the weekly rate for

MOT expiry dates and vehicle tax

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The Driver and Vehicle Licensing Agency (DVLA) has confirmed that MOT expiry dates will be extended by 6 months for all MOTs due on or after 30 March 2020. This includes vehicles that are due their first MOT test and applies to cars, motorcycles,

Tax overpaid on savings

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The R40 form Claim for repayment of tax deducted from savings and investments is available on the GOV.UK website. Individuals who have paid too much tax on interest can use the R40 form to claim back any overpaid tax. The form and associated guidance

Let property disclosure campaign

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The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding

New bereavement allowance for parents

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New workplace rights to paid leave for bereaved parents came into effect on 6 April 2020. The new law has been welcomed by charities helping bereaved parents to cope with losing a child.

The new allowance gives employed parents the right to claim

Prepare accounts quickly

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As most self-employed readers will be aware, Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not payable until the 31 January following the tax year end date.

From a

What is solvency?

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During periods when demand for your goods and services drop – for example, if your business has been closed down or adversely affected by the recent COVID-19 outbreak – your sales and incoming cash receipts tend to drop at a faster rate

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