Further details on Coronavirus Job Retention Scheme

HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up to 80% of wage costs, up to a cap of £2,500 per month,

Coronavirus – relaxation of insolvency rules

New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for bankruptcy. The measures were announced by the Business Secretary, Alok

Coronavirus deferral of VAT payments

In another move to help businesses the government announced that VAT registered businesses can defer any VAT payments due between 20 March 2020 and 30 June 2020. There is no application process required to defer the relevant payment. However,

Contactless payment limit increased

The spending limit for contactless card payments has been increased from £30 to £45 effective 1 April 2020. The change in the limit had been under consideration and has now been expedited as part of the industry’s response to the

Financial support for exporters

There is a special financial support targeted specifically at exporters. This is in addition to the package of government-backed and guaranteed loans and other measures designed to support businesses coping with the financial effects of Coronavirus

Businesses and employers in Northern Ireland

The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern Ireland.

A new press release, jointly published by the NIO,

Removing your home address from the public register

Company directors, company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register at Companies House.

Prior to the introduction of this law (in

HMRC interest rates

Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge.

The new late payment interest rate, applied to the main taxes and duties, took effect from 30 March

Converting assets into cash in the bank

During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively.

A number of businesses will be in the fortunate position of heading into the current COVID-19

Deferring VAT and tax payments

As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments.

VAT

HMRC will not enforce payment of VAT liabilities that fall due between 20 March 2020

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