News
CGT reporting of property sales to be given more time
15 April 2020
It was announced that from the start of April all Capital Gains Tax (CGT) from residential property sales would have to be reported and paid to HM Revenue & Customs (HMRC) within 30 days where tax is due. However, HMRC has now confirmed that it will not charge late filing penalties for reports of CGT on disposals of UK...
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Four new Coronavirus Business Interruption Loan Scheme (CBILS) lenders announced
15 April 2020
The Government’s British Business Bank, which oversees the Coronavirus Business Interruption Loan Scheme (CBILS), has confirmed the addition of four new lenders businesses can approach to access the scheme. The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank are now able to provide CBILS loans to businesses.
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Detailed guidance published on the Self-Employed Income Support Scheme
15 April 2020
HM Revenue & Customs (HMRC) has published detailed guidance on the working of the Self-Employed Income Support Scheme (SEISS), which was announced by the Chancellor as part of the Government’s response to the economic impact of the coronavirus crisis. SEISS will pay self-employed individuals an amount equivalent to up to 80 per cent...
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OBR warns that the UK economy may contract by more than a third before bouncing back by end of 2020
15 April 2020
The Office for Budget Responsibility (OBR) has released a new report which suggests that the UK economy may shrink by 35 per cent in June as a result of the Government’s ‘Stay at Home’ guidance, before ‘bouncing back’ in the following months. The OBR report, which is not considered an exact prediction, suggest that UK gross...
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Easter Weekend updates to the Coronavirus Job Retention Scheme
15 April 2020
Over the Easter Weekend, the Government published a further update to its guidance on the operation of the Coronavirus Job Retention Scheme (CJRS). The CJRS allows employers to retain employees on the PAYE Payroll who are not carrying out work for them by placing them on furlough and to claim a grant of 80 per cent of a...
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Coronavirus Job Retention Scheme – Portal opens Monday 20 April 2020
09 April 2020
HM Revenue & Customs (HMRC) has confirmed that the online portal for applications to the Coronavirus Job Retention Scheme (CJRS) will open on Monday 20 April 2020. The CJRS provides grants worth 80 per cent of a furloughed employee’s salary up to a cap of £2,500 a month, plus Employers’ National Insurance Contributions (NICs)...
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The Coronavirus Large Business Interruption Loan Scheme (CLBILS)
07 April 2020
The Government has announced a further scheme to support businesses through the Coronavirus crisis. The Coronavirus Large Business Interruption Loan Scheme (CLBILS) is aimed at large businesses with annual turnovers of between £45 million and £500 million. These businesses cannot access facilities through the Coronavirus...
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Latest amendments to the Coronavirus Job Retention Scheme announced
07 April 2020
The Government has made several amendments to the Coronavirus Job Retention Scheme (CJRS), which was first announced by Chancellor, Rishi Sunak on 20 March, immediately after the Prime Minister ordered the closure of pubs, restaurants and bars. The scheme is intended to reimburse up to 80 per cent of the wage costs (capped at...
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Personal loans, credit cards and overdrafts
07 April 2020
The Financial Conduct Authority (FCA) is fast-tracking new measures that will force banks to freeze loans and credit card payments for up to three months to help those individuals whose finances are affected by the Coronavirus outbreak. The measures should be in force by 9 April 2020 and will include...
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Revised Coronavirus Business Interruption Loan Scheme (CBILS)
06 April 2020
The Government has announced significant revisions to the Coronavirus Business Interruption Loan Scheme (CBILS) that come into effect from Monday 6 April 2020, opening up the scheme to a wider range of businesses. The Scheme provides UK-based SMEs with turnovers of up to £45 million access to facilities of between £1,000 and...
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