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Practice News

Job Retention Bonus Withdrawn

Posted 09/11/2020 Within last weeks guidance regarding the Job Retention Scheme being extended, a paragraph was also included to say that the Job Retention Bonus will no longer be paid in February 2021. The Government have stated that an alternative retention incentive will be put in place at the appropriate time. For details of the…Read More

Self-Employment Income Support Scheme (SEISS) Grant Extension

Posted 09/11/2020 Last week, the Chancellor announced that the UK Government is increasing the overall level of the next SEISS grant from 55% to 80% of trading profits. This grant will cover a three-month period from the start of November until the end of January. The UK Government will pay a taxable grant which is…Read More

Government extends Job Retention Scheme (Furlough) to March 2021

Posted 09/11/20 As the lockdown has now started for England and continues elsewhere, the Government has extended the Coronavirus Job Retention Scheme (CJRS) across all regions of the UK. The Chancellor announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods running to 31…Read More

A message from Hammond McNulty.

4th November 2020 Following the Prime Minister’s announcement of a second national lockdown the first and most obvious thing to say is that the wellbeing of our clients and employees is our number one priority. We will remain open throughout lockdown and will continue to be here to help you and your business, as we…Read More

The Coronavirus Job Retention Scheme (CJRS) – Extended

Posted 04/11/2020 The CJRS has been extended until December. This was due to end 31 October. The Grant will ensure employees receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough…Read More

Self-Employment Income Support Scheme Grant Extension

Posted 04/11/2020 The Self-Employment Income Support Scheme Grant Extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period. The first grant will cover from 1 November 2020 until 31 January 2021 and will be based on 55% of average…Read More

A Relief By Any Other Name… Business Asset Disposal Relief vs Investors’ Relief

Posted 04/11/2020 From 6 April 2020 Entrepreneurs’ Relief has been renamed to Business Asset Disposal Relief, though the change in name doesn’t affect the operation of the relief. One significant change to Entrepreneurs’ relief is that the lifetime limit on gains relieved has been reduced from £10 million to £1 million. An alternative relief, Investors’…Read More

Pension Annual Allowance Update

New threshold rates for calculating the pension annual allowance Posted 29/10/2020 From April 2021 the threshold and adjusted income for your pension annual allowance will be increased from £110k to £200k and from £150k to £240k respectively. If your threshold and adjusted incomes both exceed their respective thresholds your annual allowance will be reduced; the…Read More

Further Support Announced by The Chancellor

Posted 22/10/2020 The Chancellor has made his statement setting out additional support to protect jobs and businesses in the coming months. A new grants scheme for businesses impacted by tier 2 restrictions, even if they are not legally closed. A grant to be provided to businesses in hospitality, leisure & accommodation which will be worth…Read More

Let Property Campaign – Do You Have Undisclosed Rental Income?

Posted 13/10/2020 If you are a landlord and you have undisclosed income, under the Let Property Campaign you have the opportunity to get up to date with your tax affairs and take advantage of the best possible terms. You will then have 90 days to work out and pay what you owe. It is worth…Read More

Countryside Productivity Small Grants Scheme (CPSGS) – deadline 4th November

Posted 12 October 2020 £25 million has been made available in grants for productivity boosting farming equipment. Farmers can apply for grants of between £3,000 and £12,000 to buy innovative equipment. Equipment that benefits the environment has been added to the list of items available under the grant. Eligible equipment includes that designed to minimise…Read More

Job Retention Bonus

Posted 06/10/2020 The Job Retention Bonus is a £1,000 one-off taxable payment to the employer for each eligible employee that have been furloughed and kept continuously employed until 31 January 2021. You will be able to claim the bonus between 15 February 2021 and 31 March 2021. You do not have to pay this money…Read More

Deferral of VAT Payments Due to Coronavirus (COVID-19)

Posted 06/10/2020 Businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the end of March 2021, HMRC have confirmed businesses can make smaller payments up to the end of March 2022,…Read More

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