Monthly Archives: June 2020

Lock-down independence day 4th July 2020

The changes to lock-down announced by the Prime Minister last week are summarised below. Most are effective from 4th July 2020.

Pubs, restaurants and hairdressers will be able to reopen, providing they adhere to COVID Secure guidelines.

From the same date, two households will be able to meet up in any setting with social distancing measures. This...

Read more

Option to defer VAT payments ends this month

One of the government’s schemes to assist VAT registered businesses with their cashflow during the current COVID disruption was the deferral of VAT payments.

The VAT payments that could be deferred cover payments due between 20 March 2020 and 30 June 2020.

VAT traders that have taken advantage of this support will have likely deferred just one...

Read more

Leaving salaries or dividends in your company

Director/shareholders of small companies may be considering reducing their salaries and/or dividends during this uncertain period. Even if firms are managing to maintain profits or breakeven, prudence would suggest that until things improve we should do what ever we can to preserve cash reserves.

Many directors have taken the sensible option to minimise their salaries and...

Read more

New support for High Street retailers

The High Street Task Force has launched a range of support options for High Street traders in England. In a press release issued 12 June it was announced:

 

A package of support to help high streets to get back on their feet has been launched ahead of shops reopening from 15 June.

The High Streets Task Force...

Read more

Problems as we emerge from lock-down

The precautions taken by government to contain the COVID-19 outbreak, commonly known as lock-down, have created varying problem for UK businesses. As we ease our way out of lock-down many of us will have further issues to confront. This post considers some of those issues.

According to the Office for National Statistics, economic activity in the...

Read more

Ban on evictions extended by two months

Renters across England and Wales will receive greater protection after the government extended the suspension of new evictions until 23 August.

 

The Ministry of Housing published the following press release 5 June 2020:

Millions of renters across England and Wales will receive greater protection after the government extended the suspension of new evictions until 23 August.

The extension...

Read more

Furlough scheme changes clarified

HMRC released more information on the up-coming changes to the furlough scheme (CJRS) last week. A summary of two of the issues are set out below.

Have you over-claimed?

If you have made an error when making a claim under the CJRS and as a result you have received too much money, you must pay this back...

Read more

Re-opening retail businesses from June 2020

A time-table has been announced for the re-opening of thousands of high street shops, department stores and shopping centres in England once they are COVID secure.

The Prime Minister’s announcement published 25 May 2020 says:

  • outdoor markets and car showrooms will be able to reopen from 1 June, as soon as they are able to meet the...
Read more

Tax Diary June/July 2020

1 June 2020 - Due date for Corporation Tax due for the year ended 31 August 2019.

19 June 2020 - PAYE and NIC deductions due for month ended 5 June 2020. (If you pay your tax electronically the due date is 22 June 2020)

19 June 2020 - Filing deadline for the CIS300 monthly return for...

Read more

Trade Credit Insurance update

Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such as manufacturing and construction. It covers suppliers selling goods against the company they are selling to, defaulting on payment and giving businesses the confidence to trade with one another.

Due to Coronavirus and businesses struggling to pay...

Read more