Minimum hours for Tax Credits

It has been confirmed that the minimum weekly hours requirement to be eligible for tax credits has been temporarily suspended because of coronavirus. Tax Credits can provide top-up payments to those on low incomes.

Under normal circumstances, you

Treasury instructions to HMRC re SEISS

On 30 April 2020, HM Treasury published its Direction to HMRC giving statutory footing for the Self-employment Income Support Scheme (SEISS). The document makes it clear that one of the conditions for using the scheme is that the self-employed must

Gift Aid for cancelled charity events

HMRC has published new guidance on the scheme for charities that have had events cancelled due to coronavirus.

The Gift Aid scheme allows charities or Community Amateur Sports Clubs (CASC) to take a taxpayer’s donation and, provided all the

VAT scrapped on e-publications

It was announced as part of the Spring Budget measures that the zero rate of VAT would apply to all e-books from 1 December 2020. The date of this change has now been brought forward and came into effect on 1 May 2020. This will be a welcome boost to

Making a claim under the Self-employed Income Support Scheme

As we have written previously, if you are self-employed and qualify for the Self-employment Income Support Scheme you will receive a cash grant from HMRC based on 80% of profits, up to £2,500 per month. The initial grant will be for the three

Low interest rate for Bounce Back Loans

The Bounce Back Loans scheme first announced by the Chancellor, Rishi Sunak, in late April was launched on 4 May 2020. The new scheme allows small businesses to borrow between £2,000 and £50,000 and access the cash in most cases within 24

Lifetime ISA rules changed

The Lifetime ISA allows those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000 and once you start saving before you are 40, you can

Directors paid annually – furlough update

The Coronavirus Job Retention Scheme allows employers to claim cash grants of up to 80% of wages (capped at £2,500) for furloughed workers.

In the most recent update to HRMC’s guidance there is a clarification relevant to directors that

Additional funding for SMEs in Scotland

The Scottish Government has announced a new £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people.

The money is allocated to three separate funds. The funds opened for

Time to plan

Up to the lock-down, most business owners were fully engaged in running their businesses and chasing new sales opportunities. The opportunity to take time out to consider longer-term issues: expanding your business, planning for a business exit or