Category Archives: News

Third SEISS grant: Government tightens eligibility criteria

The government has tightened the eligibility criteria for the third SEISS grant – Self-employment Income Support Scheme. Applicants for the grant will face a new test, warns the Institute of Chartered Accountants in England and Wales (ICAEW). Applications for the third SEISS grant will open from 30 November 2020. Make your claim from the date […]

HMRC Starts checks on Eat out scheme

HMRC is writing to businesses in the hospitality sector requesting them to verify their claims made under the Eat Out scheme. The COVID support scheme was available throughout August. It provided firms with up to £10 per diner to enable them to offer up to 50% discount on food on specific weekdays. HMRC stated that […]

Annual Investment Allowance (AIA) £1m cap extended

The Treasury has confirmed the extension of £1 million Annual Investment Allowance (AIA) cap for an additional year. Earlier it was designed to stimulate investment in UK manufacturing. The government extended AIA for an additional year in an effort to counter the current slump in economic activity. Now businesses, including manufacturing firms, can continue to […]

Extension of CJRS: Furlough scheme changed for new lockdown

Treasury has announced the extension of the Coronavirus Job Retention Scheme (CJRS) until December, with furloughed employees set to receive 80% of their salary for hours not worked and businesses asked only to cover national insurance and employer pension contributions. Prime Minister Boris Johnson announced a new national lockdown for England on 31 October. The […]

Chancellor enhanced financial support for businesses affected by COVID

Chancellor announced increases in financial support for businesses yesterday to support businesses affected by COVID restrictions. Sunak highlighted that the current three-tier approach to introducing lockdown measures was ‘the right way to control the spread of the virus’. However, he acknowledged that ‘even businesses which remain open face profound economic uncertainty.’ So far, enhanced support […]

New COVID Fraud Hotline

The government has launched a new COVID fraud hotline to stop fraudsters who make illegal claims for support. The public can now call a dedicated phoneline anonymously and free of charge to report suspected fraudulent activity. The launch of the new Fraud Hotline is an initiative of government and independent charity Crimestoppers. Although fraud is […]

Job Support Scheme (JSS) extension

The government will expand its Job Support Scheme (JSS) to protect jobs and support businesses closed due to local lockdowns. The business had to close their doors due to local lockdowns as the number of Coronavirus (COVID-19) cases continues to rise in some areas. So, under the JSS extension, the government will pay two-thirds of […]

The new digital lender secures banking licence

The new digital lender, Monument Bank, has secured an ‘authorisation with restriction’ (AWR) banking licence from the UK regulatory authorities, the Prudential Regulation Authority and the Financial Conduct Authority. It has achieved this milestone in just over 18 months, which is one of the fastest rates of progress for any new bank. The move comes […]

Self-Employment Income Support Scheme: Extension announced

Chancellor Rishi Sunak has now announced the extension of the Self-Employment Income Support Scheme (SEISS) until April 2020, to the relief of many businesses. The businesses praised the scheme for helping them to stay afloat during the coronavirus lockdown. However, the scheme has also faced significant criticism for excluding a number of self-employed people who […]

Job Retention Scheme (CJRS): MPs urged Chancellor for extension

The Coronavirus Job Retention Scheme (CJRS) has played an immense role in protecting jobs since the start of the pandemic. Therefore, MPs have pushed Chancellor Rishi Sunak to extend the Coronavirus Job Retention Scheme (CJRS) to help avoid mass redundancies. The CJRS is set to be wound down in October and changes were implemented to […]