Category Archives: Our Blog

Self-Employment Income Support: Claim a second payment

The second stage of Self Employment Income Support Scheme (SEISS) opens for applications today. Under the scheme, the government pays self-employed individuals a taxable grant based on an average of their earnings over the past three years. The businesses eligible will receive a government grant worth up to £6,570. Over 2.7 million people have benefitted […]

Chancellor expands loan scheme for large businesses

The chancellor has expanded the government-backed Coronavirus Large Business Interruption Loan Scheme to cover all viable firms. Ahead of the scheme’s launch on Monday (April 20), Sunak unveils the final details of Coronavirus Large Business Interruption Loan Scheme. Who is eligible for the Coronavirus Large Business Loan Scheme? all viable businesses with turnover of more […]

Employment Allowance Changes

  Employment Allowance was introduced in 2014 in order to reduce the NIC’s liability for small to medium businesses by £3,000. The eligibility rules for an employer claiming the EA will change from April 2020. This measure increases the maximum EA by £1,000 to £4,000 from April 2020. This means eligible businesses and charities will […]

Coronavirus Wage Bailout Fund

  Chancellor Rishi Sunak has announced an extraordinary Coronavirus wage bailout fund to support UK workers hit by Coronavirus crisis. The government will pay up to 80%, or £2,500, of the salaries of British workers affected by Covid-19 in a major wage bailout. Mr Sunak stated in a speech: “Employers will be able to contact […]

Incentives for small businesses: Budget 2020

Despite of Brexit uncertainties and the COVID-19 outbreak the new Chancellor, Rishi Sunak, delivered his first Budget on 11 March. Some businesses may experience increased costs or disruptions to their cash flow as a result of COVID-19. The Budget announces a set of measures to provide support to small businesses during this temporary period. These […]

Entrepreneurs’ Relief: Budget 2020

Chancellor Rishi Sunak announced a cut in lifetime limit on entrepreneurs’ relief from £10m to £1m. This relief on capital gains tax (CGT) costs the Treasury £ 2.6bn an entrepreneurs’ year. Entrepreneurs’ relief, a tax break mostly benefits wealthy business owners. Rishi Sunak significantly scaled back the relief, which halves the capital gains tax paid […]

Coronavirus: Statutory Sick Pay

New Chancellor, Sunak, has announced exceptional measures to support businesses and individuals who might suffer due to coronavirus outbreak in his first Budget a day ago. Undoubtedly, this was a coronavirus Budget, but it was also a post-Brexit Budget. He promised this Budget would help hard-working families keep more of their money. However, these measures […]

The Budget 2020: Predictions and Expectations

The first Budget of UK’s Government as a non-EU state is just a day away. The new chancellor Rishi Sunak will deliver the financial statement on March 11.  What are the expectations from The Budget 2020? Cash Protection Mr Sunak will commit to enshrining cash’s protection in law. So,Treasury will begin talks with industry and […]

The New Chancellor guarantees a ‘soft approach’ in pushing IR35 tax reforms

The UK’s new Chancellor, Rishi Sunak, guarantees that HMRC will not be “heavy-handed” in pushing its IR35 tax reforms. According to HMRC  “Customers will not have to pay penalties for errors relating to off-payroll in the first year, except in cases of deliberate non-compliance”. Sunak has offered reassurance to contractors that HMRC will ensure a […]

Voluntary Overtime Forms Part of Holiday Entitlement

Almost all PAYE workers are entitled to 5.6 weeks as paid holiday per year. This includes agency workers, irregular workers and zero-hour workers. Moreover, Part time workers are also entitled to holiday prorated. Besides basic pay, overtime should also be included in the calculation of holiday entitlement. There are different types of overtime, Guaranteed overtime, […]