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HOW TO CLAIM FOR YOUR EMPLOYEES' WAGES THROUGH THE CORONAVIRUS JOB RETENTION SCHEME (CJRS)

07/04/2020

The Government recently provided more details on how the CJRS works. Please note the online service you will use to claim is not open yet – we will let you know when it is. We have the capability to calculate and submit your CJRS Claim so please let us know if we can help. Overview of the scheme The principle behind the CJRS is that...

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HMRC updates guidance on Furlough of Company Directors

07/04/2020

HMRC have updated their guidance on Company directors as follows: Company Directors As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme. Company directors owe duties to their company which are set out in the Companies Act 2006. Where a company (acting through its board of...

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Update on furloughed directors

06/04/2020

HMRC have updated their guidance on what furloughed Directors are allowed to do (still a bit vague but more information than we had yesterday). "Where furloughed directors need to carry out particular duties to fulfill the statutory obligations they owe to their company, they may do so provided they do no more than would be judged...

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Webinar - Impact of Covid-19, help for Businesses - 15.04.2020 at 11am

06/04/2020

We would like to invite you to register for a webinar that we are teaming up with Rotheras Solicitors with to provide you with an update on the effects that Covid-19 could have on your business. The webinar will be delivered by the following industry experts, each will deliver a short updated on: Paul Gayton Tax &...

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Universal Credit information for business owners

01/04/2020

Universal Credit (UC) is an area many business owners will not have needed to know about in the past but with many business owners falling into UC and the world of State Benefits as a result of the Pandemic we have tried to summarise things in the article with links to Government web pages. UC is complex and this article is quite long....

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JOB RETENTION SCHEME - Frequently Asked Questions

31/03/2020

JOB RETENTION SCHEME Frequently Asked Questions (Based on information available as at 29 March 2020) Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this...

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CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (UPDATE)

31/03/2020

More information is coming out regarding the Coronavirus Business Interruption Loan Scheme offering by different banks, although banks are not yet processing these loans to get 'cash out of the door' Coronavirus Business Interruption Loan Scheme are currently the loan of last resort, as the banks will offer mainstream lending first if...

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How to Manage Your Cash Flow During a Crisis

30/03/2020

How to Manage Your Cash Flow During a Crisis Keeping Money in the Bank HMRC Initiatives Deferring VAT For 3 months from 20/03/202 to 30/06/2020 You still need to...

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Directors of small companies get little support from Government

30/03/2020

For those who operate through a Limited Company and take minimum salary topped up by dividends, it appears that we will fall through the gap between the Government Support Schemes so this petition is doing the rounds if you feel like supporting...

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THE SELF EMPLOYED INCOME SUPPORT SCHEME

27/03/2020

Yesterday the Chancellor finally announced the long awaited Self Employed Income Support Scheme, wesay finally but in reality this along with the other employment packages and loan support schemes have been put together in a little under 10 days in all, which is extraordinarily quick for...

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THE SELF EMPLOYED INCOME SUPPORT SCHEME

27/03/2020

Yesterday the Chancellor finally announced the long awaited Self Employed Income Support Scheme, wesay finally but in reality this along with the other employment packages and loan support schemes have been put together in a little under 10 days in all, which is extraordinarily quick for...

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Remote Working Precautions

25/03/2020

Stay Protected in this COVID-19 Period With most businesses remote working in the UK this introduces new opportunities for cyber-criminals to open the door into your business. Since the virus took a hold in the UK more than 100 victims of coronavirus related fraud have been identified with losses of almost £1m recorded. Make sure...

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VAT DEFERRAL

25/03/2020

For VAT, the deferral will apply from 20 March 2020 until 30 June 2020. All UK businesses are eligible. How to access the scheme This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any...

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Changes announced to Coronavirus Business Interruption Loan Scheme (CBILS)

02/04/2020

Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80% guarantee – on the basis that they fit the banks’ criteria for this type of lending. The Chancellor has now confirmed that this is not the intention of...

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Directors – between a rock and a hard place

31/03/2020

Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support the employed and the self-employed. In the first news story published by government announcing the Self-Employed Income Support arrangements (26...

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Coronavirus tax payment helpline

31/03/2020

The phone number for the COVID-19 helpline launched earlier this month has been changed to 0800 024 1222. Calls to the previously published number will be redirected. The launch of the new number will help increase capacity. The helpline will field questions and concerns from any business or self-employed individual worried about paying...

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Working Tax Credits increased for one year

31/03/2020

As part of the package of measures to tackle the Coronavirus outbreak, the government has announced that the basic element Working Tax Credit payments will be increased from an expected £1,995 to £3,040 for the 2020-21 tax year starting on 6 April 2020. This annual increase of £1,045 is equivalent to £86.67 per...

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Relaxation of phone contracts during COVID-19 outbreak

31/03/2020

An interesting joint statement from the Government, Ofcom and the telecommunications industry has been published to help offer support to vulnerable consumers and those who may become vulnerable due to circumstances arising from COVID-19. The UK’s major internet service and mobile providers, namely BT/EE, Openreach, Virgin Media,...

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Wren Professional Services Ltd

4 Cross Street, Beeston

Nottingham

NG9 2NX

0115 943 6493

info@wrenaccountancy.co.uk

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