Government announcement of updated financial support during “Lockdown 2” and beyond. Earlier today (5th November2020) the chancellor issued the following statement.
The Government has announced more support will be available for the self-employed in the form of two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021.
The government has now extended the Job Retention Scheme (CJRS) or Furlough by one month beyond the original closure date of 31 October. This means that the Job Support Scheme will not now be introduced until December 2020.
There will be new rules for trade, travel and living in the UK and EU from 1 January 2021. Our aim is to provide you with information and resources to help you manage the change as smoothly as possible.
A summary of the headlines from the Chancellors statement in Parliament where a series of measures to help jobs and businesses were announced.
In July the Minister for Regional Growth and Local Government announced £20 million of new government grants to help smaller and medium sized businesses recover from the effects of the coronavirus pandemic.
The next stage of the Job Retention Scheme commences on the 1st August, when the level of government support will begin to be reduced.
On 1 July the new CJRS “Flexible furlough” grant scheme started, which allows employers to gradually bring their furloughed employees back to work part-time. The new scheme will be in place until the end of October and the Government will gradually reduce the amount of grant towards employees’ furlough pay to 70% in September and 60% in October.
As the Government starts to plan for life after Lockdown a number of changes to the Covid-19 support packages have been announced including: -
Employers will be able to make claims through the Coronavirus Statutory Sick Pay Rebate Scheme from 26 May.
Note that the situation is changing daily and you should check the latest position before acting.
We are delighted to have been selected to join the specialist website Handpicked Accountants. The site is a national network made up of high performing accountants from across the country. The online platform connects business owners and company directors with locally based professional accountants.
According to a Cyber Securities Breaching Survey “around a third (32%) of businesses and two in ten charities (22%) report having had cyber security breaches or attacks in the last 12 months” and where a loss of data or assets occurred the average cost of that attack was £4,180.00
An audit does not just provide confidence to the owner that a business is in good shape, it also offers evidence and assurance to third parties. An Audit permits the stakeholders of a business such as shareholders, banks, suppliers, customers and even staff to make better informed decisions about its current performance and their subsequent relationship to it, providing additional comfort when deciding whether to invest in, provide finance to, or trade with that business.
Optimal efficiency is key to running a successful business in today’s fast paced environment. Using available technology to automate procedures can help to achieve significant time and cost savings across many departments, offering enormous benefits.
Most of us are aware of Cloud Accounting systems, the best known of which are QuickBooks Online and Xero, but used to their fullest these are much more than just basic bookkeeping applications.
As the UK prepares to leave the European Union and increasingly likely heading for a no-deal Brexit it is vital that businesses are prepared for the financial implications of this unprecedented change.
Whilst many companies have already started to consider how they will be affected by carrying out formal risk assessments there is still a small window of time to gain understanding and steps all firms should be taking to minimise future disruption - planning ahead now will help to ease transition and hopefully also bring long term benefits.
Businesses are being encouraged by HMRC to register for Making Tax Digital before the August deadline.
According to HMRC 1.2 million businesses with an annual turnover above £85,000 will be affected by new rules requiring them to submit online quarterly returns using compatible software by August 7th; meaning any business wishing to pay by direct debit must register by July 27th.
All businesses need a healthy cashflow to thrive – the old adage “cash is king” is as true now as it ever was.
So here are some of the main reasons businesses have poor cashflow:
Cunningtons
Chartered Certified Accountants & Registered Auditors
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