Rishi Sunak today announced that the government will cover up to two thirds of workers' wages if their hours have been reduced due to the coronavirus pandemic. It is hoped that the ‘Jobs Support Scheme’ will help to reduce the millions of job losses expected when the furlough scheme ends [...]
We are delighted to announce that our small business accounting brand Stilwell Gray has been rebranded as Vantage Accounting as of September 21st 2020. Launched in 1995, Stilwell Gray has since grown to a firm with offices in Winchester, Totton and Ringwood, providing services to a variety of businesses nationwide. After [...]
The government today announced what they refer to as their next step in rebuilding the economy. Their focus is very much around preventing unemployment whilst gradually stopping the furlough scheme, boosting the hospitality sector and kick starting the housing market. The measures announced are: Furlough bonus £1,000 bonus for keeping [...]
The flat rate scheme for VAT was introduced by HMRC in 2002 to make life easier for small businesses when accounting for VAT. The scheme's name is often abbreviated to VAT FRS. If you are not using the Flat Rate Scheme, the amount you pay to HMRC each quarter is [...]
Many of the measures announced by the government to help businesses during the Covid-19 (Coronavirus) pandemic involve grant payments to business owners. But how do you account for grant payments, and what taxes are due? It is important to understand the accounting treatment needed, and indeed whether income is actually [...]
Under the Government’s Coronavirus business support measures announced this week, it has been indicated that some Limited Company contractors may be covered by the ‘Job retention scheme’ and therefore can furlough themselves if unable to work due to Covid-19. There is a distinction in law between a director with a [...]
This guide covers all of the business support measures announced by Rishi Sunak in March and is being updated as and when new initiatives are launched or changes are made to existing ones. Please bookmark this page to keep up to date. Last updated 17th June 2020: Changes to the [...]
Dealing with COVID-19 disruption Covid-19 – support for businesses The government have announced in the past 24 hours measures to ease disruption to businesses around the country. The package of temporary measures announced are: A new Bank of England lending facility that extends the business interruption scheme mentioned in the [...]
Sunak delivers Budget to meet ‘challenging times’ Chancellor Rishi Sunak delivered his first Budget, and the first since the UK’s departure from the European Union, against the backdrop of the coronavirus outbreak. The Chancellor announced a £30 billion stimulus package to support the economy through coronavirus contagion and pledged to [...]
There was much eagerness amongst business owners to see the outcome of the first Rishi Sunak budget and how it would impact both their businesses and the finances of themselves and their families. For the last few months, rumours have been circulating the internet including radical changes to Entrepreneurs Relief, [...]