27 October 2020
Key points of the new JSS
- Basic eligibility for JSS requires the business must be closed by Covid legislation. Choosing to close because you have no customers does NOT mean you qualify.
- Claiming starts in early December once the portal opens.
- Claims are being repaid in arrears, only after you have successfully submitted a claim.
!!! As at 27 October, in Scotland, you will only qualify for JSS Closed if the area is in Tier 4 (which is Tier 3 in England).
8 July 2020
If you claimed a covid-19 grant, then you can expect that the SEISS checks (Self-Employment Income Support Scheme) will apply to you. Although it was easy to claim and qualify, you need to assume that HMRC will be checking claims next year.
The checks will be anti-fraud measures and checks on eligibility, so what records do you need to back up your claim?
11 June 2020
A termination payment to a director may become part of your tax planning in these difficult times, if your business has to close.
You be aware that the most tax-efficient method of getting the money out of your company when it closes down is to wind it up and take its cash and other assets. That way the maximum rate of tax on what you receive is 10%, assuming that capital gains tax (CGT) entrepreneurs’ relief (ER) applies. This is true but it overlooks what you might be entitled to receive entirely tax free
30 May 2020
Under the coronavirus special measures, local authority grants can help businesses with Small Business Grant Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF) payments. If your business receives such a grant must it pay tax on it?