Monthly Archives: March 2020

Changes to Entrepreneurs Relief

Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply. Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m. Business owners […]

Business rates changes

In England The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000. Taken together with existing small business rate relief (which provides full relief for businesses using a single property with a rateable […]

Statutory Sick Pay (SSP)

Employers have been rightly worried about the cost of funding SSP for employees that are self-isolating or suffering from the COVID-19 virus. Especially as SSP is now due on day one of absences. The Chancellor has now confirmed that he will create a means for employers to recover any SSP paid for the first 14 […]

Self-Employed Income Support Scheme

The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from self-employment. A list of the scheme features as announced, and published, are as follows: Those that qualify will receive […]

COVID-19 BUSINESS SUPPORT UPDATE

On Friday, the Chancellor went significantly further than in the history of this great country, with a series of unprecedented announcements in the Government’s support of businesses, employees and individuals. The range of measures for UK businesses is significant and now includes the following: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments […]

The Latest Measures to Support Businesses

The Chancellor, Rishi Sunak, outlined a raft of further measures to support the UK’s ailing businesses, those affected by the forbidding COVID-19 outbreak. The list that follows summarises his announcements in the order they were announced:   The Treasury are making available £330bn of loan guarantees. These guarantees will underpin government backed bank loans on […]