⇒ GDP monthly growth in July: 6.6% ⇒ GDP quarterly fall in July: 7.6% ⇒ GDP fall since February: 11.7% ⇒ Services sector fall since February: 12.6% ⇒ Production sector fall since February: 7.0% ⇒ Construction sector fall since February: 11.6% GDP Monthly Growth Following 2.4% & 8.7% growth in May & June 2020 respectively,…
Furlough Scheme (Coronavirus Job Retention scheme) – update and recent changes Watch the following video for the the recent changes in furlough scheme. From 1 September HMRC will now pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. What you need to do now if you…
There has been a significant update/recent change in Import VAT rules. For businesses registered for VAT in the UK, it will be possible to account for import VAT on VAT returns for goods imported from anywhere in the world from January 2021. Rather than having to pay VAT upfront and recover it later, businesses will declare…
There has been some confusion as to how Employment Allowance (EA) is intended to interact with Cornonavirus Job Retention Scheme CJRS. Employment Allowance (EA) allows eligible employers to reduce their annual National Insurance liability by up to £4,000. You will pay less employers’ Class 1 National Insurance each time you run your payroll until the…
The key deadline for Coronavirus Business Interruption Loans (CBILS) are as follows; ⇒ Firms have until 30 September 2020 to apply for the Coronavirus Business Interruption Loan Scheme (CBILS). ⇒ The deadline for banks to approve applications was extended by two months to 30 November 2020. ⇒ For the Coronavirus Large Business Interruption Loan Scheme…
Eligible individuals have until 19 October to apply for the second and final self employed grant (Self Employment Income Support Scheme – SEISS). The taxable self employed grant is worth 70% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. Like…
What is a Furlough Fraud? The government has announced that following actions constitute an overclaimed furlough grant and consequently will lead to furlough fraud; any amount the employer was not entitled to receive; or any amount the employer is no longer entitled to receive after a change in circumstances – for instance if one or…
Coronavirus: Support for Businesses Useful information & recent developments on Coronavirus Support for businesses. https://www.youtube.com/watch?v=m78YGFnOZyg Our service to you If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only…
Covid19 Message from Naail & Co Covid19 Message from Syed Murtaza, Founder Naail & Co https://www.youtube.com/watch?v=qLuFOLMNAI4 Our service to you If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not…
