The awaited budget has finally arrived, and I am sure we were all waiting with bated breath to see what the Chancellor would announce. With Covid-19, still very much still sitting as a heavy weight on all our shoulders, the Chancellor has announced his budget in light of the ongoing situation.
Under the Finance Act 2020, HMRC regains its status as a preferential creditor for insolvencies that commence on or after 1 December 2020. The preferential status is for certain taxes due from an insolvent business, to include VAT, PAYE, Employees NIC, and CIS deductions – and will be paid secondary after the primary preferential creditors for wages and unpaid holiday pay. HMRC will remain an unsecured creditor for direct taxes such as Corporation Tax and Employer NICs. Read More
If you were unable to apply for the current Self-Employed Support Scheme, the Minister for the Economy has announced a support scheme for those have recently become self-employed (sole traders and those in partnerships) who have been adversely impacted by Covid-19. The NSESS has been administered by Invest Northern Ireland on behalf of the Department for the Economy.
January 2021 is not looking much different to March 2020 currently and the Minister for the Economy is once again announcing more support schemes.
The Minister for Economy has announced a support scheme for Directors of Limited Companies who have been adversely affected by Covid-19.
Self-employed traders risk missing out on any further government grant funding from the Self-Employed Income Support Scheme (SEISS) if they do not act immediately! It is imperative that the self-employed act swiftly and respond to any emails issued by HMRC about their business by 20 November 2020 or they may become ineligible for further SEISS assistance.
The idea of a business world without the restrictions of Covid-19 may seem like a far-off dream for many, but with the recent vaccine breakthrough we might expect to be back to some sort of normality by Summer 2021. Business owners will know very well that we aren’t out of the woods yet, and the thought of kick-starting a business after the shattering effects of Covid seems almost as daunting as the current challenge of keeping ourselves afloat.
Ross and the team at RB+ are delighted to announce that they have been helping clients with a range of positive business advice, accounting and assurance services for ten years. Only one third of businesses make this milestone so we are really pleased that great clients continue to value our services and others want to join the business.
Economy Minister Diane Dodds has announced a new Covid Restrictions Business Support Scheme offering various grants over four weeks. The announcement comes following the latest restrictions set in place due to Covid-19.
With the fear of further lockdowns and our own current Circuit Breaker in Northern Ireland as we continue to face Covid-19 head on. The Chancellor of the Exchequer Rishi Sunak, has today (22/10/2020) stated a further increase in support the current Job Support Scheme (JSS).
The Self-Employment Income Support Scheme (SEISS) has been extended until April 2020 providing critical support for the self-employed. The scheme was announced by the Chancellor in September and has now been modified in October. The scheme comprises of four grants; the first two have closed, but the third will now open on the 1st November 2020.