Protect yourself from phishing attacks

Cyber- criminals are making hay while the sun shines as the COVID-19 pandemic has unleashed a fresh wave of cyberattacks, known as phishing, targeting remote workers and businesses. Phishing is when criminals try to convince you to click on links within a scam email or text message, or to give sensitive information away (such as…

Read more »

Start-up businesses and tax loss reliefs

This article covers the loss reliefs available on the commencement of a new business which are: General sideways loss relief against total income (not available only on commencement). Opening years losses. Losses on incorporation. Transfer of trade under common beneficial ownership. If you are starting a new business or transferring an existing loss making business…

Read more »

Furlough Scheme portal opens for claims on 20th April

HMRC announced plans this week to open the online Coronavirus Job Retention Scheme (CJRS) service on 20 April with the first claims being paid 10 days later. Since the scheme was announced on 20 March, many business owners have been concerned whether the HMRC will pay CJRS grants soon enough to save cash-starved businesses before…

Read more »

How to wind up a small business – a step-by-step guide

With two out of five SMEs already closed, and many more contemplating ruin, here is a step-by-step guide to winding up your small business According to a survey carried out by Opinium recently, two out of five small businesses have already temporarily closed their doors and one can only speculate on how many might have to shut…

Read more »

Coronavirus scheme for the self-employed

The self-employed income support scheme (SEISS) was announced on 26 March, and now we have more details of how this scheme will work in practice. HMRC will pay a taxable grant to self-employed individuals and partners equivalent to 80% of their average trading profits for three months, capped at £2,500 per month. Who gets what?…

Read more »

Self-employed Income Support Scheme: what it means.

The Chancellor has announced a Self-Employed Income Support Scheme (SEISS) to help self-employed people to get through the coronavirus pandemic. In this article I will do my best to explain who will (and won’t) be eligible, when support will be available and how to access it. The SEISS will only cover those who paid tax on trading…

Read more »

The legal position regarding how to furlough staff

The legal position regarding how to furlough staff is ambiguous. Please be careful:  The promise of 80% funding with a £2,500 cap to avoid making layoffs by ‘furloughing’ staff, asking them to take a ‘temporary leave of absence’ might be attractive, but the legal position is unclear. Further information and clarification is expected from Government shortly,…

Read more »