We’re still at home – and still working for you!! But from Monday most of the team will be back in our offices, observing the rules, and looking forward to picking up where we left off before we rudely interrupted by a pandemic, with our first class, friendly accountancy service!!
Companies affected by the coronavirus can apply for an additional three month extension to file their taxes, without receiving an automatic penalty.
Part of the government’s package of support for UK businesses, the extension means that companies of all sizes will be able to prioritise their COVID-19 response over handling taxes.
4.3 million businesses must submit accounts and reports to Companies House each year and, under normal circumstances, late filers are issued with an automatic penalty.
This extension is not automatic, so you will need to apply to Companies House if you want to take advantage of it. However, any extension applications that cite issues around the impact of COVID-19 will be granted immediately, according to the Government.
If you have already extended your filing deadline or have shortened your accounting reference period then you may be ineligible for the automatic extension. Similarly, if your filing deadline has already passed then you will not be able to apply for the extension.
The coronavirus outbreak has had a huge impact on lives, jobs and businesses. Although many online retailers can continue trading through the disruption, they are by no means immune to the chaos.
Small online shops face a raft of new challenges and barriers to doing business, many of which are causing serious issues for companies.
In this blog post, we identify some of the biggest problems facing small online sellers during the coronavirus crisis.
Many business owners will be having their first taste of prolonged periods working from home at the moment.
If being at home has put you out of your comfort zone and impacted your productivity, we have put together some useful tips to get you through the working week and help you manage your time more efficiently.
The latest budget statement contained some important takeaways for small business owners and freelancers.
Understandably given the circumstances, many of the announcements were made in response to the economic threat posed by the COVID 19 outbreak.
We’ve provided a handy summary of the most important announcements below.
HMRC has revealed that more than 100,000 self-employed Brits applied for financial aid in the first few hours after the income support scheme opened.
The Self-Employment Income Support Scheme (SEISS) was originally announced in March to help freelancers and other self-employed workers who have seen their income dip.
The UK’s Coronavirus Job Retention Schemes provides a lifeline for businesses struggling to come to terms with the pandemic.
Eligible employees can be ‘furloughed’ and the government will pay 80% of their pay, up to £2,500 per month. Employers can also top this pay up to 100% if they wish.
You can find out more details about the scheme on the government website.
To make it easier for businesses to access this scheme, Xero and FreeAgent have added new tools to their payroll systems.
A loan scheme for small and medium sized firms impacted by coronavirus has been overhauled, making it easier for affected businesses to access funds.
The Chancellor has announced the extension of the Coronavirus Business Interruption Loan Scheme to all viable small businesses affected by the pandemic.
In a statement, the government said the move is intended to maximise the support available, promising that all small businesses will be eligible for a loan, should they need finance to keep operating during this difficult time.
Does my business qualify for coronavirus support?
Disruption caused by the Covid-19 outbreak is causing havoc for businesses up and down the country.
To help them through this difficult time, the government has announced a broad package of support for companies. But the quick-fire announcements have caused some confusion in the business community.
CloudAccountant.co.uk have of course been putting together comprehensive plans to ensure that we are fully prepared for whatever the next few months brings. The planning has considered all key parts of our business.