The BFR3Y will go live on 8 July 2020. Given the significant challenges currently facing the academy sector. Main Changes ESFA have made a number of changes to this data collection to minimise the burden on trusts. The main changes, for this year only, are: They have extended the … [Read more...]
Good News for the Self Employed
Chancellor Rishi Sunak has said self-employed workers across the UK will be able to access a second Grant from the government to cover lost income while the country is in lockdown. This extension to the previous scheme to mitigate ongoing losses. If you are continuing to suffer a reduction … [Read more...]
Business Through Lockdown
Click on the video to find out how Alan Patient & Co have been helping businesses through this difficult period. … [Read more...]
Time to reflect and plan ahead
As we emerge slowly from lockdown, now is a good time to take stock of things and look ahead to how we can run our businesses with the “New Normal” environment we face. What is clear is that some form of social distancing will remain, and many businesses are adopting new ways of working within … [Read more...]
IMPACT ON THE HIGH-INCOME CHILD BENEFIT CHARGE
With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. What is the charge The charge is 1% for every £100 that adjusted net income … [Read more...]
Chancellor extends the Coronavirus Job Retention Scheme
On Tuesday 12 May the Chancellor Rishi Sunak announced that the JRS (Job Retention Scheme) will be extended for a further four months, from the end of June currently until the end of October Here are the key points Until the end of July the scheme will continue in its current form with no … [Read more...]
COVID-19 BUSINESS NEWS UPDATE
SMALL BUSINESS DISCRETIONARY GRANT PAYMENTS TOP-UP TO LOCAL BUSINESS GRANT FUNDS SCHEME The Government has announced a discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. The Business Secretary Alok … [Read more...]
BFRO will not be required this year
This is the time of year when stress levels rise even higher in many Academies as they are usually working on their BFRO (budget forecast return outturn) submissions for the ESFA. However, because of the Covid-19 crisis the BFRO will not be required this year. The Department for Education said … [Read more...]
Small businesses boosted by bounce back loans
A couple of days ago Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. The scheme has been designed to ensure that small … [Read more...]
Government Grants To The Self-Employed
HMRC have yet to open applications for these grants and as yet we do not know the details of the procedures they will initiate. Main conditions However, what we do know are the main conditions they have imposed and these are: That you must have traded and submitted a tax return showing … [Read more...]
