Author: DPC Accountants

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT...

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. The charge is 1% for every £100 that adjusted net income exceeds £50,000...

The Coronavirus Job Retention Scheme claims portal opened on Monday 20 April and early indications are that it seems to be working smoothly but with a few teething problems as you would expect from a brand-new system. In the run up to the start of the...

Some businesses will prosper during the Pandemic (e.g. those that are already online), and some will need to repurpose or “pivot” into new areas. Others will need to hibernate and regrettably some will not survive the Pandemic. Last week we talked about “Cocooning a business”...

Covid-19 has had a big impact on many SMEs in the UK. A recent study by the Office for National Statistics showed that nearly 40% of businesses in the UK had a substantially lower turnover. With the current level of disruption likely to remain for...

Like the Coronavirus Job Retention Scheme for employers the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy. In outline the Self-Employed Income Support Scheme allows the self-employed to claim 80% of their average profits for...

Written 28 April 2020     Microbusiness “Bounce back” loans   In a statement to the Commons, Chancellor Rishi Sunak announced a new 'bounce back' small loan scheme for businesses affected by Covid-19. The Chancellor announced the launch of a new “micro loan” scheme providing a simple, quick easy solution...

The Coronavirus Job Retention Scheme (CJRS) The HMRC application portal opened on the 20th April for businesses to submit details of Furloughed employees. On the first day the website was very slow, but this seems to have settled down. There have been several issues uploading the...

The Government has stepped in to provide support to certain areas of the economy but even with this becoming available in the coming weeks, some of us will need advice on how to survive the lock down. Here are our thoughts. Apply for all Government...

The purpose of this downloadable guidance is to give an overview of what, why and how a business might be cocooned (or mothballed) in response to the change in trading environment arising from Covid-19.   What is Cocooning? Cocooning, or mothballing, is a temporary suspension of a...