Rent-a-room relief

The rent-a-room scheme allows those with a spare room in their home to let it out furnished and to receive rental income of £7,500 tax-free each year without the need to declare it to HMRC. Where more than one person receives the income, each can receive £3,750 tax-free. The...

Tax implications of making loans to directors

Where a family company has cash in the bank but profits have been adversely affected by the pandemic, directors of a family company may wish to take a short term loan to enable them to meet personal bills, with a view to clearing the loan with a dividend payment...

More time to pay back deferred VAT and tax

At the start of the pandemic, VAT registered businesses were given the option of deferring payment of any VAT that fell due in the period from 20 March 2020 to 30 June 2020. Self-assessment taxpayers were also given the option of delaying their second payment on account for 2019/20,...

SEISS extended again

The Self Employment Income Support Scheme (SEISS) was launched to provide help for self-employed people whose businesses were adversely affected by Coronavirus. The second payment under the scheme, which was payable from mid-August, was due to be the final payment under the scheme. However, as cases continue to rise and...

Latest measures to support jobs

Following the Prime Minister’s announcement that England would enter a national lockdown from 5 November 2020 to 2 December 2020, the Coronavirus Job Retention Scheme, which was due to come to an end on 31 October 2020, has been extended for a month and will continue to be available...

North East Lincolnshire Local Restrictions Support Grants (LRSG)

The Government has offered additional support for hospitality businesses who have suffered the most through the Covid-19 pandemic and are now subjected to local or national lockdown restrictions. This is in addition to increased support through the Job Retention Scheme (JRS) and Self-Employed Income Support Scheme (SEISS). If you are...

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