Financial advice for the current crisis

Government ‘bounce back’ loans

On 27 April, the Chancellor announced a new loan scheme which is aimed at supporting micro-businesses. A micro business is usually defined as a very small business that can be a company or a sole trader. In general, it must have any 2 of the following: a turnover of £632,000 or less. £316,000 or less […]

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The Eazitax emergency blog

Let’s start with the fact that as we go to press the COVID-19 virus is just really taking hold in the UK and a lockdown is underway. So, we can’t avoid talking about it because from a business perspective, over and above the human tragedy, the main thing I have been dealing with is the […]

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How Covid-19 affects you as a Limited Company and what assistance there is out there for you

Coronavirus Job Retention Scheme Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be […]

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Coronavirus help for limited companies

Help you can get now HMRC have just set up a help line specifically for the self-employed who will be struggling now. The coronavirus helpline: 0300 456 3565. They will give you advice on your tax and any benefits you can claim for. Mortgage help Cases of mortgage repayment holidays are being taken on a […]

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Step by step guide to furloughing employees

Decide what staff you want to furlough Both employees and their employer must agree before an individual can be put ‘on furlough’ (we can provide a draft letter) You can choose to furlough some but not other employees You can make employees redundant while they are ‘on furlough’ or immediately after. If an employee is made redundant while on furlough, their […]

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Company directors – eligibility for furlough

As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme. Company directors owe duties to their company which are set out in the Companies Act 2006. Where a company (acting through its board of directors) considers that it is in compliance with the statutory duties of one or […]

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An example furlough letter for employers

[Send to employee’s address or email.  Note you should discuss and record employee agreement to be furloughed before you send this letter.] Dear [Employee Name], NI NUMBER AND / OR PAYROLL NUMBER The purpose of this letter is to formally notify you that your position as [INSERT] on the [XXX DEPARTMENT] is being closed temporarily […]

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Statutory sick pay – an employer’s guide

Entitlement The weekly rate for Statutory Sick Pay (SSP) is £94.25 for up to 28 weeks. It is paid: for the days an employee normally works – called ‘qualifying days’ in the same way as wages, for example on the normal payday, deducting tax and National insurance Some employment types like agency workers, directors and […]

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Companies House and COVID-19

If your company cannot file accounts on time If COVID-19 has affected your company and you need more time to file your accounts, you should act before your filing deadline. All companies must send their accounts, reports and confirmation statements to Companies House every year. If a company’s accounts are filed late, the law imposes […]

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How to claim for the Self-Employment Income Support Scheme

It has come to our attention that you will need a Personal Tax Account to be able to access the Self-Employment Income Support Scheme. Please find here instructions on how to set up a Personal Tax Account, if you don’t already have one. If you do, you will have a 12 digit Gateway code and […]

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Government ‘bounce back’ loans

On 27 April, the Chancellor announced a new loan scheme which is aimed at supporting micro-businesses. A micro business is usually defined as a very small business that can be a company or a sole trader. In general, it must have any 2 of the following: a turnover of £632,000 or less. £316,000 or less […]

Read more...

The Eazitax emergency blog

Let’s start with the fact that as we go to press the COVID-19 virus is just really taking hold in the UK and a lockdown is underway. So, we can’t avoid talking about it because from a business perspective, over and above the human tragedy, the main thing I have been dealing with is the […]

Read more...

Coronavirus help for the self-employed

HMRC have just set up a help line specifically for the self-employed who will be struggling now. The coronavirus helpline: 0300 456 3565. They will give you advice on your tax and any benefits you can claim for. Mortgage help Cases of mortgage repayment holidays are being taken on a case-by-case basis, and the length […]

Read more...

Self employed income support scheme

Summary of provisions as per the Chancellor’s announcement Prepared by Eazitax 17.23 26/03/2020 Coronavirus Payment Scheme Pay-out of 80% of Average Monthly Profit of the last 3 years up to £2,500. For those under 3 years will look at 2 or 1 year but not less. For self-employed up to £50,000 profit You must have […]

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Tax reliefs to support homeworking during the coronavirus situation

Homeworking allowance The homeworking allowance was increased at the Spring Budget from £4 to £6 a week (or £26 a month) with effect from 6 April 2020. An employer can pay this fixed sum, tax-free and NIC-free, to meet the additional costs an employee incurs working at home under homeworking arrangements. Homeworking arrangements mean an agreement […]

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