Job Retention Scheme goes live

May 06, 2020

On 20 April 2020 the government's Coronavirus Job Retention Scheme went live for applications.

The scheme allows businesses to furlough their employees, with the government paying 80% of their wages up to a maximum of £2,500.

The Coronavirus Job Retention Scheme is open for four months and was backdated from 1 March 2020 to the end of June. Chancellor Rishi Sunak stated that the…

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HMRC releases guidance for self-employed scheme

May 06, 2020

HMRC has released guidance on the COVID-19 Self-employment Income Support Scheme.

Under the scheme, self-employed individuals will be able to claim a taxable grant based on an average of their earnings over the past three years. To be eligible, workers must have filed all relevant income tax self assessment returns; have traded in the 2018/19 and 2019/20 tax years, and intend to carry on…

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Government launches support finding tool for business

May 06, 2020

The UK government launched an online platform to help businesses access financial support during the COVID-19 crisis.

The Coronavirus Business Support Finder Tool will guide businesses through the range of loans, tax reliefs and cash grants to combat the adverse economic effects of the COVID-19 lockdown.

The tool asks business owners to fill out a short online questionnaire. It then…

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OBR predicts UK economy will shrink by over a third

May 06, 2020

The Office for Budget Responsibility (OBR) has warned that the UK economy could shrink by 35% this quarter due to the COVID-19 crisis.

The OBR said that the outcome was modelled on an assumption that the current lockdown would last for three months. It stated that a three-month lockdown followed by three months of partial restrictions would trigger an economic decline of 35.1% in the quarter…

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Government borrowing could rise to £300 billion

May 06, 2020

The Centre for Policy Studies (CPS) has suggested that government borrowing may rise to £300 billion in 2020 as a result of the COVID-19 pandemic.

The think tank has been working to estimate the cost of the COVID-19 crisis to the government's finances, and has incorporated official data from the Office for Budget Responsibility (OBR).

The CPS's COVID-19 counter has put forward an…

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HMRC extends late reporting deadline for CGT

May 06, 2020

On 6 April changes were made so that if a UK resident sells a residential property in the UK, they now have 30 days to tell HMRC and pay any money owed.

The seller must submit a standalone tax return covering the CGT, which can no longer be included as part of a self assessment return.

Failure to tell HMRC about any CGT within 30 days of completion may incur a penalty, as well as…

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Government launches small business micro loan scheme

May 06, 2020

On 4 May 2020 the government launched a micro loan scheme for small businesses as it continues to try and mitigate the economic damage caused by the coronavirus (COVID-19) lockdown.

The Bounce Back Loan Scheme allows small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the advance.

Businesses can apply for a minimum…

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Bounce Back Loans Scheme

May 04, 2020

Information on the Bounce Back Loans Scheme that is launching today. 

What are the new Bounce Back loans?

  • Loans are 100% guaranteed by Government
  • Banks already accredited to offer CBILS loans should be able to offer Bounce Back loans
  • Businesses can borrow between £2,000 and £50,000
  • No repayments in the first 12 months
  • Interest…

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Happy Easter from Armstrongs

Apr 08, 2020

Easter Holiday Opening Hours

Armstrongs will be closed on Good Friday (10th April) and Easter Monday (13th April) for the Easter break.

The team will be available from 9am on Tuesday 14th April 2020. 

Sending our best wishes to you all at these unprecedented times. Stay safe!

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