The temporary Trade Credit Reinsurance (TCR) scheme that helped struggling supply chain firms secure insurance protection during the pandemic will close at the end of June, it has been confirmed.
The SEISS grants are subject to income tax and National Insurance contributions therefore, Self-Employed taxpayers who have received SEISS payments from HMRC will need to report these on their self-assessment tax returns.
Following the closure of the fourth Self-Employment Income Support Scheme (SEISS) grant on 31 May 2021, the government have announced further details of the fifth, and most likely final, SEISS grant.
When the cross-party Treasury Committee made a series of recommendations to Government in March 2021, there were specific suggestions, some of which were introduced in the spring Budget, but also a more general plea for a clear tax strategy.
Since 1 April, companies have been able to take advantage of the temporary increase to capital allowances for corporate expenditure which was announced in the Spring Budget to encourage businesses to invest, thus boosting the economy. Given that the hospitality and leisure industry has been hard hit by the Covid-19 crisis, relief of £130 for every £100 spent sounded as good as the ‘super-deduction’ title implies, but businesses still need to think about the implications before either assuming their expenditure will qualify or committing to new expensive purchases.
Anyone who is in business will know the value of building strong networks of contacts; working relationships are the oil which lubricates the free flow of commerce. Because in the end, all business is about people interacting with other people, and however much technology develops, that basic fact of human nature will never change.
Monday 17th May is a red-letter day for the entire hospitality sector; it is the day when, finally, restaurants, pubs and cafes can throw open their doors and welcome customers back inside. Whilst those businesses with usable outside space have been partially open for a few weeks now, for most 17th May marks the return to business after many bleak months of closure.