News

Coronavirus Restrictions Fund

What does this involve?

The Scottish Government has announced £40 million in funding for businesses and employees in Scotland affected by the temporary coronavirus (COVID-19) brake restrictions that came into effect from 9 October 2020.

The support funds will be administered by local authorities, providing one-off grants to hospitality and other businesses required to close by the brake restrictions regulations. Applications open on 20 October 2020

Click here to see full details and application procedures

Winter Economy Plan – 24 September 2020 HIGHLIGHTS

Winter Economy Plan – 24 September 2020 HIGHLIGHTS
 

• A new Job Support Scheme, primarily targeted at small and medium employers, will be introduced covering employees who work at least one third of their normal hours
• The Chancellor confirmed that the furlough scheme will end on 31 October.
• The Self-Employment Income Support Scheme (SEISS) will be extended to April 2021, with a revised basis.
• The closure date for the four existing business loan schemes will be extended to the end of November.
• Repayment terms for the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBLS) will be relaxed, with the maximum term extended to 10 years.
• The reduction in VAT to 5% for the hospitality and tourism industries will be extended to 31 March 2021.
• The deferred VAT and self-assessment payments due early next year can be repayable in instalments rather than as a lump sum.

Our full brief can be downloaded by clicking winter economy plan.pdf

We are changing our name

The office is pleased to announce that as of 1 September 2020 Barry has become a partner in the business.

To reflect this our name is changing to Cunningham Grant Chartered Accountants

We will be changing our website, email, note paper and signage over the next few weeks.

There is no change to our addresses or phone numbers.

In ‘normal’ times we would have a get together at both offices to celebrate this good news but this is not possible in the current circumstances. Instead we are going to do an office calendar this year and will be sending you a copy later in the year.

We are sure you will agree this appointment is well earned and a good move to ensure the long term future of the business

Tax Briefing June 2020

he latest version of our newsletter is now available

This release contains articles on Self Employed Grants, VAT Rates, SSP CIS and Off Payroll Working

Please download our latest newsletter by clicking: June Newsletter

COVID 19 4 June 20 Update

Covid-19_Measures_Update_29_May.pdfThis is the latest summary we have of all the government initiatives to support business. There are 2 documents, one gives an overview of the ongoing changes and clarification at the UK level, including the changes to the Job Retention Scheme and the Self Employed Income Support Scheme.   The second is a Business Gateway document that lists all the schemes available in Scotland, this is updated regularly so for updates please click on link below.

Business Gateway Information Sheet

As always let us know if we can be of help with any of the points in these documents.

Covid-19_Measures_Update_29_May.pdf

Covid-19-Business-Support-Summary-as-at-02-06-20.pdf

Covid-19 measures to 27 April 2020

This is the latest summary we have of all the government initiatives to support business.

.         Bounce back loan scheme launched with 100% government guarantee.

·         Possible shape of Coronavirus Job Retention Scheme after the end of June.

·         Abandonment of requirement for forward-looking financial information or business plans when applying for business interruption loans.

·         Temporary ban on use of statutory payment orders and winding up orders for non-payment of commercial rents.

·         Government’s business support finder tool introduced.

·         FCA confirms three-month payment freeze for motor finance, buy-now pay-later, rentto-own) and pawnbroking agreements.

·         One month interest-free payment freeze for high cost short term credit ordered by FCA.

·         Promise from Chancellor of more detail on Self-employed Income Support Scheme in the coming week.

Full details in the latest briefing below

Covid-19_Measures_to_27_April_2020.pdf

Second phase of funding to protect businesses against the effects of COVID-19 in Scotland.

Around £220 million of further grants are being made available for businesses - including the recently self-employed - to help them deal with the ongoing impact of the coronavirus (COVID-19) outbreak.

The new package of measures includes £120 million to extend the Small Business Grant scheme to ensure that, in addition to a 100% grant on the first property, small business rate payers will be eligible to a 75% grant on all subsequent properties.

A further £100 million fund is also being made available to protect self-employed people and viable micro and SME businesses in distress due to COVID. This fund will be channelled through local authorities and enterprise agencies to target newly self-employed people and businesses who are ineligible for other Scottish Government or UK Government schemes.  

Applications for the £100 million fund will be open by the end of the month, and the new arrangements for the Small Business Grant will be in place to receive applications on 5 May.

COVID 19 6 April 2020

HMRC have just updated the guidance on the Corona Virus Job Retention Scheme.

Whilst all the guidance has been refreshed, the main areas we would draw your attention to are:
• the more detailed information on scheme eligibility
• further information on how to calculate a claim
• clarification of what constitutes wages.

Please find the link below

Coronavirus Job Retention Scheme

COVID 19 3 April 2020

This week’s update contains a number of links

HMRC has published new online guidance on 3 April 2020 which includes information about who can use Coronavirus Statutory Sick Pay Rebate Scheme and the records employers must keep.
 

The updated Coronavirus Business Interruption Loan Scheme (CBILS)

 An assessment tool (created by sage) which allows you to check that you have considered all the available support for your business

Coronavirus: UK government funding support tool.

 
We are still waiting for the Coronavirus Job Retention Scheme to go live, the current advice is available by clicking here.

COVID 19 27 March 20

The Government have published the first guidance for the Job Retention Scheme; they hope to have this live by the end of April.

 They have also announced the Self Employment Income Support Scheme.  The key issues for this are

 1 You will be contacted if you are eligible  (beware of scams)

 2 It is limited to sole traders and partnerships with trading profits of £50,000 or less

 3 It will be paid in June

 Full details are in the attachments

Self Employment Income Support Scheme

COVID 19 Summary of Government Measures

COVID-19 Self-employment Income Support Scheme Claims

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. 

You cannot apply for this scheme yet.  HMRC will contact you if you are eligible for the scheme and invite you to apply online.

 You can apply if you’re a self-employed individual or a member of a partnership and you:

·         have submitted your Income Tax Self Assessment tax return for the tax year 2018-19

·         traded in the tax year 2019-20

·         are trading when you apply, or would be except for COVID-19

·         intend to continue to trade in the tax year 2020-21

·         have lost trading/partnership trading profits due to COVID-19

 Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:

·         having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income

·         having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

 If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.

 How much you’ll get

You’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable): 2016 to 2017, 2017 to 2018 & 2018 to 2019

It will be up to a maximum of £2,500 per month for 3 months.

They will  pay the grant directly into your bank account, in one instalment.

If you’re a director of your own company and paid through PAYE you may be able to get support using the Job Retention Scheme.

The full link is here 

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-...

Help with non-domestic rates in Scotland during coronavirus (COVID-19)

It is now possible to apply for the grants from 24 March 2020 and they will be available to 31 March 2021.

To help owners of non-domestic properties, including businesses, deal with the impact of COVID-19, the Scottish Government has made changes to non-domestic rates (business rates) for 2020-21.

The Scottish Government has introduced extra rates reliefs (discounts). It has also introduced a one-off grant for some businesses.

These reliefs will be available to non-domestic properties from 1 April 2020 to 31 March 2021.

Please follow the link below for full details.

 https://www.mygov.scot/non-domestic-rates-coronavirus/

COVID 19 23 March 20

As outlined we want to provide you with updates and potentially useful information for your business. 

The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.

This includes a package of measures to support businesses including:

·         a Coronavirus Job Retention Scheme

·         deferring VAT and Income Tax payments

·         a Statutory Sick Pay relief package for SMEs

·         small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
Below is a link to the Fife Council page relating to this, at present they have no information about how it will be paid.

https://www.fife.gov.uk/kb/docs/articles/business2/business-rates/covid-...

·         grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

·         the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank. Below is a link to the British Business Bank.

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business...


·         a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans

·         the HMRC Time To Pay Scheme

Full details and links are in the document below.

Covid 19 230320

COVID 19

At this time of unprecedented disruption we wanted to update you with information about measures we are putting in place and provide some useful links for information.

As of 23rd March 2020 we will move the majority of our staff to remote working and provide a skeleton staff in our Cupar office. The Markinch office will be closed.

Please contact the Cupar office to arrange handing in books and records.

We would encourage the use of our secure online portals and emails to share any documentation whenever possible in communications with us.

The office phones will continue to be answered during our normal working hours, and we will respond to emails as usual. Rest assured, we will continue to do all we can to support your business.    

We are getting our updates from the official links below

https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-emp...

https://www.gov.scot/news/gbp-320-million-package-of-support-for-busines...

https://www.acas.org.uk/coronavirus

https://www.gov.uk/government/news/tax-helpline-to-support-businesses-af...

We hope that the above may be useful for you in these challenging times. We wanted to assure you that we intend to manage any consequences for our clients and our people.  If you have any questions, please continue to speak to us.

Tax Briefing February 2020

The February edition of our newsletter is now available

Articles cover CGT, IR35, NIC Thresholds, Employment allowance and CT Penalties

The briefing is available by clicking here on the link below

LynnCunninghamCharteredAccountantFeb2020.pdf

January's Most Frequently Asked Question!

Self-assessment - Ways to Pay

Make sure you pay HM Revenue and Customs (HMRC) by the deadline. You’ll be charged interest and may have to pay a penalty if your payment is late.

Ways to Pay

1. Bank details for online or telephone banking, CHAPS, Bacs You can make a transfer from your bank account by Faster Payments, CHAPS or Bacs. Your bill will tell you which account to pay in to. Account details to use
Sort code 08 32 10
Account number 12001039
Account name  HMRC Cumbernauld

What you’ll need

You’ll need to use your 11-character payment reference when you pay. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’.

How long it takes

Payments by Faster Payments (online or telephone banking) usually reach HM Revenue and Customs (HMRC) on the same or next day, including weekends and bank holidays. CHAPS payments usually reach HMRC the same working day if you pay within your bank’s processing times. Bacs payments usually take 3 working days.


2. By debit card online You can pay online at the following address: https://www.tax.service.gov.uk/pay-online/self-assessment

What you’ll need

You’ll need to use your 11-character payment reference when you pay. This is your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’.

Video

Our CA Graduate apprentice has created a video about the office, you can view it by clicking here

Enjoy

Tax Briefing September 19

The latest version of our newsletter is now available

This release contains articles on Claiming cashback for R&D costs, CIS Reverse Charge and Off payroll working.

Please download our latest newsletter by clicking: Tax Briefing September 19.

Autum 2018 Newsletter
Autumn 2018 Newsletter

The latest version of our newsletter is now available.

This release contains articles on Making Tax Digital, Contractor Loan Schemes, Landfill Tax and Penalties for late PAYE.

Please download our latest newsletter by clicking Autumn 2018 Newsletter.

Pay a Virtual Visit to Our Markinch Office!
Markinch Office

We're proud to be the first accountant in Fife to have the Google Streetview team photograph our business.

See below (or click here) to try it out and have a look around our Markinch office, and see if you can identify the people behind the calculators! (Streetview doesn't include faces for privacy reasons.)

If you'd like to see the office in person, just drop by, or give us a call - contact and location details are over here.

New App Launched

We are pleased to announce the launch of our brand new app which has been developed to give you access to key accounting data in real time whenever you need it. Track expenses and enable us to interact electronically with you using:

  • Receipt Management, Email and Store
  • Mileage Tracking
  • Keeping in touch via ‘push notifications’
  • We will be using this feature to share important news, deadline reminders and financial updates.

Our app is free and available for Apple and Android devices using the QR code above.