Below I have summarised all the main tax updates we’ve seen this week from HMRC.
• New 100% government backed loan scheme for small business
• Coronavirus and R&D Tax Credits
• VAT scrapped on E-publications
• HMRC stop sending paper tax returns
• Making Tax Digital Phase 2 postponed to April 2021 due to COVID-19
• Coronavirus grants for young entrepreneurs
As always if you need any support or advice please don’t hesitate to contact me.
Have a great weekend!
The Prince’s Trust has launched a new grant to assist young business owners during the Coronavirus crisis. The grant is available for business owners aged 18 to 30, who set up their business in the last four years and do not have any other source of income during the Coronavirus crisis.
Grants can be used to maintain core business operations during the crisis, as well as meet any existing financial commitments, such as paying for essential equipment or settling invoices from suppliers. Additionally, grants will also support young people to diversify their business to respond to opportunities created by the crises. In conjunction with grants, the initiative will offer one-to-one support and guidance to any applicants who need it.
You can apply for the grant here: https://www.princes-trust.org.uk/about-the-trust/coronavirus-response/enterprise-relief-fund
