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The Economic Stimulus Package and eligibility for a Small Business Loan

On 27 March 2020, President Trump signed into law the largest economic stimulus package in US history as part of his Coronavirus support measure, giving clear direction to small business on who is eligible and how they may benefit from the new business loans. Introduced to help them work through the crisis, the fund has been in high demand and has currently run out of money. However, another bill is yet to be approved by congress and is expected to add an additional $250 billion support package. The support that was launched with a staggering $349 billion in funding, provided federally-guaranteed interest free, tax free loans with all repayments being deferred for a year. However, althoug

Information on the US Stimulus Cheques, Unemployment and the Coronavirus Plan

Millions of American households are being given assistance in the middle of the Coronavirus pandemic as part of President Trumps $2 trillion economic relief plan. Money is being sent direct to homes and there are also a number of additional changes. Everfair Tax has compiled some answers to many of the common questions we are currently being asked Payments to households These are being referred to as stimulus payments and the majority of adults will receive $1,200, although some will receive less. In addition, qualifying children under the age of 16 will receive an additional $500. There will currently only be one payment, unless future bills are passed to agree further amounts. The money w

HMRC update The Statutory Residence (SRT) guidelines in light of COVID-19 pandemic

In response to the current movement restrictions across the globe in the wake of the Coronavirus pandemic, HMRC have released additional SRT guidelines to work in conjunction with their existing guidance for exceptional circumstances. HMRC recognize that current events are changing on a daily basis and free movement across the world, including and to and from the UK, is being effected as individual countries respond to tackle the outbreak. Exceptional circumstances are ordinarily only accepted for a 60-day limit, however at time of writing, no specific comment has been made on the impact of the lock down on travel and the closing of borders, so much is still to be clarified. The additional c

Offshore fund holders targeted by HMRC

In a further tax compliance crack down at the end of 2019, HMRC began to target offshore fund holders. Mailing out to some of the country’s most affluent taxpayers, the letters were sent by the Wealthy and Mid-Sized Business Compliance arm of HMRC. They included a fact sheet of additional details reminding investors that significant tax complexities can be created by such holdings, and that extra diligence in their tax reporting is required in order to ensure that dividends and gains are correctly declared on their returns. The campaign reminds taxpayers to check the type of offshore fund they have invested in, and an HMRC briefing note states that they are: “Tackling these risk areas thro

Self-employment Income Support Scheme to support those adversely affected by COVID-19

In response to pleas for the Chancellor to support Britain’s self-employed workers during the COVID-19 crisis, a new Self-employment Income Support Scheme has been announced. The scheme enables self-employed workers to claim a taxable grant worth 80% of their trading profits, to the value of £2,500 per month maximum, for the next 3 months. At time of writing (15.04.2020) the scheme is not currently live but will have qualifying criteria that includes: To have submitted a Self-Assessment tax return for the tax year 2018-19 To have been trading in the tax year 2019-20 To be currently trading upon application, or would be without the COVID-19 Pandemic and have the intention to continue to trade

£330bn virus aid package and delay to IR35 launch

Just six days after unveiling his £30 billion Budget business support package, Chancellor Rishi Sunak announced some significant changes in light of the coronavirus pandemic. In his address he stated that “I promise to do whatever it takes to support our economy through this crisis – and that if the situation changed, I would not hesitate to take further action. That is what I want to begin doing today.” In addition, Steve Barclay, Chief Secretary to the Treasury, revealed the extension and enhancement of many of the measures announced in the spring Budget, and that the government was postponing the launch of the new private sector IR35 regime until 1 April 2021. The delay of the IR35 roll-

Congress passes $2 trillion stimulus deal to lessen the effects of the Coronavirus pandemic.

US Senate leaders and the White House administration have passed a $2 trillion stimulus deal to lessen the effects of the Coronavirus pandemic. As a bid to rescue the economy, both Chambers of Congress worked together for a prompt resolution and passed the huge legislation on Wednesday 25 March. Senate Majority Leader Mitch McConnell announced the deal alongside Minority Leader Charles E. Schumer saying “At last we have a deal. After days of intense discussion, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic… I’m thrilled that we’re finally going to deliver for the country that has been waiting for us to step up.” Charles Schumer continued by

A Summary of the help and support offered to businesses by the Government during the COVID-19 Crisis

Chancellor Rishi Sunak has set out a number of measures to support and help businesses through the disruption caused by the coronavirus pandemic. Many of the details are still being formulated with others being added and evolving on a daily basis. However, the current measures include: Coronavirus Job Retention Scheme that Deferral of VAT payments Deferral of income tax payments on account Statutory Sick Pay relief for small and medium sized businesses (SMEs) Retail, hospitality, leisure and nursery businesses in England will receive a 12-month business rates holiday £10,000 small business grant funding for businesses that currently receive small business rate relief or rural rate relief Re

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