Extension to the Coronavirus Job Retention Scheme
The Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, up to the end of June 2021.
VAT Deferral New Payment Scheme
If you deferred VAT payments due between 20 March and 30 June 2020 and still have payments to make and cannot afford to pay by 31 March 2021 you can now join the online VAT Deferral New Payment Scheme to spread the payment.
The Recovery Loan Scheme
The Government has announced the launch on 6 April 2021 of a new support scheme called the Recovery Loan Scheme. Details of how the Scheme is to operate are still to be released, however, we understand that the aim of the Scheme
Self-Employment Income Support Scheme Extended
The Government has announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant. The fourth and fifth grants will take into account submitted 2019-20 tax returns.
Analysing the UK Budget 2021
Join Arvinder Matharu, Tax Director of Prager Metis, and Loknath Mishra, Managing Director/CEO of ICICI Bank, as they discuss the UK Budget for 2021, what it means for companies in the UK and for foreign investors, and the direction
How musicians living in the UK may be affected by Brexit
The ability to travel and work freely and easily in the EU is of paramount importance to our members. That's why we campaigned to stay in the EU, and why we do not support the Withdrawal Bill that has passed through parliament.
Useful links
Links: The Government’s Transition Checklist Click here.
Brexit – Changes for Businesses and Individuals
The UK is leaving the EU Single Market and Customs Union and the end of the transition period on 31 December 2020 will affect Individuals, businesses as well as travel to and from the EU.
Coronavirus Self-Employment Income Support Scheme Grant Extension
What We Know The Government announced on 2 November 2020 that it will double the level of financial support for self-employed workers in November during the second coronavirus lockdown in England.
Self-Assessment Customers to Benefit from Enhanced Payment Plans
As part of the Government Support Package to deal with the COVID-19 pandemic, HMRC have announced earlier this year that: The July 2020 Payment on Account may be deferred until 31 January 2021. This in an automatic offer with no
Payment of VAT
On 20 March the Government announced that VAT payments would be deferred for a period of three months. The deferral: Was available to all UK VAT registered businesses (including non-established taxable persons); Applied to payments due bet
Business Grants
Following the lockdown measures announced by the Government on 31 October 2020 that are due to take effect on 5 November, the Government has announced that it will provide financial support via grants for those businesses that are required
Coronavirus Job Retention Scheme
What We Know Following the lockdown measures announced by the Government on 31 October 2020 that are due to take eff ect on 5 November, the Coronavirus Job Retention Scheme (“CJRS”) which was due to end on 31 October 2020, will be extended until December. The Job Support Scheme which was due to take effect from 1 November has now been postponed.
Job Support Scheme
The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce.
Self-employment Income Support Scheme (SEISS) Grant Extension
The Chancellor recognises the continued impact that COVID-19 has had on the self-employed and has taken action to provide support. The SEISS Grant Extension provides critical support to the self-employed.
Kickstart Scheme Grant
The Kickstart Scheme provides funding to employers who create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment.
Coronavirus Job Retention Bonus (“CJRB”)
The Coronavirus Job Retention scheme (CJRS) is ending on 31 October 2020. For the final month of CJRS, the government will pay 60% of wages up to a cap of £1,875 for the hours the employee is on furlough.
Culture Recovery Fund
Urgent Action now required to apply for Grants and other funding administered by The Arts Council England, The British Film Institute, National Lottery Heritage Fund and Historic England (Last updated 30 July 2020) On 5 July 2020,
Summary of Government changes produced by Prager Metis LLP – 9 July 2020
Rishi Sunak, the Chancellor of the Exchequer, has today announced a reduction in SDLT (tax that is due on the buyer of property) on all residential property purchases with a value of no more than £500,000. The change is effect
Coronavirus Job Retention Scheme
• CJRS closes to new entrants on 30 June. • Given the minimum furlough period, if Employers are yet to make a claim under CJRS and they wish to do so going forward under the new scheme “CJRS2” then they have until 10 June to notify staff so that their period of furlough can commence in time. • For Employers who have previously made a claim under CJRS, they too have until 10 June to notify any employee not previously furloughed, if they wish for that employee to be eligible under CJRS2.
Summary of Government Support produced by Prager Metis LLP –Last updated 29 April 2020
The Coronavirus Bounce Back Loan has been designed for small and medium-sized businesses enabling them to borrow between £2,000 and £50,000 (capped at 25% of turnover) with the Government taking on 100% of the risk.
Summary of Government Support produced by Prager Metis LLP – Last updated 4 May 2020
Finding Financial Support The Government has launched an on-line tool to help both Companies and the self-employed find details of the loans, tax relief and grants they may be eligible for. The business Support Finder can be found at the following web page Click Here.
Government Grant Funding Schemes
In response to Covid-19 the Government announced there would be support made available for small businesses, and businesses in the retail, hospitality and leisure sectors. This support will take the form of two grant funding schemes, the Small Business Grant Fund (SBGF) and the Retail, Hospitality and Leisure Grant Fund (RHLG). Small Business Grant Fund
Job Retention Scheme
The aim of the scheme is to help employers who have taken a financial hit to their business as a result of Covid-19 and cannot afford to pay employee salaries.
Self-employment Income Support Scheme
This new scheme has been set up by the government to provide support for those who are self-employed, either as a sole trader or a partner in a partnership.
Companies House – Statutory Accounts filing extension
If your accounts will be late because your company is affected by COVID-19, and your filing deadline has not yet passed, you can apply for an automatic and immediate 3 month extension to file your accounts.
A collaboration between Help Musicians
A collaboration between Help Musicians, the Incorporated Society of Musicians, The Ivors Academy, the Music Managers Forum, the Music Producers Guild, the Musicians' Union, and UK Music, who are grateful for the support of many others in the music industry.
COVID-19 Relief Programs for Musicians, Artists, Creative Performers and Freelancers
The following is a listing of organizations and programs that are offering support for creative practitioners who have been impacted by COVID-19.
Covid-19 Support for Businesses
On 23 March we circulated fact sheets on the various Schemes that the Government had set up to support Businesses. Set out in the following sections is a summary of further information
SELF EMPLOYMENT INCOME SUPPORT SCHEME
The Government has heeded to concerns that there was not sufficient help for self-employed persons to include individuals in partnership. The Chancellor of the Exchequer
Resources
UK Governement Pages: General Click Here. Support for businesses Click Here.
Prager Metis LLP Congratulates Mark Carter On His Promotion to Principal
9 December 2019 – London, UK — Prager Metis, a leading accounting and advisory firm with offices in Europe, North America, and Asia, announces the promotion of Mark Carter to Principal in the Business Management Deparment of Prager Metis.
Prager Metis is Co-Hosting The Great Escape Drinks Social 2019
Are you heading to The Great Escape? Prager Metis, The Music Publishers Association and Music Insurance Brokers are delighted to invite you our annual drinks social in Brighton at this year’s Great Escape festival! Join on us from 1pm to 5pm at The Coach House, on Friday, 10 May for an enjoyable afternoon of drinks, catching up with old friends and making new ones.
Prager Metis is Proud to be a Finalist for the 2019 Music Week Award in the Accountancy Firm of the Year Category
Congratulations to our Prager Metis London Team for being shortlisted for the 2019 Music Week Award in the first-ever accountancy category: Accountancy Firm of the Year. The Music Week Awards recognizes excellence within the music industry. Music Week has been the leading trade media brand for the UK music industry for over 50 years, and is essential reading for anyone who needs to understand the business of music, from vinyl to streaming, from the Dublin Castle all the way to Wembley Stadium.
Partner Simon Winters named to Music Business UK’s “The Legal & Accountancy 50” Almanac!
Congratulations to Partner Simon Winters on being named to Music Business UK’s “The Legal & Accountancy 50” Almanac! We are proud and honored that you are part of the Prager Metis family! The inaugural almanac from Music Business UK and Centtrip was voted on by music industry insiders.
London Team Attends Vidcon 2019!
Prager Metis is a Top 100 US accounting firm, with over 55 partners and principals, more than 350 team members, and eleven offices worldwide including New York, New Jersey, Connecticut, Los Angeles, London, and Miami. An affiliate of Prager Metis International
Prager Metis Expands Southern Presence; Acquires Ling Phipp’s Media and Entertainment business in Southern England and South Wales
31 August 2018 – London, UK — Prager Metis, a leading accounting and advisory firm with offices in Europe, North America, and Asia, announces its acquisition of the Southern England and South Wales centric Media and Entertainment business of Ling Phipp, a firm who for over 40 years has been providing a range of specialized services to UK clients. The acquisition was concluded on 31 August 2018. Ling Phipp partner Paul Turner will be joining forces with Prager Metis. “Having previously worked with Paul for over ten years and provided specialist tax advice to a number of his clients we are really excited that Paul is working with us,” says Mark Boomla, Managing Partner of the Prager Metis London office. “We have been expanding our entertainment practice, and this deal provides a fantastic opportunity to continue that progression.
Prager Metis International Expands London Presence; Combines with Smallfield Cody
1 January, 2018 – London, UK— Prager Metis, a leading accounting and advisory firm with offices in Europe, North America and Asia, announces their merger with Smallfield Cody, a specialist firm based in London, which focuses on providing services to UK media and entertainment clients. The merger officially took place on 19 December, 2017. Merging into Prager Metis will be Smallfield Cody’s Margaret Cody and Michael Kennedy. “We are very excited about the addition of Margaret and Michael,” says Austin Jacobs, Partner of the Prager Metis London office. “We wanted to expand by strengthening our entertainment practice in London.
UK News Homepage
Prager Metis Celebrates 50 Years in London; 26-10-2017 "Five Top Tax Tips for Composers and Lyricists" featured in BASCA Magazine; Aug/Sept, 2016
