The Chancellor, Rishi Sunak, has announced further details on the extension to the Coronavirus Job Retention Scheme (CJRS) including improved flexibility to bring furloughed employees back part time in July, and a new taper requiring employers to contribute modestly to furloughed salaries from August From 1 July 2020, businesses will be given the flexibility to…

• The Chancellor, Rishi Sunak, has extended the SEISS. The scheme was initially open until 30th June. Individuals can continue to apply for the first SEISS grant until 13 July. Under the first grant, eligible individuals can claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment…

You may remember that in his budget on 17th March 2020, the Chancellor anounced a raft of measures to support businesses through the CODIV-19 crisis. Among these measures was the fact that if you were off sick or self-isolating because of COVID-19, from Friday 20th March Statutory Sick Pay (SSP) could now be paid from…

For those businesses who may be experiencing problems getting business support loans, we thought it might be helpful to share some information provided by Kirsty McGregor, at The Corporate Finance Network. Kirsty reports that “there is a lot of activity on social media as Starling Bank have declined a large number of Bounce Back loans,…

We are delighted that some of our clients have already contacted us to say that they are opening their businesses back up as of Monday 18th May. With this in mind, we are passing on some links which may be useful. You can keep up to date with the latest government guidance here:  https://www.gov.uk/coronavirus https://www.gov.uk/guidance/working-safely-during-coronavirus-covid-19/offices-and-contact-centres …

Today, 4th May 2020, HMRC have announced that the Self-employed cannot ask their Accountant to make the claim on their behalf. Self employed individuals have to make the claim themselves. To make the claim you need to have a government gateway account. So if you do not have a government gateway account, we would strongly…

The government has confirmed that COVID-19 grant funding for business will be taxable as income. The business can then claim tax relief on the expenditure supported by the grant.

We have gleaned more information on the Bounce Back Loan and thought we would share it with some bullet points below. The Bounce Back loans are available to all sectors. The loans should be available from Monday 9am but lenders are snowed under with CBILS at the moment so that date may be pushed back….

The amount of grant that HMRC will pay to those claiming the SEISS is based on the average yearly trading profit in the 16/17, 17/18 and 18/19 tax years. Even if a self employed person made made a loss in the 2018/2019 tax year, they can still claim under the SEISS grant. The amount received…

The Coronavirus Business Interruption Loan scheme is a six year loan, with the first year interest free, and the other five years capital and interest repayments. However, the banks are calculating affordability over five years, and not six. As a bottom line, if a business was deemed “lendable” last year, then they should be deemed…