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…

To try and help our clients, we have been listening to a webinar with Victoria Todd from the Low Incomes Tax Reform Group and have noted below the information imparted by Victoria Todd with regard to Universal Credits. The Chancellor said that every self employed person can now access Universal Credit but this may be…

If you are unable to access much of the support offered by the Government in these challenging times, you may be able to apply for Universal Credits. This may be something that you have never had to do before and the LITRG offers help and guidance to allow you to do this. Their website is…

Last night, the Chancellor, Rishi Sunak, launched a new “Business Bounce Back” loan scheme, following massive pressure from over 5 million of Britain’s smallest firms over fears they were being failed by Treasury rescue efforts. This scheme is not yet available but will launch on 4th May 2020. The Bounce Back Loan scheme will help…

In these challenging times, you could be forgiven for getting very confused with all the information being sent out about what support is available and to whom. Indeed, at NATA our heads are spinning a little with all the posts we have published, and with the online portal for CJRS now open. There is a…

The Government has announced an important change to the scheme relating to employee eligibility: • you can claim for employees that were employed as of 19 March 2020 and were on your PAYE payroll on or before that date; this means that you will have made an RTI submission notifying us of payment of that…

How to claim As you prepare to make a claim, please note: • the online claim service will be launched on GOV.UK on 20 April 2020 – please do not try to access it before this date as it won’t be available • the only way to make a claim is online – the service…

The british banks have now got a list of the information that you will need if you want to apply for a Coronavirus Business Interruption Loan Scheme. Please see the link below. https://www.british-business-bank.co.uk/wp-content/uploads/2020/04/BBF_factsheet_-_lending_application_checklist-1.pdf

HMRC have advised that the online portal to furlough workers will be available by 20th April and the government have said that payments will be made by the end of April. This seems rather optimistic in our view, but let’s see. We have also received clarification with regard to directors being furloughed. We have already…

Following our recent post on issues relating to CBILS, we wanted to share with you an article from Accountancy Today yesterday relating to the Coronavirus Business Interruption Loan Scheme.