Nordens News

We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy

Still Working From Home? Reclaim Household Expenses
Working from home has always been envisioned to free humanity from the grind of the daily commute, enabling an easier blend of work and family life. In April 2020, statistics released by the UK's Office for National Statistics showed 49.2% of adults in employment were working from home, as a result of the social distancing measures introduced in response to the Coronavirus pandemic.   Most individuals who are usually office-based workers will see their household bills increase as a result…
Bounce Back Loans – Your Funding Opportunities
Following widespread criticism of the availability and effectiveness of the Coronavirus Business Interruption Loan Scheme (CBILS), the government introduced an unprecedented support package to help companies and their shareholders survive these challenging times – the Bounce Back Loan Scheme (BBLS).   Bounce Back Loans are designed to help Britain’s Small and Medium Enterprise’s  (SMEs) get through the current government-imposed restrictions on business, and give them the resources to ‘bounce back’ quickly once trade is permitted to resume.   SMEs now…
What Is R&D Tax Relief And Why Do You Need It?
Research and Development, otherwise known as R&D is a tax relief that is awarded to UK companies who have invested into research and development to better the way they work, improve existing products and to develop new ones. This offers them an opportunity to claim either a reduction in corporation tax, or, for loss making companies, a payable tax credit. It can even be claimed for unsuccessful projects!   The scope for identifying R&D is huge, as it covers a…
Chancellor Extends Furlough Scheme Until The End Of October
Yes. It's true. Rishi Sunak, announced merely hours ago that the Coronavirus Job Retention Scheme (aka Furlough) will be extended until October 2020 with possible extension if needed.   The scheme was originally set to come to an end in July, however with this new extension there will be new measures in place. Until then, there will be no changes to the scheme whatsoever. From the end of July there will be measures to ensure the cost of the job…
Chancellor Set To Cut Coronavirus Furlough Scheme
The Chancellor, Rishi Sunak is preparing to “wean” businesses and workers off the government’s furloughing scheme by cutting wage subsidies amid concerns that the nation has become “addicted”. Yesterday, he met with other government officials to discuss the options available in order to wind down the scheme from July. This is part of an attempt to get people back to work when the lockdown is eased. Plans include cutting the 80% wage subsidy and lowering the £2,500 cap on monthly…
Self Employed Income Support Scheme is LIVE!
For those who are Self Employed – you can now check to see if you qualify to apply for the Self Employed Income Support Grant. You will be able to claim at 8am on 15th of May 2020. Click HERE.   The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it…
COVID 19 UPDATE – BOUNCE BACK LOANS – ALL YOU NEED TO KNOW
We will be discussing this on the first part of the webinar on Wednesday so don’t miss out,  but as you know the new Bounce-Back loan has been launched today! Register HERE. The scheme has officially gone live with reports saying that Barclays had 200 applications within the first minute of going live and Lloyds receiving 5,000 applications within three hours – Just to clarify, these are applications NOT pay-outs. The money is expected to be available “within days” and…
COVID-19 UPDATE – Government Launch new “Top Up”
As well as launching the new “Bounce Back Loan”, the government have also launched a “Top Up” to the Small Business Grants Fund giving the local authorities the discretion to issue them. The Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke spoke to local authorities in England yesterday to set out that up to £617 million would be made available. This is an additional 5% uplift to the £12.33 billion funding previously announced for…
*UPDATE* 100% state-backed “bounce back” loans for small firms
Due to the on-going concern about the lack of availability of loans under the Coronavirus Business Interruption Loan Scheme (CBILS), the government have yesterday announced a new scheme in what should allow small businesses to access a loan a lot quicker and easier. Chancellor Rishi Sunak told the House of Commons the scheme would start next week, offering firms loans up to £50,000 within days of applying. The scheme requires filling in a two-page self-certification form online. The loan terms…
Chancellor Has Extended The Furlough Scheme To The End Of June
Good news for many! Following on from yesterday’s announcement to keep the social distancing measures in place, for a minimum of a further three weeks, the Chancellor announced, the Coronavirus Job Retention Scheme would now be open until the end of June. This will provide many businesses some certainty for their employees future during these uncertain times. The Coronavirus Job Retention Scheme, allows firms to furlough employees with the government paying cash grants of 80% of their wages up to a…