Emergency Business Loan Scheme Revamped
The emergency loans scheme for businesses IS struggling to survive amid the coronavirus pandemic has been revamped following strong criticism. The Treasury said it had received more than 130,000 loan enquires from firms but fewer than 1,000 had been approved. Chancellor Rishi Sunak will speak to the banks, which have been are accused of taking advantage of the crisis. The changes to the scheme would make it easier for firms to access loans. Previously, government-backed loans for small businesses…
Job Retention Scheme AKA Furlough
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19). Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during…
Latest – Coronavirus Business Interruption Loan Scheme
A quick update from our last article... More information is coming out daily regarding the Coronavirus Business Interruption Loan Scheme (CBILS) offering by different banks, although banks are not yet processing these loans to get 'cash out of the door' yet. CIBLS are currently the loan of last resort, as the banks will offer mainstream lending first if they can. The banks are speaking to their individual customers and tailoring a normal bank offering first, e.g. overdraft, loan or invoice discounting…
Self Assessment Tax Payments 2019/20 – COVID-19
As we are sure you all know by now, your second payment on account for 2019/20 which is normally due for payment on 31 July 2020 can be (optionally!) deferred until 31 January 2021. This applies to ALL taxpayers not just the self-employed. It is also worth mentioning that the deferral is automatic, so there is no need to make an application or make HMRC aware of this. HMRC have confirmed there will be no interest and penalties charged providing…
COVID-19 Updates To Help You And Your Business
Here is a quick update on what measures the government has announced to support people, jobs and businesses in this current climate. For the first time in our history, the government is going to step in and help to pay people’s wages. A brand-new Coronavirus Job Retention Scheme has been introduced with the hopes of saving many jobs by paying staff even if the company does not have the means to. Government grants will cover 80% of the salary of…
Good news for contractors as new IR35 rules delayed!
Good news for contractors as new IR35 rules delayed! In an attempt to alleviate pressure on businesses and individuals amid the Covid-19 fallout, it was announced last night that the IR35 tax reforms would be pushed back by one year, less than a week after the controversial measures were confirmed in the Budget. For many, the IR35 delay is a ray of light in the current crisis. The changes would have led to self- employed individuals operating through a…
Coronavirus Business Interruption Loan Scheme
Some of you may have heard of something called the ‘Coronavirus Business Interruption Loan Scheme’ (CBILS). It was announced by the new chancellor in the 2020 budget that this will temporarily be replacing the Enterprise Finance Guarantee. Having a clear view and being in control of your cashflow is vital for small and medium sized businesses right now. Access to sources like these, will offer more attractive terms for both businesses and lenders, with the aim of supporting the continued…
National Minimum Wage And National Living Wage Changes 2020
Are you aware that there are changes to the national minimum wage and national living wage taking place on April 1st 2020? No? Let us tell you everything that you need to know. In a bid to show the working classes that the government is taking their concerns seriously, there have been huge changes made. “Hard work should always pay, but for too long, people haven’t seen the pay rises they deserve," said Prime Minister Boris Johnson. This comes after…
Budget Predictions 2020. Are You Ready?
The new budget is due to be read out in the House of Commons on Wednesday 11th March 2020, laying out the country’s finances for the year. Rishi Sunak, who was installed as chancellor less than three weeks ago, will have to rethink key parts of the upcoming budget that benefit us all. Sajid Javid – our previous chancellor – was said to have created a well-developed budget. However, Sunak is likely to rewrite some of Javid’s rules in the…
