Work for us has changed both in how we work and what we are being asked to do. It's been challenging but in a positive manner and we have adapted accordingly. We are very busy and spend a lot of time advising clients on how to manage their affairs going forward. We have also processed several furlough claims and assisted clients in getting loans. We have also signed up 6 new clients, so business remains buoyant.
This week saw the opening of the Bounce Back loan scheme. This will allow a loan of up to 25% of your business turnover (capped at £50,000) with no interest for a year and no set up fees. The loan is guaranteed by the Government, has a term of up to 6 years but can be repaid early. No personal guarantees will be required.
Further details have also been released for the Self-Employed Income Support which should be open for claims at the end of next week. There is an online tool to see if you are eligible which will also tell you when you can claim.
Check eligibility here
You will have to make this claim yourself so, if you do not have a Government Gateway ID and password, you should use the checker now and get your online access set up in preparation.
HMRC have also provided a single point of access for the various support measures that are available.
Business support page
As a reminder here is a list of the schemes and reliefs:
- Coronavirus Business Interruption Loan Scheme (CBILS).
- Support for the self-employed.
- Employers Coronavirus Job Retention Scheme (Furlough scheme).
- Expenses paid to employees working from home.
- A Statutory Sick Pay relief package for Small and Medium Enterprises.
- Extensions for filing accounts at Companies House & related company reliefs.
- Protection for businesses facing insolvency.
- Support to landlords and protection from eviction for tenants.
- 'Empty' business rates relief.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000.
- Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief.
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England.
- Help from HMRC with time to pay most other tax liabilities.
- Deferral of current VAT payments until March 2021.
- Self Assessment income tax deferral from July 2020 to January 2021.
If you need any information on any of the above or any other matter then please get in touch.
Paul, Chris and the team