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08 April 2020

The Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, is designed to help support primarily small and medium-sized businesses to access bank lending and overdrafts.

The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide...

08 April 2020

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will be made available to enable banks to make loans of up to £25m (the present limit for the smaller scheme is £5m). This will allow firms with an annual turnover of between £45m and £500m access to the 80% government guarantee. The CLBILS is expected to be launched later this month. Facilities backed by a guarantee under CLBILS...

08 April 2020

The government has confirmed that there will be an eviction freeze for commercial tenants who miss rent payments as a result of the Coronavirus crisis. The protection for businesses on commercial leases is one of the measures in the Coronavirus Act 2020.

The measures will stay in place until 30 June 2020. There is an option for the government to extend this deadline if necessary. The...

08 April 2020

If you are self-employed and qualify for the Self-employment Income Support Scheme you will receive a cash grant from HMRC based on 80% of profits, capped at £2,500 per month. The initial grant will be for the three months, from 1 March through to the end of May 2020, but could be extended for a longer period. The grants are expected to be paid out at the beginning of June.

You can...

08 April 2020

If your employer has requested that you work from home you can claim tax relief for some of the bills you pay that are related to your work. These tax reliefs have always been available, but as many of us are now being instructed to work from home, a claim for the use of your home, from your employer or HMRC, may be relevant.

Employers can reimburse employees for the additional...

08 April 2020

Small-and medium-sized businesses and employers can reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. You are eligible for the scheme if your business is UK based, small or medium-sized and employs fewer than 250 employees as of 28 February 2020.

The scheme will cover up to 2 weeks’ SSP per eligible employee, who has been off work because of COVID-19, either...

08 April 2020

An interesting quirk of the Coronavirus Job Retention Scheme is that furloughed workers are not entitled to the minimum wage. HMRC's guidance categorically states that 'individuals are only entitled to the National Living Wage (NLW)/National Minimum Wage (NMW)/ Apprentices Minimum Wage (AMW) for the hours they are working or treated as working under minimum wage rules.'

This...

08 April 2020

The Coronavirus Job Retention Scheme (CJRS) allows UK employers to access government support to help retain staff that they would otherwise may have considered laying-off, reducing pay / hours or making redundant. If your employee is furloughed, they should not be undertaking any work. This includes providing services or generating revenue.

HMRC has published useful guidance concerning...

08 April 2020

HMRC’s guidance on the Coronavirus Job Retention Scheme has recently been updated. HMRC will reimburse 80% of furloughed workers' wage costs, capped at £2,500 per month per employee. The scheme will run for at least 3 months, backdated from 1 March 2020, but will be extended if necessary.

Company directors and other office holders can be furloughed under the scheme. However, only PAYE...

08 April 2020

During periods when demand for your goods and services drop – for example, if your business has been closed down or adversely affected by the recent COVID-19 outbreak – your sales and incoming cash receipts tend to drop at a faster rate than you are able to reduce your outgoings.

Expenses tend to fall into one of two groups:

  • Those that tend to vary in direct proportion to...
08 April 2020

As most self-employed readers will be aware, Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not payable until the 31 January following the tax year end date.

From a cash flow point of view this is an advantage but only if taxable profits year on year are increasing.

During this unsettled period...

03 April 2020

Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80% guarantee – on the basis that they fit the banks’ criteria for this type of lending.

The Chancellor has now confirmed that this is not the intention of his CBILS scheme and that from now on all businesses affected by the COVID...

01 April 2020

Following the recent cut in the Bank of England base rate from 0.25% to 0.1%, HMRC has announced changes to the rates of interest they charge.  

The new late payment interest rate, applied to the main taxes and duties, took effect from 30 March 2020, when the interest rate was set at 2.75% (reduced from 3.25%). This was the first change since August 2018.

The rate of interest...

01 April 2020

Company directors, company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register at Companies House. 

Prior to the introduction of this law (in April 2018) it was only possible for a director to ask for their personal address to be "hidden" if they could demonstrate that they were at a...

01 April 2020

The Northern Ireland Office (NIO) is a UK government department responsible for Northern Ireland affairs. The NIO seeks to ensure the smooth working of the devolution settlement in Northern Ireland.

A new press release, jointly published by the NIO, HM Treasury, and Prime Minister's Office, 10 Downing Street explains the latest guidance for people in Northern Ireland.

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