April 2020

News Posted

Bounce Back Loan Scheme

30th April 2020
As part of Rishi Sunak’s promise to make loan funds accessible to struggling businesses, the Bounce Back Loan Scheme was introduced by the government on Monday 27 April. The scheme launches on 4 May 2020. This scheme offers loan funds of £2,000 to £50,000 over periods up to 6 years. These loans will cover 25...

Job Retention Scheme – Yesterdays Update Provides Much Needed Clarity

18th April 2020
HMRC updated their online guidance relating to this scheme yesterday (Friday 17 April) just in time for the first applications to be made this coming week. Claim for wage costs through the Job Retention Scheme Check if you could be covered by Job Retention Scheme The full guidance can be found at these two separate...

Updates on the Government Support Packages for Business

16th April 2020
Key Points 1. The Government has announced an extension to the Job Retention Scheme (JRS) that is likely to bring an additional 200,000 employees into the scheme. 2. JRS application process – the importance of having an active Government Gateway account for your business. 3. HMRC have launched a ‘whistleblower’ service for breaches of Job...

Details for claiming under the Coronavirus Job Retention Scheme

14th April 2020
Last week we produced Updated Guidance on the Job Retention Scheme and highlighted that the current timing is for the site to be live on Monday 20th April (next Monday). If your business is making a claim you will need to have access to your PAYE records via your Government Gateway login to make the...

Improvements to the Coronavirus Business Interruption Loan Scheme

3rd April 2020
Rishi Sunak yesterday announced several significant improvements to the Coronavirus Business Interruption Loan Scheme (CBILS). The CBILS provides loans, overdrafts and invoice and asset finance of up to £5m for up to 6 years. It is eligible to all businesses with a turnover under £45m. The UK government provides a guarantee to the lender of...

Covid-19: HMRC delays MTD ‘digital links’ Excel deadline

2nd April 2020
HMRC has deferred by one year the deadline for businesses reporting under Making Tax Digital (MTD) for VAT to meet the requirement to have ‘digital links’ within their recordkeeping for transferring information from Excel spreadsheets and other data sources to their online VAT filing. Businesses will now be able to continue using their current ad-hoc...