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...

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...

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...

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...

The guidance published on the Job Retention Scheme (JRS) was updated on 4th April and clarifies certain issues. It leaves room for speculation on a number of matters also however, most notably in relation to the interplay between holiday and furlough (see Outstanding Questions). We hope to have further guidance issued shortly as the portal...

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...

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...

Announcement from HMRC – If your business is wanting to make use of the VAT Deferral Arrangement announced last week and your businesses normally pays the VAT by direct debit, please cancel the direct debit with the bank. Ensure this is done in good time as payment instruction can be requested a few days before...

The government published guidance late last night on the operation of the Job Retention Scheme. We have had many enquiries in relation to this matter and hopefully the following information will answer the majority of these queries. Recap of the Basics Employers can claim 80% of furloughed worker’s usual wage costs up to £2,500 per...

This scheme is for the self-employed or members of a partnership that have lost income due to coronavirus. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. Who is...