HMRC has opened the portal for the Self-employment Income Support Scheme (SEISS), meaning taxpayers can now submit applications. The scheme, which is accessible to those that are self-employed or a member of a partnership and have been adversely affected by Coronavirus, will allow you to claim a taxable grant of 80% of your average monthly trading profits over three years, capped at £7,500. It will be paid out in a single instalment covering three months, paid directly into your bank. In order to access the portal, you will need to log in, or create, your Government Gateway account. You will [...]
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We are aware that following the COVID-19 pandemic the business world has changed, with many saying it has changed forever. The normal working week for many businesses now includes remote working, in particular operating from home and juggling many other demands in the process. As far as businesses are concerned, one of the overriding concerns is the possibility of a world recession and, if that is the case, how long it will last and how damaging the impact is likely to be. The reality is, no one really knows. The only certainty is that one way or another, the last [...]
Throughout April, the Government launched a range of initiatives and support packages to support business as a result of the coronavirus outbreak. It can feel overwhelming to understand which option is best for you, so to try and help we have laid out a summary of all the initiatives below: Bounce Back Loan Available as of 9 am this morning (4th May 2020), the Bounce Back Loan is the latest business support scheme to be announced for small and medium-sized businesses affected by the pandemic. The loans, of up to £50,000, will be interest-free for 12 months and will be [...]
Update for Coronavirus Job Retention Scheme To ensure we are providing you with as much support and information regarding the Government’s Coronavirus initiatives, here are the latest updates regarding the Coronavirus Job Retention Scheme (CJRS) for furloughed employees. Chancellor Rishi Sunak in yesterday’s briefing confirmed that all furloughed payments will be paid by the end of April, with all applications to be made online through a government portal, which is set to open on the 20th April. Applications should be made by whoever operates your PAYE scheme, either yourself as the employer or the third party who does it on [...]
The Government recently announced the Coronavirus Business Interruption Loan Scheme “CBILS” operated through the British Business Bank on behalf of the Government.
As you may be aware, in response to the coronavirus epidemic the Government has announced changes to the existing insolvency laws around the continuity of businesses that may provide some much-needed comfort for directors and business owners that are feeling concerned. As the law currently stands and in accordance with section 214 of the Insolvency Act 1986, once a director of a company concludes that there is no reasonable prospect of their company avoiding insolvency then the directors have a duty of care to protect the interests of not only the creditors, including HMRC, but all stakeholders to ensure that [...]
On Friday 2oth March, the British Government responded decisively with unprecedented measures around how they plan to support British businesses and individuals during the Coronavirus pandemic. The closure of pubs, restaurants and the leisure sector, in general, represents the most significant enforced peacetime societal interruption to the nations pastimes and leisure activities. In a quite frankly, staggering series of measures announced by the Chancellor of the Exchequer on Friday evening, limitless funds were pledged to assist businesses and their employees to manage their finances during the looming uncertainties. The existential threat of mass insolvencies, particularly in the leisure [...]
With the rapidly changing nature of the coronavirus outbreak, information and advice from the government is changing on a daily basis. In the latest response to the outbreak, the Chancellor has introduced various coronavirus business support initiatives which will be very welcome to businesses who may possibly be experiencing financial concerns. These measures include: A Coronavirus Business Interruption Loan Scheme To support businesses experiencing difficulty through this current period, an additional £2.2 billion funding support for small businesses that pay little or no Business Rates (SBBR) has been announced. There will also be a refund for businesses and employers required [...]
As a practise we wanted to keep our clients, creditors and all stakeholders up to date on the actions we are taking to protect our team and clients during this Covid-19 pandemic. Most importantly, at present, there is no current impact on the delivery of our services and our business continues to operate as normal. Clearly, in the current circumstances, health and safety is our first priority while ensuring that we continue to meet our clients' expectations and to maintain as best as possible a normal working relationship and ensuring that we meet our ongoing obligations as well as statutory [...]
How can a business protect itself from insolvency? Poppleton and Appleby partner, Stephen Wainwright discusses in his latest blog.