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Please find our latest update below covering:
Coronavirus Bounce Back Loans
The government announced a new Bounce Back Loan scheme earlier this week. The new scheme will launch on 4 May.
The scheme will help small and medium sized businesses negatively impacted by the coronavirus to borrow between £2,000 and £50,000.
The loan will be 100% guaranteed by the government with no fees, interest or repayments for the first 12 months. Loan terms will be up to 6 years and the government has indicated that it will work with lenders to agree a low rate of interest for the remainder of the loan.
We understand that the application process will be simpler than what we’ve seen so far for the Coronavirus Business Interruption Loans (CBIL). However, you can’t apply for a Bounce Back Loan if you already have a CBIL although CBIL loans under £50,000 can be transferred into the Bounce Back Loan Scheme.
More details to follow.
Coronavirus Job Retention Scheme (CJRS): HMRC Portal and Repayments
We can report that the HMRC portal worked very well when we accessed it last week and we are aware that repayments have already been received.
Next step will be to file claims for May and June (following the extension of the furloughing scheme) which will need to be completed on a monthly basis.
We’ve seen some suggestions that the furloughing scheme could potentially be extended beyond June for certain sectors and, like everyone, we will be keeping a close eye on this. However, at this stage and for current planning purposes it would be wise to assume nothing has changed until a formal announcement has been made.
Business Coronavirus Support Finder
The government has introduced a simple and useful on line tool which can be used to identify the help that may be available to individual businesses - click here.
Statutory Sick Pay (SSP)
The online service to claim back Coronavirus related SSP is still not open. By way of reminder click here to view the government guidance. It is very important to maintain the necessary records.
Clark Benefit Consulting Limited
"Our business was growing and our old accountants just weren’t able to offer the timely and proactive advice that we needed. Paul and Martin came highly recommended so we moved to Ashton Allsop. The difference was night and day and they had an immediate impact, they spotted issues not seen before and identified allowances we should have used from HMRC. We speak regularly, we work with them through Xero and other tools they make available and everything is made clear and understandable. We were so impressed that we’ve moved our bookkeeping and payroll and they now complete our R&D applications. They provide a fantastic service and have saved us so much time and money, whilst reducing our total accounting costs. We consider them an extension of our company and couldn’t work without them."
Stephen Hickey, CEO Digital Control Rooms