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Business Update 11 covers the following:
Coronavirus Job Retention Scheme: Revised
Changes to the CJRS will apply a month earlier than expected effective 1 July. The underlying intention is to support businesses to start sending staff back to work - in particular by introducing some flexibility by allowing part-time working. Further details are expected around 12 June but here is a summary of what we know at the moment:
Self Employment Income Support Scheme
The SEISS has been extended to cover a second period, June to August.
The second grant covers 70% of trading profits up a maximum of £6,750 over a 3 month period (previously 80% of trading profits up to a maximum of £7,500 over a 3 month period).
Applications for the second grant will be made in August. Applications for the first grant close on 13 July.
Local Authority Discretionary Grants Fund
Small and micro businesses with fixed property costs that are not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund may be eligible for the Discretionary Grants Scheme. Click Here for additional details.
Increased Risk of Fraud
Rather depressingly there are some that are seeking to use COVID-19 as an opportunity to expand their range of criminal activity. The ICAEW have recently published a list of examples including:
No doubt there will be other variations on these themes. Please be extra vigilant.
Coronavirus Bounce Back Loans
In our experience the process for applying for a bounce back loan is relatively straightforward. As at 24 May, 608,069 bounce back loan facilities (out of 769,137 applications) had been approved according to published government figures.
The scheme is being administered by the British Business Bank and is currently open until 4 November. Click Here for their website.
Please contact us if you would to discuss this or the Coronavirus Business Interruption Loan Scheme (CBILS) in the context of your own specific circumstances.
Working from Home
Further to the recent announcements by the Prime Minister, our good friends at The Legal Partners have prepared a very useful Homeworking Pack containing guidance for employers who will be extending the period during which their employees will continue to be working from home. Click here to access it.
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