May 20 Newsletter

david • April 30, 2020

We hope that this newsletter finds you and your families well.

Continuing with updates from HMRC to help businesses. Hopefully you will have started to receive help by now, if you need it.

This month's newsletter will explain these updates and talk about the new Bounce Back loan launching on Monday (4th May). Please get in touch if there is anything that you would like to chat through.

BUSINESS UPDATE

Help available

We have been really busy this month helping our clients to access any help that they need, here is a brief list of some of the initiatives:

£10k or £25k grants from Local Authorities

You could be eligible if you have business premises.

Defer VAT payments

Vat payments due between March 20th and June 30th have been automatically deferred and are not due to be paid until 31st March 2021. But remember to cancel your direct debit!

Income tax self-assessment payment deferral

Automatic deferral on your payment on account due by July 31st. Need to pay whole liability by 31st January 2021 instead.

Time to Pay

This could be deferring payments for PAYE/NIC or Corporation Tax. Give HMRC a call on 0800 024 1222 to see if they can help.

Help for employees

Furlough scheme to reimburse 80% salary up to £2,500. The government will also refund 2 weeks' Statutory Sick Pay per eligible employee.

Help for self-employed

Letters should start coming through around mid May for this scheme with payments expected early June. Self-employed can claim 80% of profits up to £2,500 per month.

CBILS

These loans have proved to be difficult to access due to strict eligibility criteria and lots of supporting information such as management accounts and cash flow forecasts.

For more information about any of these schemes please visit our website.

NEW: BOUNCE BACK LOAN

Great news for small businesses

This scheme is designed to help small businesses who have struggled to get helps through the CBILs scheme. It is available from 9am on Monday May 5 and it is aimed to provide financial help quickly. Here are some of the key points.

• Businesses will be able to borrow up to 25% of turnover, from £2,000 to £50,000

• No projections or business plans needed

• You will receive the funds within days

• Loans will be interest-free for the first 12 months

• No repayments are required in the first year

• Payback periods of up to 6 years

• Government will underwrite 100% of the loan

• Short and simple online application

To find out more visit the government website.

TEAM NEWS

Exciting news coming in May!

Stay tuned for our next newsletter for our big announcement! We're very excited.....

In other news, Katherine has been learning how to produce skin fades on her two boys. This was much more difficult than it looked on YouTube videos... anyway she definitely won't be giving up the day job anytime soon!

David has been enjoying spending extra time with his fiance and planning their big wedding next year. It will be a great event and definitely something to look forward to.

Until next month,

Stay safe,

Katherine and David

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