GRANTS UNDER THE SELF-EMPLOYMENT INCOME SUPPORT SCHEME (CSEISS)
On 26 March 2020, the Chancellor announced a new grant scheme available to the self-employed and members of partnerships and have lost income due to coronavirus.
This factsheet is based on the limited details announced by HMRC as at 30 March 2020.
Broadly the new scheme will allow the self-employed taxpayers to claim a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed
CBILS is a new scheme, announced by The Chancellor at Budget 2020, that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.
CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance.
Chancellor Strengthens Support On Offer For Business Coronavirus Business Interruption Loan Scheme
HM Treasury has announced the Chancellor Rishi Sunak is taking further action to support firms affected by the coronavirus crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger companies.
£90 million of business interruption loans approved for nearly 1,000 firms and £1.9 billion corporate finance provided to firms hit by COVID-19
Three month extension filing accounts
COMPANIES TO RECEIVE 3-MONTH EXTENSION PERIOD TO FILE ACCOUNTS DURING COVID-19
From today (25 March 2020), businesses will be able to apply for a 3-month extension for filing their accounts.
This joint initiative between the government and Companies House will mean businesses can prioritize managing the impact of Coronavirus.
As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.
For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.
All UK businesses are eligible. How to access the scheme
This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
The government has announced that Working Tax Credits payments will be increased from 6 April 2020.
As part of a number of measures to support the country during the COVID-19 pandemic, the basic element of Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021.
Business Rates Relief and Related Government Support
Business Secretary Alok Sharma gave the 1 April 2020 daily press briefing on the government’s response to the COVID-19 pandemic.
“From today businesses will start benefiting from £22 billion in the form of business rates relief. And grants of up to £25,000 which are being paid into the bank accounts of the smallest high street firms.....
If you would like to discuss any of these articles in more detail, please call us in the office.
Sanjay is the founder of Makesworth Accountants and has a huge impact in transforming the firm into a fast-growing business. He sits in ACCA Practitioner’s Panel Network and has been interviews by ACCA as an influential figure for his enthusiasm for wanting to make a difference and influence younger generations.
Unit 101, First Floor, Cervantes House 5-9 Headstone Road Harrow HA1 1PD
In preparing and maintaining this newsletter every effort has been made to ensure the content is up to date and accurate. However, laws and regulations change continually and unintentional errors can occur and the information may be neither up to date or accurate. Makesworth Accountants makes no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information published in this newsletter. The articles shared with you in this email are intended to inform rather than advise. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
To unsubscribe from this newsletter, please click here.