National Minimum Wage and training time
An interesting quirk of the Coronavirus Job Retention Scheme is that furloughed workers are not entitled to the minimum wage. HMRC's guidance categorically states that
Coronavirus Statutory Sick Pay Rebate Scheme
Small-and medium-sized businesses and employers can reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. You are eligible for the scheme if your business is
Self-employed COVID-19 support
If you are self-employed and qualify for the Self-employment Income Support Scheme you will receive a cash grant from HMRC based on 80% of profits, capped at £2,500 per
Commercial tenants protected from evictions
The government has confirmed that there will be an eviction freeze for commercial tenants who miss rent payments as a result of the Coronavirus crisis. The protection for
Coronavirus Large Business Interruption Loan Scheme
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will be made available to enable banks to make loans of up to £25m (the present limit for the smaller scheme
CBILS – what clients need to submit when making an application
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, is designed to help support primarily small and medium-sized businesses to access
Changes announced to Coronavirus Business Interruption Loan Scheme (CBILS)
Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80%
Coronavirus – relaxation of insolvency rules
New insolvency measures have been announced to help prevent businesses unable to meet debts, due to the impact of Coronavirus, to continue trading and not be forced to file for
Converting assets into cash in the bank
During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively.
A number of businesses will
Deferring VAT and tax payments
As part of the government’s response to assist businesses during the COVID-19 crisis is the offer to defer VAT and self-assessment tax and NIC payments.
VAT
HMRC will not