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
Prepare accounts quickly
As most self-employed readers will be aware, Self-Assessment tax and NIC payments on account are based on profits earned in the previous tax year and balancing payments due are not
What is solvency?
During periods when demand for your goods and services drop – for example, if your business has been closed down or adversely affected by the recent COVID-19 outbreak –
Coronavirus Job Retention Scheme – update for directors
HMRC’s guidance on the Coronavirus Job Retention Scheme has recently been updated. HMRC will reimburse 80% of furloughed workers' wage costs, capped at £2,500 per
CJRS – how to treat employees
The Coronavirus Job Retention Scheme (CJRS) allows UK employers to access government support to help retain staff that they would otherwise may have considered laying-off, reducing
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
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%
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