COVID-19 – Business Support – Rishi Sunak Announces Winter Economy Plan
The Chancellor of the Exchequer, Rishi Sunak, has delivered his Winter Economy Plan to support economic recovery in response to the current COVID-19 landscape. These measures include:– A new Job Support Scheme;– The extension of Self Employment Income Support Scheme;– The extension of the 5% reduced VAT rate for the hospitality and tourism sectors to […]
COVID-19 – Business Support – Flexible Furlough and the Road Ahead for the Coronavirus Job Retention Scheme
The last date to furlough an employee under the Coronavirus Job Retention Scheme has now passed but, from 1st July, employers can bring furloughed employees back to work for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked. This option only applies to […]
COVID-19 – Business Support – Today is the Last Day to Furlough an Employee for the First Time…but there is a Last-Minute Change
Today is the last day that an employer can furlough an employee for the first time under the Coronavirus Job Retention Scheme. This is a precursor to the introduction of flexible furloughing on 1st July. From July, the scheme will be restricted to employers currently using the scheme and to employees that are or […]
COVID-19 – The Government has Announced a Welcome Second Grant under the Self-Employment Income Support Scheme but Key Groups to the Revival of the Economy are Still Left with Nothing
The application process for the initial grant under the Self-Employment Income Support Scheme opened on 13th May 2020 and, at the end of 24th May, 2.3 million claims had been made for a total of £6.8 billion The eligibility criteria for self-employed individuals, including members of partnerships, are that they: submitted their Self-Assessment tax […]
COVID-19 – Business Support – Three Important Job Retention Scheme Updates – Flexible Furloughing to start from 1st July, the scheme to close to new entrants on 30th June and the employer to start to contribute from August
The Chancellor, Rishi Sunak, has announced three important updates to the Job Retention Scheme. Firstly, the concept of flexible furloughing has been brought forward by a month to 1st July 2020. This will enable businesses to bring furloughed employees back to work on a part-time basis. It will be left for the individual […]
COVID-19 – Business Support – Future Fund to Open
HMRC has announced that the application process for the Future Fund will go live from Wednesday 20th May initially until the end of September 2020. The Future Fund is designed to provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The key […]
COVID-19 – Business Support – Self-Employment Income Support Scheme Goes Live Today
HMRC has announced that the application process for the Self-Employment Income Support Scheme will go live from today. The scheme is open to a self-employed individual or a member of a partnership who: traded in the tax year 2018-19 and submitted their Self-Assessment tax return on or before 23rd April 2020 for that year; traded […]
COVID-19 – Business Support – The Government Announces Additional Funds For The Local Business Grant Funds Schemes To Cover More Businesses
Over the weekend, the government announced that they had been in discussions with local authorities in England to provide additional support for certain small businesses previously outside the scope of the business grant funds scheme through a discretionary fund. This will be via a 5% uplift to the £12.33 billion funding previously announced for the […]
COVID-19 – Business Support – The Key Terms For The Bounce Back Loan Scheme Goes Live Today
The Bounce Back Loan Scheme goes live today and the British Business Bank have published more detailed guidance. The main eligibility criteria for a business are: it is engaged in trading or commercial activity in the UK and was established by 1st March 2020; it is not registered as a business in difficulty at 31st […]
COVID-19 – Business Support – New Bounce Back Loan Scheme With 100% Government Guarantee Available From Monday 4th May
The Chancellor, Rishi Sunak, has updated the House of Commons today on the Government’s economic response to COVID-19. As part of the statement, he announced a new Bounce Back Loan Scheme. This will be targeted at small businesses with a fast-track finance application process and a 100% government-backed guarantee with the lenders to provide […]