Businesses access £35 billion through COVID-19 support schemes

Businesses access £35 billion through COVID-19 support schemes

Jun 10, 2020

The Government has now delivered almost £35 billion in corporate finance to businesses affected by COVID-19, it has been revealed. The figures, published by the British Business Bank (BBB), highlight the importance of the business support schemes three months after shops ...

Blog, SMEs

Trade Credit Reinsurance scheme to support 630,000 UK businesses

Jun 05, 2020

More than 630,000 UK businesses have been given the confidence to trade during Covid-19 after the Government announced guarantees of up to £10 billion to Trade Credit Insurance schemes. Trade Credit Insurance enables businesses to trade safe in the knowledge that ...

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Apply today for Local Authority Discretionary Grants

Jun 03, 2020

Additional financial support is now available to the UK’s smaller businesses, who may have been excluded from existing schemes through Local Authority Discretionary Grants. Around £617 million has been made available to local authorities to support businesses that are struggling due ...

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Self-Employment Income Support Scheme (SEISS) extended

Jun 01, 2020

The Chancellor has confirmed the extension of the Self-Employment Income Support Scheme (SEISS), with the announcement of a second and final grant to support the income of self-employed individuals during the Coronavirus outbreak. The first and current round of grants under ...

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Chancellor unveils changes to furlough scheme

Jun 01, 2020

The Chancellor, Rishi Sunak, has announced a series of changes to the Coronavirus Job Retention Scheme (CJRS) from July that will see furloughed employees able to return to work part-time, but with the value of Government support reducing gradually from ...

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Changes to notifying an option to tax (VAT) on land and buildings during the Coronavirus pandemic

May 21, 2020

HM Revenue & Customs (HMRC) has made temporary changes to the time limit and rules for notifying an option to tax (charge VAT on) land and buildings. Normally, when notifying HMRC of a decision to opt to tax land and buildings, ...

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Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs

May 21, 2020

Businesses that require money laundering supervision from HM Revenue & Customs (HMRC) can receive a six-month payment deferral or deregistration where an annual fee is due between 1 May and 30 September 2020, it has been announced. HMRC is the money ...

Coronavirus Job Retention Scheme online portal

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Tax treatment of expenses and benefits during COVID-19

May 21, 2020

The Government has updated its guidance on taxable expenses and benefits when they are paid to employees during the Coronavirus crisis and how employers should report them to HM Revenue & Customs (HMRC). The new guidance provided relates to income tax ...

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Temporary tax freeze on home office expenditure announced

May 21, 2020

The Government has announced a temporary tax and National Insurance Contribution (NIC) exemption that ensures that home office equipment purchased by employees, where reimbursed by the employer, does not attract tax or NICs. Jesse Norman, financial secretary to the Treasury, announced ...

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Maximum Government-backed loan amount for larger businesses increased to £200 million

May 21, 2020

The Government has announced an increase in the maximum amount that larger businesses can borrow under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. CLBILS loans are offered on normal commercial terms, but are backed ...

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