Another week in this unprecedented business environment has given us the following news…
100% Government-Backed Loans?
Rumour has it that the chancellor is considering providing 100% guarantee on loans to micro-entities for amounts borrowed up to £25,000.
We have no details, this hasn’t been announced but the FT has reported that the government are considering this.
The idea presumably is to help those businesses who are not eligible for the CBILS’s scheme and those who probably, under normal circumstances, wouldn’t dream of borrowing. And those businesses who are new who haven’t got the previous trading history to qualify for a loan.
Watch this space for an announcement next week.
Coronavirus Job Retention Scheme Portal
The end of a week which has seen the Coronavirus Job Retention Scheme portal open and this has resulted in a busy week for us, as we work hard to process your claims, and will continue to do so until the scheme is closed.
Our first claims were submitted on Monday, the day the portal opened, and with the promise of money being paid out within 6 days, we would expect to hear from some of our clients on Monday that they have received some money back.
A few points to note on this:
- If we produce your payroll -we will process your claim unless instructed otherwise by you
- We have had reports that the Employers helpline is closed, as all associated call handlers have been moved on to COVID-19 related matters. So please be aware of this if you were planning to make a call
- HMRC have also been telephoning some people to confirm that they had made a claim before confirming it their end – this is not a guarantee that this will happen, nor is it indicative of any problems with claims, just be aware that you may receive a call, and it is not necessarily a scam. With this being said, please be cautious with giving over personal information on such calls, just in case it did turn out to be a ca
- For those not aware – the scheme is now running until the end of June
If you are producing your own claim:
- If you do produce your own claim, please keep a note of your claim reference number – you won’t receive this via email
- Also please keep your calculations you may need these in the future
The government’s calculator is available here: Government Calculator
The government have produced a handy step by step claim guide available here.
Statutory Sick Pay Rebate Scheme
The Statutory Sick Pay Rebate Scheme is still being worked on, and we await further news on that. Once this is up and running we will pass on this information and work to help our clients to action any SSP reclaims that require processing.
With the upcoming VAT deadline in just under 2 weeks – please be reminded that VAT returns do still need to be filed it is simply the payment that is being deferred until 31 March 2021 at the latest, and not the return itself. If you intend to utilise this deferral, please cancel your direct debit with HMRC, as they will continue to take this payment as normal if you do not.
IR35 Rules Delayed
The off-payroll reform surrounding IR35 – for anyone who is not familiar with this term, it most probably does not relate to you, but it covers those individuals operating under a Ltd company and working almost entirely for one company, or ‘contracting’ as such – has been deferred to the tax year 2021-22 instead of this current tax year in light of COVID-19.
As always, if we can be on hand with anything to assist your business through this difficult time, please do let us know.