Coronavirus – Job Retention Scheme Developments – 01/06/2020

In what we suspect will be the final update to the Job Retention Scheme the Chancellor made some significant changes to the current scheme as well as extending the scheme to 31st October 2020.
We are awaiting updates to the Treasury Direction and the Employer’s Guidance, but these are the headline points announced at his press conference:

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Coronavirus – Bounce Back Loans are all businesses eligible? – 05/05/2020

The new microbusiness bounce back oan scheme was opened on May 4 and we are already seeing funds delivered to successful applicants within 24 hours. Businesses are able to borrow between £2,000 and £50,000 and access the cash the next…

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Coronavirus – Self Employed Income Support Scheme – Update 05/05/2020

UPDATE Taxable grants of up to £2,500 per month are available for qualifying individuals who have trading profits or partnership trading profits of less than £50,000. In order to qualify, your business trading income must comprise more than half of…

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Coronavirus – No VAT on PPE – 01/05/2020

The government has announced that the VAT rate the sale of PPE (Personal Protective Equipment) such as masks, gloves, aprons and gowns will be reduced from 20% to Zero Rate for the period 1st May to 31st July 2020. The published…

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Coronavirus – Bounce Back Loans,100% Government backed loans for SMEs – 28/04/2020

On 27 April, the UK Government announced a new loan scheme aimed at supporting SMEs that have been unable, or unwilling to access the existing CBILS loans

The new microbusiness loan scheme will open next Monday, May 4 and will deliver cash to successful applicants within 24 hours.

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Can I pay a dividend during Covid-19?

Paying dividends in lieu of salary is common (and tax efficient) for the vast majority of SME businesses, however directors considering whether to pay a dividend during these current turbulent times s... - read more