Over 110,000 businesses apply for Bounce Back loans on day one
More than 110,000 small businesses applied for a Bounce Back loan on 4 May, the first day the scheme was available. Banks providing the loans said they had approved the vast majority of applications and said the money would arrive in bank accounts within 24 hours. The average loan size was £30,000. The Bounce Back […]
HMRC begins contacting individuals eligible for coronavirus income support scheme
HMRC has started to contact individuals who may be eligible for its coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS). Individuals who are eligible will be able to claim a taxable grant worth 80% of their average trading profits, up to a maximum of £7,500. This will be paid in a single installment, according to HMRC. […]
HMRC publishes guidance on claiming Job Retention Bonus
HMRC recently published guidance on the eligibility requirements for the Job Retention Bonus. From February 2021, employers will be able to claim the Job Retention Bonus through the gov.uk website. The Job Retention Bonus will be a one-off payment of £1,000 to the employer for every eligible employee that is claimed for. The bonus will […]
UK Finance warns firms over Bounce Back loan repayments
Trade body UK Finance has warned small businesses to consider their ability to repay a Bounce Back loan before taking one out. The warning followed the publication of Treasury figures which highlighted the popularity of the Bounce Back Loan Scheme. The scheme allows small businesses, hit by the impact of the coronavirus (COVID-19) pandemic, to […]
Business groups need more guidance and financial support for return to work
Business groups are asking for more guidance and continued financial support after Prime Minister Boris Johnson began easing the coronavirus lockdown. The Prime Minister encouraged those who cannot work from home to return to work this week, although workers should avoid public transport due to social distancing requirements. Dame Carolyn Fairbairn, CBI Director General, said: […]
HMRC extends tax appeal deadline due to pandemic
HMRC has granted taxpayers extra time to appeal its decisions or penalties where the usual 30-day deadline cannot be met due to the coronavirus pandemic. The decision means that taxpayers who have received tax decisions, including penalty assessments, from HMRC since the beginning of February 2020 now have an extra three months to appeal them, […]
Self-employed grant scheme to open to applications
Self-employed workers whose income has been hit by the coronavirus crisis can apply for grants from the government from 13 May. The Self-Employed Income Support Scheme (SEISS) is designed to match the support being given to furloughed employees. Under the scheme the government will pay self-employed people a taxable grant based on an average of their earnings […]
Chancellor extends Job Retention Scheme until October
Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (JRS) until the end of October. Mr Sunak confirmed that employees will continue to receive 80% of their monthly wages up to £2,500. However, the Chancellor said companies will need to start sharing the cost of the scheme from August. The scheme will continue from […]
Close to £15 billion lent through government’s coronavirus schemes
Almost £15 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 304,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large […]
One million apply to self-employed grant scheme in 48 hours
A million self-employed workers whose income has been hit by the coronavirus (COVID-19) pandemic made 440,000 applications for government grants during the first 48 hours of the scheme being open. In total, claims of over £1.3 billion were made by 440,000 individuals through the Self-employment Income Support Scheme (SEISS) on 13 May, according to the […]