SMEs access £2.8 billion through business interruption loan scheme
The UK’s small and medium-sized enterprises (SMEs) have accessed £2.8 billion in funding through the government’s Coronavirus Business Interruption Loan Scheme (CBILS), according to data published by UK Finance. Total lending under the CBILS doubled during the week from 14 April to 21 April, with an increase of £1.45 billion. Over 9,000 loans have been […]
Lenders relax evidence requirements for business interruption loan scheme applications
The UK’s seven largest small business lenders have relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS). The seven small business lenders will use their own information when processing and approving applications, rather than relying on businesses providing forecasts and business plans. In a joint statement, the seven lenders and […]
Business leaders eager for lockdown to ease, says IoD
According to the Institute of Directors (IoD), business leaders are eager for information on how and when the coronavirus (COVID-19) lockdown will ease as fears grow over the long-term outlook for the UK economy. A survey of 1,000 directors carried out by the IoD showed that confidence is at a record low. The survey asked […]
Government changes ISA rules to help individuals affected by coronavirus
The government has altered the Lifetime ISA rules to help those adversely affected by the coronavirus (COVID-19) pandemic. Individuals who wish to access their Lifetime ISA funds early will no longer face an additional withdrawal charge as a result of a temporary rule change. The Lifetime ISA is available to adults under the age of […]
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, […]