HM Revenue & Customs (HMRC) has clarified its guidance for members of partnerships claiming the fifth Self Employment Income Support Scheme (SEISS) grant.
A Government-backed insurance scheme will support the events and hospitality sector recover in the wake of the coronavirus pandemic, it has been revealed.
The Federation of Small Businesses (FSB) calls on the Government to offer more economic support to small and medium enterprises (SMEs) as coronavirus-related limits continue and fewer financial packages are being handed out. Read More
More than 5,000 organisations have now benefitted from the Culture Recovery Fund, new figures have revealed.
Businesses affected by Coronavirus can still access the Recovery Loan Scheme (RLS) launched in April, despite the closure of applications for other Government loan schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS).
The RLS opened for application on 6 April 2021, following the closure of several other Government loan schemes on 31 March 2021.
Finance worth up to £10 million, backed by a Government guarantee is available in the form of:
Personal guarantees are not required for loans of less than £250,000 but can be for loans above this level at the lender’s discretion, although not over Principal Private Residences.
Crucially, businesses that have already accessed CBILS, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bounce Back Loan Scheme (BBLS) can still access the RLS, although amounts borrowed under previous schemes could affect the amount they can borrow under the new scheme.
The RLS will close on 31 December 2021.
Some 2.8 million people took advantage of the Self-Employment Income Support Scheme (SEISS) in the last year, the latest figures have revealed.
Businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors can now access one-off cash grants of up to £18,000 from their local council.
The Restart Grant scheme opened nationally on 1 April 2021 and is now being rolled out by local authorities across England.
Eligible businesses will be paid:
Your business may be eligible if you are:
However, you may not be eligible if your business:
It is down to each local councils’ discretion, as to whether a business meets the eligibility criteria for this grant scheme.
To apply you will need to find your relevant local authority by clicking here.
If you need assistance with claiming this grant or you are unsure of your eligibility, please speak to our team.
More than £7.8 billion in grant funding has been delivered to small businesses through local authority grant schemes, it has been revealed. Read More
HM Revenue & Customs (HMRC) has announced that its online VAT Deferral New Payment Scheme is now open for applications to help businesses arrange smaller monthly repayments of deferred VAT.
Under the New Payment Scheme, you can repay VAT deferred between 20 March and 30 June 2020 in up to 11 instalments from March 2021 (the length of repayment and number of instalments will depend on when you join).
To use the online service, you must:
If you intend to use this scheme, you will need to opt-in online between 23 February and 21 June 2021.
Click here to join the scheme today
Businesses can also repay their deferred VAT in full by 31 March 2021 or agree extra help to pay with HMRC by calling 0800 024 1222 by 30 June 2021.
Businesses may be charged interest or a penalty if they do not pay the deferred VAT in full by 31 March, opt-in to the VAT Deferral New Payment Scheme or seek additional help to repay deferred VAT by the deadlines outlined above.
If a business decides to use the New Payment Scheme it will not affect its ability to request a Time to Pay arrangement from HMRC in future.
Although agents, such as accountants, can’t join the scheme on your behalf, our team can help you get your VAT affairs in order and figure out how much VAT you may owe. To find out more, please contact us.
As many as one in five small businesses and sole traders are not entitled to financial support under the Government’s coronavirus support package, it has been revealed. Read More