• Tax-Free Childcare: Government makes temporary changes

    Tax-Free Childcare: Government makes temporary changes

    The government has made temporary changes to its Tax-Free Childcare (TFC) scheme as a result of the coronavirus (COVID-19) pandemic. The temporary changes to the eligibility criteria for Tax-Free Childcare and the 30 hours free childcare scheme are designed to help families during the COVID-19 lockdown. The changes affect individuals who are on furlough; those […]

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  • Coronavirus Self-Employment Income Support Scheme
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    Coronavirus Self-Employment 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. […]

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  • Lenders relax evidence requirements for CBILS applications
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    Lenders relax evidence requirements for CBILS 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 […]

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  • Small business micro loan scheme launches 4th May

    Small business micro loan scheme launches 4th May

    As part of the government’s measures to mitigate the economic damage caused by the coronavirus (COVID-19) lockdown, Chancellor Rishi Sunak has announced a micro loan scheme for small businesses. The Bounce Back Loan Scheme will allow small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the […]

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  • FSB urges government to increase 80% guarantee on coronavirus business loans

    Coronavirus Business Loans: FSB urges government to increase 80% guarantee

    The Federation of Small Businesses (FSB) has urged the government to increase its 80% guarantee on emergency coronavirus (COVID-19) business interruption loans. New data from UK Finance has revealed that 16,624 of 36,186 small business finance applications for a Coronavirus Business Interruption Loans Scheme (CBILS) facility have been approved. According to UK Finance, the average […]

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  • Business Interruption Loan Scheme: SMEs access £2.8 billion

    Business Interruption Loan Scheme: SMEs access £2.8 billion

    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 Coronavirus Business Interruption Loan Scheme doubled during the week from 14 April to 21 April, with an increase of £1.45 billion. Over […]

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  • Financial Support Finder: Government launches tool for businesses

    Financial Support Finder: Government launches tool for businesses

    The UK government has launched a new online platform to help businesses access financial support during the coronavirus (COVID-19) pandemic. The government has rolled out a range of loans, tax reliefs and cash grants to combat the adverse economic effects of the COVID-19 lockdown. The Coronavirus Business Support Finder Tool asks business owners to fill out a […]

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  • Government unveils support package for innovative businesses affected by coronavirus

    Government unveils support package for innovative businesses affected by coronavirus

    The government has unveiled a billion pound support package for innovative businesses affected by the coronavirus (COVID-19). The ‘targeted and tailored help’ provided by the package will help ensure firms in dynamic sectors of the UK economy are protected during the COVID-19 crisis so they can ‘continue to develop innovative new products and help power […]

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  • Assistance for the self employed

    Assistance for the self employed

    The Chancellor finally announced the much anticipated support for the self employed last night. This is relevant to people trading as sole traders and partnerships. If you trade through a limited company, it is sadly not relevant to you! The scheme will allow the self employed to claim 80% of their last 3 years’ average […]

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  • Statutory Sick Pay: Support For Businesses

    Statutory Sick Pay: Support For Businesses

    The Government will make legislation to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: This refund will cover up to 2 weeks’ Statutory Sick Pay per eligible employee who has been off work because […]

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