The Chancellor has written to all accredited CBILS lenders on the new Bounce Back Loan Scheme (BBLS) that provides for a 100% government guarantee. The key points from the letter are: Interest rate set at 2.5% The minimum facility size for term loans and overdrafts under current CBILS will increase to £50,001 to avoid any risk of confusion or overlap between the two scheme ...

Rishi Sunak has announced a new “micro-loan scheme” under which companies will be able to borrow between £2,000 and £50,000 with the government underwriting the entire loan.   The loans will be free of interest, fees and payments for 12 months, the government said. Mr Sunak said the loans would be available from 9am next Monday with companies asked to fill in a “quick standar ...

Updated 21st April 2020 As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme. Company directors owe duties to their company which are set out in the Companies Act 2006. Where a company (acting through its board of directors) considers that it is in compliance with the statutory duties of one or more of its individu ...

CJRS calculator and latest guidance from HMRC 20 April: As the Coronavirus Job Retention Scheme (CJRS) opens, HMRC launches its calculator tool to help businesses work out how much they can apply for. Ahead of the CJRS portal opening today, HMRC launched its calculator tool to help firms identify the level of grant they are entitled too through the scheme. HMRC confirms the ...

Future Fund The Chancellor has announced the launch of the Future Fund, the scheme will issue convertible loans between £125,000 and £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak. The scheme will launch in May 2020. The government loans to UK-based companies will be subject to at least equal match funding from priv ...

Few property transactions are proceeding at the moment but anyone selling UK residential property needs to be aware of the new requirements. Under the new proposals, the CGT due should now be reported to HMRC and paid within 30 days of completion. The new obligation applies to UK residential property transactions where:  the date of disposal (usually the date of exchange) i ...

Updated 17th April 2020 The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will open on Monday 20 April 2020 to facilitate access to finance for medium-sized and larger businesses affected by the coronavirus outbreak. About the scheme The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to mid-sized and larger UK businesse ...

A government gateway account is an online “portal” where you are able to login and view your current tax position. Once registered you will be able too : See any outstanding amounts that are owed to HMRC or refunds that are due. Dependent on the service, as they do vary, you will be able to establish how payments have been allocated against HMRC liabilities. Why should I ...

Updated 15th April 2020 SEISS PDF Version This scheme can be used if you are self-employed or a member of a partnership in the UK and have lost income due to the coronavirus.  HMRC’s online service to claim the grant is not yet available. HMRC will aim to contact eligible taxpayers by mid May 2020, and will make payments by early June 2020. This scheme will allow you to cla ...

From 1 April the spending limit for contactless card payments rose from £30 to £45. The decision to increase the payment limit was reached following consultation between the retail sector and the finance and payments industry, and echoes similar increases in other European countries. UK Finance stated that the change had been under consideration before the outbreak of COVID-1 ...