FAQs: Coronavirus Job Retention Scheme

  Frequently Asked Questions  (Based on information available as at 29 March 2020) Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to...

The Coronavirus Business Interruption Loan Scheme (CBILS) has been changed

  Pressure from business groups and the press for the Chancellor to make his CBILS more readily available to affected UK businesses seems to have been heard. At 12.15am this morning (3 April 2020) various changes in the existing offering were announced together with an extension of the scheme to larger companies previously excluded.  ...

UNIVERSAL CREDIT / BENEFITS CALCULATOR

    BENEFITS CALCULATORS If you want to check what benefits you are entitled to the Government recommends using an independent calculator to find out:   what benefits you could get how to claim how your benefits will be affected if you start work   These are free to use, anonymous, and have replaced the...

UNIVERSAL CREDIT (UC) FACT SHEET

  Our Universal Credit (UC) Fact sheet is now available to download and view online.   View/Download Universal Credit (UC) Fact sheet here….   The following information can be found at: UnderstandingUniversalCredit.gov.uk  We have summarised this into several sections and we hope you find the information useful.   Rawcliffe & Co produce a COVID-19 Financial...

GOVERNMENT RELAXATION OF FINANCIAL SOLVENCY RULES DURING PANDEMIC

  The government plans to introduce emergency changes to overhaul insolvency laws and give “breathing space” to companies hit by the coronavirus crisis, Alok Sharma, the business secretary has announced, in a move to help prevent mass failures.   Laws that make it illegal for a business to trade when it is insolvent are set...

Cash Grant for Retail, Hospitality and Leisure

  Read also: Support for retail, hospitality and leisure businesses that pay business rates   Government Guidance “What is it? If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property. Businesses in these sectors with a rateable value of under £15,000 will receive...

Support for businesses through the Coronavirus Business Interruption Loan Scheme

Government Guidance is as follows…   “What is it? The Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses, with an annual turnover of up to £45m, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to six years. The scheme will be delivered through commercial lenders,...

Support for nursery businesses that pay business rates

  Government Guidance   “We will introduce a business rates holiday for nurseries in England for the 2020 to 2021 tax year.   Eligibility You are eligible for the business rates holiday if: your business is based in England Properties that will benefit from the relief will be hereditaments: occupied by providers on Ofsted’s Early...

Support for businesses through deferring VAT and Income Tax payments

  Government Guidance   “We will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. VAT For VAT, the deferral will apply from 20 March 2020 until 30 June 2020. Eligibility All...

Support for businesses through the Coronavirus Job Retention Scheme

Update: 27th March There has not been an announcement of an official scheme for directors of limited companies. Limited company directors,  can furlough the PAYE element of their income (80% of salary up to £2,500/month) even if they are the only employee. This does not include dividends. HMRC finds it difficult to separate the dividends from a...