Preparation of financial statements & legislation compliance.
This is the latest summary we have of all the government initiatives to support business.
· Bounce back loan scheme launched with 100% government guarantee.
· Possible shape of Coronavirus Job Retention Scheme after the end of June.
· Abandonment of requirement for forward-looking financial information or business plans when applying for business interruption loans.
· Temporary ban on use of statutory payment orders and winding up orders for non-payment of commercial rents.
· Government’s business support finder tool introduced.
· FCA confirms three-month payment freeze for motor finance, buy-now pay-later, rentto-own) and pawnbroking agreements.
· One month interest-free payment freeze for high cost short term credit ordered by FCA.
· Promise from Chancellor of more detail on Self-employed Income Support Scheme in the coming week.
Full details in the latest briefing below
Around £220 million of further grants are being made available for businesses - including the recently self-employed - to help them deal with the ongoing impact of the coronavirus (COVID-19) outbreak.
The new package of measures includes £120 million to extend the Small Business Grant scheme to ensure that, in addition to a 100% grant on the first property, small business rate payers will be eligible to a 75% grant on all subsequent properties.
A further £100 million fund is also being made available to protect self-employed people and viable micro and SME businesses in distress due to COVID. This fund will be channelled through local authorities and enterprise agencies to target newly self-employed people and businesses who are ineligible for other Scottish Government or UK Government schemes.
Applications for the £100 million fund will be open by the end of the month, and the new arrangements for the Small Business Grant will be in place to receive applications on 5 May.
HMRC have just updated the guidance on the Corona Virus Job Retention Scheme.
Whilst all the guidance has been refreshed, the main areas we would draw your attention to are:
• the more detailed information on scheme eligibility
• further information on how to calculate a claim
• clarification of what constitutes wages.
Please find the link below