Coronavirus support: Bounce Back Loans
Today the chancellor, Rishi Sunak has announced a new loan for smaller businesses needing a simpler, quicker solution. “Today, we’re announcing a new loan scheme. A simple, quick, easy solution for those in need of smaller loans. Businesses can apply for new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months. We’ve been in close talks with the banks in recent days and these loans will be available from 9am next Monday. There will be no forward-looking tests of business viability; no complex eligibility criteria; just a simple, quick, standard form for businesses to fill in. For most firms, loans should arrive within 24 hours of approval. And I have decided, for this specific scheme, that the government will support lending by guaranteeing 100% of the loan. We shouldn’t ask taxpayers to bear all the risk of lending almost unlimited sums to businesses who may have very little prospect of paying those loans back – and not necessarily because of coronavirus. So, I don’t think it’s right to provide 100% guarantees on all our schemes. Instead, the new Bounce Back Loans carefully target that extraordinary level of state support at those who need it most. And the £50,000 cap balances the risk to the taxpayer with the need to support our smallest businesses.” We’ll publish more information as the detail is...
read moreCovid-19 – Wakefield Council Cash Grant Info
I have had a very constructive conversation with the Wakefield Council business engagement team: They have released the below regarding claiming the business grant. They have also said that if you are unsure whether or not you qualify, please email info@wakefieldfirst.com So if you rent commercial premises but think the landlord gets the rates bill this would a good example, it’s better that they have your details than not. They may be able to support you when they get clarity from the government. “Applying for a Covid-19 cash grant Wakefield Council are working hard to introduce an online application process for the Covid-19 business grants. If you believe you meet the below eligibility criteria to apply for one of the business grants, then please email us on info@wakefieldfirst.com with the name of your business, your name and your email address and we will send out the relevant e-form as soon as it’s available. Eligibility Criteria: Businesses that pay little or no business rates are eligible for a one-off grant of £10,000 if: your business is based in England you are a small business and already receive SBBR and/or RRR you are a business that occupies property Businesses in retail, hospitality and leisure sectors are eligible for a grant of up £25,000 per property. For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000. Businesses in these sectors with a rateable value of between £15,000 and £51,000, will receive a grant of £25,000. You are eligible for this grant if: your business is based in England your business is in the retail, hospitality and/or leisure sector Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used: as shops, restaurants, cafes, drinking establishments, cinemas and live music venues for assembly and leisure as hotels, guest and boarding premises and self-catering accommodation”...
read moreCOVID-19 Government Support Measures
Covid-19 Courtley West Update The government have released a new page with further detail for the support being made available to business. This includes details of: Coronavirus Business Interruption Loan Scheme Business Rates Holiday for Retail, Hospitality and Leisure Cash Grant for Retail, Hospitality and Leisure Coronavirus Job Retention Scheme (The portal is not open yet.) Small Business Grant Funding Statutory Sick Pay Rebate Time to Pay Covid-19 Corporate Financing Facility Business Rates Holiday for Nurseries VAT Deferral Income Tax Deferral for the Self-Employed You can read more here: https://www.businesssupport.gov.uk/coronavirus-business-support/ In addition, if you can’t file your company accounts on time due to the Coronavirus, you may be granted an extension. More details and how to apply can be found here: https://www.gov.uk/government/news/coronavirus-if-your-company-cannot-file-accounts-with-companies-house-on-time ...
read moreSpring Statement 2019
What you need to know: Making Tax Digital Philip Hammond reinforced that the mandatory digital record keeping for businesses with annual revenues above the VAT threshold (£85,000) will come into force from 1st April 2019. He called this an “important first step in this modernisation of the tax system to which the Government remains committed”. The Chancellor has also confirmed that the Government will adopt a “light touch approach” to all penalties relating to MTD for VAT in the first year of implementation. This approach is reserved for individuals and small businesses that are “doing their best to comply”, with no filing or record-keeping penalties due to be issued within the first 12 months. Mr Hammond said that the focus for MTD for VAT will be on “supporting businesses to transition”. Apprenticeships updates to apprenticeship reforms announced at Budget that mean from April 1st employers will see the co-investment rate they pay cut by a half from 10% to 5%, at the same time as levy-paying employers are able to share more levy funds across their supply chains, with the maximum amount rising from 10% to 25% Finance The statement alongside the Spring Statement said: “The government stands ready to deliver its commitment in all circumstances to provide additional funding to the British Business Bank for venture and growth capital, as we leave the European Union and our relationship with the European Investment Fund...
read moreNationwide building society delay small business lending.
Last year, Nationwide building society revealed plans to enter the SME loans market. This was great news for the SME who has struggled to get finance as the banks lose their appetite for lending. Unfortunately, after examining their balance sheet, the Prudential Regulation Authority has demanded that the Nationwide bolster their leverage ratio. A spokesman for the Nationwide said, “We have previously said that it is our strategic intention to enter the SME banking market and that we will do this at the right time for the society and our members. That remains our intention.” However they are now unlikely to launch a full SME service before 2016. Read more about it here in the Yorkshire...
read moreOsbourne’s £140 billion kick-start …
Osborne’s £140 billion kick-start – will it stimulate small business growth? This week, the Chancellor of the Exchequer, George Osborne, announced a £140 billion emergency scheme in order to try to avoid a second credit crunch. Backed by the Treasury, the Bank of England is to offer money to high street banks to kick-start mortgage and small business lending. As the Chancellor says, this funding is for “the business that wants to expand”. The funding for lending scheme will allow banks to ‘swap’ assets with the Bank of England in return for money that can be loaned out to small businesses and other customers. In addition to this funding for lending scheme, the Bank of England will inject a minimum of £5 billion a month into financial institutions to improve their liquidity. With further details eagerly anticipated, some are worried about how the scheme will actually work. However, in the current climate where credit can be hard to come by, this seems like a step in the right direction. Courtley...
read moreFollow Us!
