It’s been another busy week at Smarter Accounting and we’re pleased to say that we’re all well and still working hard!  We thought we’d provide an update on the business news we’ve been reporting on in April and update you on a couple of new items, including the new Business Bounce Back Loans (BBL) for small businesses, as follows:

  • Coronavirus Job Retention Scheme
    • We have now completed the vast majority of grant claims
    • Clients have been receiving payments within the 6 working days target set by HM Revenue & Customs
  • Self Employed Income Support Scheme – Awaiting letters from HM Revenue & Customs (around the middle of May)
  • Business Rates Grants – Some clients experiencing problems, but these are down to specific property / account issues. It appears that all Local Authorities in the area are processing claims speedily and efficiently
  • Coronavirus Business Bounce Back Loans (BBL)– This a is a new initiative announced by the Chancellor earlier this week. These loans are different from the Coronavirus Business Interruption Loan Scheme (CBILS) previously announced. The idea is that the loans will be quick to arrange, probably via website application, and drawdown will be available within days. The loans go live form Monday 4 May and look interesting. The full details of the scheme are currently unknown, but what we do know is:
    • Loans available between £2,000 and £50,000, up to a maximum of 25% of turnover
    • The Government is guaranteeing 100% of the loan
    • No interest in the first 12 months
    • No repayments within the first 12 months
    • Loan terms of up to 6 years
    • ‘A low standardised level of interest for the remaining period of the loan’
    • There are some eligibility criteria
      • Business has been negatively affected by Coronavirus
      • Business was not an ‘undertaking in difficulty’ on 31 December 2019
      • Those already claiming funding under CBILS will not be eligible
    • CBILS of up to £50,000 will be transferable to this scheme
  • Other News
    • Capital Gains Tax Changes – The 2020/21 tax year has seen several changes to capital gains tax, particularly in relation to sales of residential properties. If you are selling a residential property and think you may have tax to pay capital gains tax, please contact us to check it out. Please note if you are selling your own home and it has always been your own home, these changes won’t impact you

At Smarter Accounting, although the Offices are closed, we remain open for business and are fully operational. If you want to discuss any issues, or have queries, please don’t hesitate to call, or email us.  Please follow us on social media for daily updates – thank-you.

Best wishes and stay safe