We’re committed to supporting our customers who may be affected by the coronavirus (COVID-19). If your business has been impacted by a coronavirus, our team is here to support you.
UPDATE 29th APRIL
Bounce Back Loans for small businesses
The government has announced a new fast-track finance scheme, which will allow companies to borrow between £2,000 and £50,000. Bounce Back Loans are designed to keep small businesses, sole traders and entrepreneurs stable during the coronavirus crisis, complementing the existing support currently available, such as the temporary scrapping of business rates and the covering of costs associated with statutory sick pay.
These new loans come with a 100% government-backed guarantee for lenders, with cash paid into your account in a matter of days.
Another benefit of the Bounce Back Loans scheme is that no repayments are required for the first twelve months, allowing small businesses to effectively balance their finances during these difficult times. On top of this, the loans are interest free for the first year, making them a good option for people that need an immediate income boost in order to keep business operations running as usual.
The Bounce Back Loans will launch on Monday 4th May. If you would like further information about this generous support scheme or would prefer TreyBridge Accountants to manage your application, please email Aaron Gilmore.
UPDATE 14th APRIL
Self-employment Income Support Scheme
The Self-employment Income Support Scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month. It will be available for 3 months, but may be extended. If you have not submitted your Self Assessment tax return for the tax year 2018 to 2019, you must do this by 23rd April 2020 or you will not be able to claim.
The benefits of cloud accounting
With HMRC and other government departments stretched due to the coronavirus crisis, there’s never been a better time to implement cloud accounting software across your business. When you’re ready to go ahead, get in touch with us to find out more.
HMRC halts tax investigations
HMRC is suspending investigations into taxpayers and businesses due to capacity issues caused by the coronavirus pandemic. It will continue to tackle the most serious criminal attacks and those who exploit the coronavirus situation by promoting tax avoidance.
UPDATE 13th APRIL
Coronavirus and car tax
The usual rules on car tax apply if you’re driving during lockdown, but if you don’t drive at all for a while, there could be ways to save money.
Council tax holidays
Hundreds of thousands of people could be entitled to a council tax holiday as local authorities look to help people hit by the financial impact of the coronavirus pandemic.
HMRC to accept service of legal proceedings by email
HMRC has requested that, where possible, new legal proceedings and pre-action letters should be served via email rather than by post.
UPDATE 12th APRIL
Protect your business against fraud
Fraudsters are turning to more sophisticated ways to take your money, whether through online offers, emails or telephone calls. Take Five is a national campaign that helps individuals and businesses to protect themselves against fraudulent activity and scams.
UK car loans added to household support strategy
The financial regulator will add support for car financing to its temporary measures designed to help consumers facing financial difficulties.
Tips for small businesses
This handy infographic shows you how to manage your small business during the coronavirus crisis, from employee welfare to financial support.
UPDATE 11th APRIL
Grants from Hull City Council
If your business is eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund, you can start your application through the Hull City Council online portal.
Weekly webinars for businesses
The Humber Business Growth Hub Covid-19 webinar will be repeated at 2pm every Wednesday for the rest of the month, with each one discussing the latest developments.
Job Retention Scheme update
Here is additional information on how you get reimbursed under the Job Retention Scheme:
1. You will be able to prepare your claim next week. HMRC announced that detailed guidance on how to claim will be published then.
2. The Online Portal will be open for claims on Monday 20th April. If TreyBridge processes your payroll, we will help you to submit your claim.
3. First payments will be made to your company bank account from 30th April.
4. Further payments will normally be made within 4-6 days of input.
5. You make one claim per pay period and can claim up to 14 days in advance. HMRC have built the system and are currently testing it; they say it can cope with 450,000 claims per hour.
For further guidance, get in touch with us today.
UPDATE 10th APRIL
Get ready for the Coronavirus Job Retention Scheme
If you’re eligible for the scheme, there are things that you can do now to be ready when the system is up and running later this month.
You’ll need to provide the following to make a claim:
- The bank account number and sort code you’d like to use when HMRC pays your claim
- The name and phone number of the person in your business for HMRC to call with any questions
- Your Self-Assessment UTR (Unique Tax Reference), Company UTR or CRN (Company Registration Number)
- The name, employee number and National Insurance number for each of your furloughed employees
- The total amount being claimed for all employees and the total furlough period
You can find out more in this webinar.
Making Tax Digital update
The government has updated its list of records that need to be kept digitally for filing VAT through Making Tax Digital.
Humber Jobs Fuse
A new service, Humber Jobs Fuse, is helping those made jobless as a result of the coronavirus outbreak in the Humber region get back into employment, as well as supporting key regional employers with gaps in their staffing due to the pandemic.
UPDATE 9th APRIL
Coronavirus Job Retention Scheme
HMRC have been called on by the Chancellor to urgently direct financial support to where citizens and businesses need it most. The first wave of this is the launch of the Coronavirus Job Retention Scheme. Claims should not be made by phone, as it will be an online service.
Universal Tax Credit
If you’re self-employed and waiting for the government’s income support scheme to kick in, it might be worth seeing if you can claim Universal Tax Credit in the meantime. Check whether you’re eligible and find out how to make a claim for Universal Tax Credit.
Beal Homes launches support package
Housebuilder Beal Homes has launched a support package to help homebuyers who face having their lives and future plans put on hold by the coronavirus crisis.
UPDATE 8th APRIL
How to verify someone’s identity
With criminals taking advantage of the coronavirus pandemic to carry out illegal activity, the government recommends that all businesses and organisations read its guidance on identity proofing and verification.
Humber LEP encourages businesses to help the local community
A new website created by Humber LEP explains how the business community can help the region’s response to the coronavirus pandemic.
List of small business grants
Simply Business has put together a guide to grants for small businesses, including ones specifically for young people, start-ups, cultural organisations, and companies that want to take on apprentices.
UPDATE 7th APRIL
Remember to cancel VAT DD
Businesses that are choosing to defer their VAT payments need to remember to cancel their direct debit. Alternatively, if your cash flow will allow it, you can make your payment as normal.
Average worker will save £104 a year
The threshold for national insurance contributions has now increased from £8,632 to £9,500. The new threshold means the average full-time worker will see their tax bill cut by £104 a year, and the typical self-employed worker by £78.
Wellcome Trust urges donations
The Wellcome Trust is calling on big businesses to donate £6.4bn for research into developing diagnostic tests, therapies and vaccines to tackle the coronavirus pandemic.
UPDATE 6th APRIL
Coronavirus Job Retention Scheme update
The official employer guidance and guidance for employees from HMRC have been updated further. These include information in relation to scheme eligibility, further details on how to calculate a claim, and clarification of what constitutes wages.
Delay to IR35
HMRC has also published information regarding the delay of off-payroll working rules (IR35). Find out what this means for organisations and contractors.
Guidance on student loans
If you have a loan through the Student Loans Company, new guidance has been published regarding how to contact them during the coronavirus pandemic.
Personal Finance quiz
The Telegraph has created a home school finance quiz that’s perfect for children aged 11-14, plus you could learn something new yourself.
UPDATE 4th APRIL
Coronavirus Job Retention Scheme update
The government has today updated the information regarding how much a company can claim if it puts employees on furlough.
Data security when working from home
BusinessWorks Magazine has published a useful guide on how to keep company data safe whilst staff are working remotely.
Local charities supported through grants
Eight invaluable local organisations have this week been awarded grants totalling nearly £14,000 by Two Ridings Community Foundation. This will help them to support vulnerable residents and individuals who are suffering hardship as a result of the coronavirus outbreak.
UPDATE 3rd APRIL
Statutory Sick Pay
The Chancellor has announced details about a new coronavirus (COVID-19) Statutory Sick Pay Rebate Scheme.
This scheme will allow small and medium sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying Statutory Sick Pay to their employees. HMRC is currently setting up a system for reimbursement and further details will be announced ASAP.
To find out if you’re eligible and how to use the scheme, view this new online guidance.
Hull and East Yorkshire Grants
Humber Business Hub
There are also grants, advice and support available through the Humber Business Hub. These include an ICT Grant, help with contingency planning and crisis management, and information regarding self-employment, job retention, emergency funding for the arts, and much more.
Support for financial borrowers
The Financial Conduct Authority has suggested that loan and credit card repayments should be frozen for up to three months for those in trouble. Banks are expected to respond by Monday 6th April and, if successful, the freeze will take effect on Thursday 9th April.
Increase in National Living Wage
The National Living Wage has now increased by 6.2%. This is more than three times the rate of inflation and takes hourly pay for people aged 25 and over to £8.72.
UPDATE 27th March
UPDATE 25th March
Statutory self-employment pay scheme (proposed) is going through parliament today. Full details to follow tomorrow.
UPDATE 24th March
Just received this link about Self Employed from HMRC