Several changes to the CLBILS scheme have taken effect from 26 May. The government has extended the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. However, companies borrowing more than £50 million through theCLBILS will be subject to restrictions on dividend payments, senior pay… Read more…

On 5 June 2020, HMRC announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the COVID-19 pandemic on the sector. The change will now apply from 1 March 2021 and will overhaul the way VAT is payable on building and construction invoices as… Read more…

Chancellor Rishi Sunak has announced changes to the government’s Coronavirus Job Retention Scheme (JRS), which will be slowly wound down between July and October. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. Furloughed staff will continue to get 80% of their salary until the… Read more…

We are delighted to announce the launch of the U-Deliver website, a service designed to support logistics drivers and Delivery Services Providers. In the delivery world, efficiency is key. But for too long, drivers and delivery service providers have settled for inefficient bookkeeping and financial reporting systems. Now there’s a better way of managing accounting… Read more…

Automatic Enrolment Under current UK law, all employers are required to set up a pension scheme, enrol their eligible employees and make contributions. Automatic Enrolment was introduced in the 2008 Pensions Act and officially began in 2012, with a slow phasing-in process. Under the scheme, employers are expected to complete specific duties, even if they… Read more…

On 4 May 2020 the government launched a micro loan scheme for small businesses as it continues to try and mitigate the economic damage caused by the coronavirus (COVID-19) lockdown. The Bounce Back Loan Scheme allows small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the… Read more…

On 27 April 2020 the UK’s seven largest small business lenders announced they had relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS). The lenders will use their own information when processing and approving applications, rather than relying on businesses providing forecasts and business plans. In a joint statement, the… Read more…

On 20 April 2020 the government’s Coronavirus Job Retention Scheme went live for applications. The scheme allows businesses to furlough their employees, with the government paying 80% of their wages up to a maximum of £2,500. The Coronavirus Job Retention Scheme is open for four months and was backdated from 1 March 2020 to the… Read more…

HMRC has released guidance on the COVID-19 Self-employment Income Support Scheme. Under the scheme, self-employed individuals will be able to claim a taxable grant based on an average of their earnings over the past three years. To be eligible, workers must have filed all relevant income tax self assessment returns; have traded in the 2018/19… Read more…

The UK government launched an online platform to help businesses access financial support during the COVID-19 crisis. The Coronavirus Business Support Finder Tool will guide businesses through the range of loans, tax reliefs and cash grants to combat the adverse economic effects of the COVID-19 lockdown. The tool asks business owners to fill out a… Read more…