Weekly Update - 3rd April 2020
In this constantly changing and challenging environment, I thought it might be useful to drop you a quick update with all the main HMRC and tax updates we’ve seen over the past week.
Please don’t hesitate to drop me a line if you have any queries or require support.
COVID-19 Small Business Grant applications now live for all local councils
Over the past few days we have seen all the local Councils launch their online grant application forms. For more information visit our website here: https://www.hillmans.co.uk/covid-19-business-grants
Below are the links to the online grant forms for all the local Councils:
North Somerset Council:
Sedgemoor District Council:
Somerset West and Taunton Council:
Bristol City Council:
Revamp of the Coronavirus Business Interruption Loan Scheme
With just 1,000 loans being approved under the Governments new Coronavirus Business Loan Initiative (from 130,000 enquires), the scheme has been revamped with no personal guarantees required on loans up to £250,000, and the ability to apply where you haven’t applied for a standard commercial loan first (this wasn’t previously the case). More information here: https://www.hillmans.co.uk/covid-19-loan-schemes.
Minimum Wage Increase
The National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to change on 1st April 2020. You can find the new rates at the HMRC website here: https://www.gov.uk/national-minimum-wage-rates
Tax Year End 5th April 2020
Given the challenges we are all currently facing, understandably year-end tax planning may not be a priority at present. But as always the 5th April is the last day to use up your annual exemptions for capital gains tax, inheritance tax, pension payments and ISA's.
Read our new Coronavirus Help Guide for businesses and their owners
We have produced a new up to date Coronavirus Help Guide for businesses and their owners. You can read our new help guide here: https://www.hillmans.co.uk/coronavirus-help-guide
If I can be of assistance please don’t hesitate to contact me.
Stay safe and have a good weekend.
Steven Hillman ACA