Weekly Update 7th May 2020
Below I have summarised all the main updates we’ve seen this week from HMRC.
• New Bounce Back Loans Launch
• Important Changes to Self-Employment Income Support Scheme Grants (SEISS)
• Read our Step by Step Guide on How to Claim for the Self-Employment Income Support Scheme (SEISS) Grant
• Small firms that missed £10k grant could benefit from £617m new grants
As always if you need any support or advice please don’t hesitate to contact me.
I hope you have a great bank holiday weekend!
New Bounce Back Loans Launch
The Governments new Bounce Back Loan Scheme (BBLS) launched on Monday. The feedback we’ve received from clients who have applied this week has been very positive, with a quick and easy application, no repayments or interest for the first 12 months, interest rate fixed at 2.5%, 100% government backing and with funds being received on average into bank accounts within 24-48 hours!. You can apply direct with you bank.
You can read more about the loan scheme in our blog post: https://blog.hillmans.co.uk/2020/05/new-bounce-back-loans-launch-today.html
Important Changes to Self-Employment Income Support Scheme Grants (SEISS)
HMRC announced several important changes to the Self-Employment Income Support Scheme (SEISS) Grant this week:
1. The first is that you will need to apply for the grant - previously the government announcements indicated that the process would be more automated.
2. Secondly, HMRC have confirmed agents (accountants) cannot make the application on your behalf via their agent access with HMRC.
This means that you need to make sure you register for an online Tax Account if you do not already have one with HMRC.
The online portal opens on the 13th May 2020. Once you have opened your Tax Account, you can check your eligibility for the grant and find out when you can start your application.
Although we cannot make the application for you, we can talk you through setting up your online Tax Account and help you with the information you need to enter for the grant application. Please drop me a line and I will be pleased to help.
Read our Step by Step Guide on How to Claim for the Self-Employment Income Support Scheme (SEISS) Grant
We have produced a step by step guide on how to claim for the Self-Employment Income Support Scheme (SEISS) Grant.
You can read the guide on our website here: https://www.hillmans.co.uk/guide-to-claim-for-seiss-grant
Small firms that missed £10k grant could benefit from £617m new grants
There could be some good news for small businesses that missed out on the £10,000 government grant because they were not on their local council’s rates list as they may now be able get the money.
The Government has announced £617m in new grants to support businesses in shared spaces, regular market traders and small charity properties. This includes businesses who pay Business Rates indirectly via their landlord rather than being on the rates list themselves.
It will be at local authorities’ discretion who gets the money, and can include Bed & Breakfasts that pay council tax rather than business rates.
To qualify, a business must have under 50 employees and be able to demonstrate that they have seen a significant drop of income due to coronavirus restriction measures. Grants of £10,000 and £25,000 will be available, and local authorities can choose to make payments of any other amount under £10,000 depending on local economic needs if they wish.
The local Council will need to set up a new payment system to administer the grants, so they are not available immediately.
I will keep you up to date with any developments.
Stay safe and well.
Steven Hillman ACA
Tel: 01934 444100