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post 21 september working-on-website

Government And Internal Support – CBILs loan, Kickstart Scheme

CBILs update

Further clarification has now filtered down from the Government and whilst the deadline for final approvals for anybody after a CBILs loan has now been pushed back to 30 November 2020, we are now being told that applications must still be in by 30 September to allow for time for them being approved.

If you are still interested in a CBILs loan and haven’t yet accessed one we subsequently need to act fast and get this sorted within the next few weeks.  We are already doing this with a few clients so please get in touch ASAP if you want to take one final closer look.

Again, don’t forget, for those with a CBILs already who want to flip this to a BBL to benefit from the lower rate of interest and who can comfortably survive on the reduced amount of borrowing, should really start taking action this month also.

Employment Support – Government Kickstart Scheme

The Kickstart Scheme provides funding to employers to create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment.

This is part of the government’s Plan for Jobs and aims to create hundreds and thousands of new, fully funded jobs across England, Scotland and Wales. The first placements are likely to be available from November.

Funding will cover for each job placement:

  • 100% of the relevant National Minimum Wage for 25 hours a week
  • the associated employer National Insurance contributions
  • employer minimum automatic enrolment contributions

There will also be extra funding to support young people to build their experience and help them move into sustained employment after they have completed their Kickstart Scheme funded job.

Now for the small print; you must be creating more than 30 jobs in order to apply – not quite the headline of the initial scheme!

We are also led to believe you would have limited control over the people chosen if you were to partner with other organisations.

The link with more detailed guidance can be found here.

Banking partnership

We officially announced our partnership with Starling Bank in our last newsletter and wanted to start by emphasizing just some of the benefits again:

* No monthly account fees
* Speedy set up
* They are taking on new customers today
* 24/7 customer support
* Real-time alerts and categorised transactions

If you are looking to move why not get in touch with us or if you want to apply direct why not click here.

If you are still unsure, why not get in touch and register for our webinar that we are running with Starling on Thursday 24 September at Midday that will last 45 minutes and include an opportunity to ask any questions?

Register your interest by e-mailing enquiries@gtaccountants.com

Service Update

Payroll
Following on from our newsletter of 20 August we have gradually commenced the process of moving across batches of clients to our improved payroll service offering which just to stress is of no additional cost and is still paid through ourself.

We are managing this month by month but the feedback has been great so far and you will be notified in advance but any initial concerns or queries please get in touch.

Price freeze
Again as advised previously, for those who haven’t yet contacted us otherwise, we will be freezing prices until at least 31 March 2021 for the same packages clients are on today.

As mentioned we are having to make two very small changes to our support for those taking advantage that came into play as of 1 September 2020:

  1. We will be withdrawing our confirmation statement service as it is a simple task that takes no longer than 15 minutes.  Instead, you can now do this directly through the Companies House website through this link or alternatively you can use an excellent platform called Inform Direct where there already wizards and guides to walk you through the submission that can be found here.
  2. We will provide you with the blank templates for the year end paperwork with face to face meetings not likely to be happening any time soon or on a large scale.  Please also note for those using Xero there are already some templates built into the software for you such as with respect to dividends and dividend counterfoils.

As emphasized previously, these changes will support us in holding our prices but also allow us to continue to invest in better supporting you as clients in areas of greater value such as the free creditors services offering that this month resulted in a client getting nearly £3k which had previously been considered as written off.

If anybody wants to discuss any of the above though please do get in touch.

Protection Screens

post 8 sept protector

One of our amazing clients has been going up and down the country putting in place protection screens for such a variety of businesses we wanted to today share this for anybody who might be interested.

This has ranged from businesses in the hospitality trade, to large and smaller offices within the public sector.

If this of interest then please call Northern Installer’s on 0191 447 1780 or e-mail them at sales@northerninstallers.com.

 

post august grant

Government Support. Self-employment grant. CBILs and Bounce Back Loans

Second and final self-employment grant

You can as of today now claim for the second and final self-employment grant.

Don’t forget this does not apply to limited companies I am afraid.

The second and final taxable grant made available by HMRC amounts to 70% of your average monthly trading profits and is again paid out as a single instalment covering 3 months worth of profits.

This payment is capped at £6,570 in total.

The claim can be made in the same was you made the first claim and it must be made by on or before 19 October 2020.

Further information regarding the claim and the making of it can be found here.

CBILs and Bounce Back Loans

We thought we best clarify; for the avoidance of confusion, the current deadlines in place by the Government as to when it is currently proposed that each scheme be closed:

CBILs – it is current proposed that this will remain in place up until the end of September 2020 but this may be extended.

Bounce back loans – it is current proposed that these will be available up until 4 November 2020 but again is subject to revision.

Please note that the above deadlines are in reference to applying for these so if you have either of these loans already, the agreement you already have will still stand until the end of the agreed term.

Additional funding you might not be aware of

The Government has recently announced an additional £20 million of suport that is being made available through local Growth Hubs and can be used to fund:
  • one to many events providing guidance as to how to respond to coronavirus
  • small grants to access specialist professional advice
  • small grants to cover the purchase of minor equipment to adapt or adopt new technology
More information can be found here.

Business Interruption Insurance

There has recently been a rather large court case regarding this that we believe is going to appeal but if you think you might be eligible for this and have previously been turned away we recommend that you speak with your insurance company again to clarify any impact on you.
loan 2 may

Government Loan And New Grant Announcement

So the bounce back loans are now live and can be accessed via most banks websites as we have been tracking them this morning.

I know we covered most of this last week but the key known facts that we are aware of so far:

  • They cover borrowing from £2,000 to £50,000 with some banks adding that the amount borrowed must not exceed 25% of turnover as well as a guideline.
  • The Government guarantees 100% of the loan and there will be no repayments within the first 12 months.
  • You cannot claim if you are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).  If you have already received a loan of up to £50,000 through the CBILS you can transfer this to the Bounce Back Loan scheme but this must be arranged with your lender by not later than 4 November 2020.
  • After the first year, interest is fixed at 2.5%.
  • There are no early repayment fees.

We’re told that the application process should be relatively quick and simple but naturally nobody has been through this and we would initially recommend you contact your bank if this is of interest then liaise with us if you require any assistance.

New premises grant

This one almost slipped under the radar but we spotted it and there is a new discretionary fund that has been made available to local authorities that is aimed at small businesses with on-going fixed property-related costs.

Now there is no mention of working from home costs so as yet we are not aware of any additional allowance for this but there are HMRC allowances for businesses and employees working from home and more information regarding this can be found here.

In terms of this new grant, local authorities are being asked to prioritise businesses in share spaces, regular market traders etc and more guidance can be found here.

To qualify, businesses must be deemed to be small as in have less than 50 employees and be able to demonstrate a significant drop in income due to COVID-19.

There are three levels of grants:

  1. Grants of £10,000
  2. Grants of up to £25,000
  3. Grants of less than £10,000 which will be at the discretion of local authorities

Further guidance for local authorities is set to be forthcoming so contact them directly if you have any further queries.

What is planned for May?

Whilst we must get back on track ourselves as firm in May, our ‘Strike-Back’ strategy continues and we have an exciting line-up of speakers planned for clients that will further help you reinforce and re-engineer your business so that you come back with a bang as you are most likely sick of us by now!

We have our first four speakers lined up so will announce more information later this week.