The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labeled inadequate by National Audit Office (NAO) and were introduced too late. A report by the government’s spending watchdog estimated that £4.9bn of the £47bn that was given out as part of the Covid-19 small business support scheme was fraudulent […]
Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received furlough grants under the Coronavirus Job Retention Scheme, these were liable to […]
The Government has started the new funding scheme called the “Recovery Loan Scheme” (RLS) for those businesses to recover and grow. Here is what you need to remember: This is financial support by Government for businesses who are genuinely affected by Covid-19. This loan is available for managing cash flow, investment and growth. You need […]
We have now entered into the 3rd Lockdown and the Government has acknowledged the impact by announcing new Financial Aid via different schemes. The nature of this support to businesses is implemented in many different ways. Bounce Back Loan Scheme (BBLS) Many business owners are familiar with Bounce Back Loan since early 2020. This scheme […]
We have now entered into the 3rd Lockdown and the Government has acknowledged the impact by announcing new Financial Aid via different schemes. The nature of this support to businesses is implemented in many different ways. 1 Self Employment and Universal Credit This financial support package helps with living costs. You can get it if […]
We have now entered into the 3rd Lockdown and the Government has acknowledged the impact by announcing new Financial Aid via different schemes. The nature of this support to businesses is implemented in many different ways. 1. Additional Restrictions Grant (ARG) This is a council-led grant to support closed businesses that don’t directly pay business […]
A – Job Support Scheme – JSS replaces Furlough Since March 2020, there are several financial aid measures declared by the UK Government. On 22 October 2020, UK Chancellor has announced a revised financial aid package for businesses. Here is a quick simplified summary. On 31 October 2020, the current “Furlough” scheme ends and a […]
The government has announced the Second stage of the Self-Employed Income Support Scheme since 17 August 2020. Key points: In the first round, the Government grant was 80% of the average of three months of trading profits, up to a maximum of £7,500 (average £2,500 per month). The second grant is up to 70% of […]