Uncategorised
Many small businesses that have applied for a government backed CBILS loan thus far have been offered standard overdrafts and loans – without the Government's 80% guarantee – on the basis that they fit the banks’ criteria for this type of lending. The Chancellor has now confirmed that this is not the intention of his CBILS scheme and that from now on all businesses affected by the COVID-19 disruption should be offered a CBILS loan with the government guarantee. This change is underlined by the following statement in the press release: “To maximise the support available, the Chancellor is extending
Uncategorised
1 April 2020 – Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 – PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 – Filing deadline for the CIS300 monthly return for the month ended 5 April 2020.  19 April 2020 – CIS tax deducted for the month ended 5 April 2020 is payable by today. 30 April 2020 – 2018-19 tax returns filed after this date will be subject to an additional £10 per
Uncategorised
The phone number for the COVID-19 helpline launched earlier this month has been changed to 0800 024 1222. Calls to the previously published number will be redirected. The launch of the new number will help increase capacity.  The helpline will field questions and concerns from any business or self-employed individual worried about paying their tax due to Coronavirus disruption and to receive practical help and advice. HMRC has said that there are up to 2,000 experienced call handlers available to support businesses and individuals when needed. For those who are unable to pay due to Coronavirus, HMRC will discuss your specific circumstances
Uncategorised
Directors that have drawn remuneration from their companies as a mix of low salary and higher dividends would seem to be overlooked by the schemes announced in the past two weeks to support the employed and the self-employed. In the first news story published by government announcing the Self-Employed Income Support arrangements (26 March 2020), the following paragraph was inserted: “Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes”.  On this basis,
Uncategorised
During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively. A number of businesses will be in the fortunate position of heading into the current COVID-19 crisis with adequate cash reserves to see them through, many others will not. In both cases, minimising expenditure and maximising cash inflows should be the name of the game. Last week we stressed the importance of gathering in monies due from customers. This week we offer a number of additional ideas to bolster cash inflows. They are: If you have stock gathering