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Covid Impact Team

Sumit Selli ACA

Partner

Coronavirus Business Interruption Loan Scheme (CBILS), Future Funds and Government grants specialist

s.selli@las-group.co.uk

Pankeel Patel ACA

Client Director

Coronavirus Business Interruption Loan Scheme (CBILS), Future Funds and Government grants specialist

p.patel@las-accountants.co.uk

Corona Hub

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UK practical business advice: COVID-19

Last Updated 23rd March 2021

Here’s the latest update of practical help announced by the government direct from our regulators, the ICAEW.

This will help you find the most recent, relevant information and advice to support you and your business during this period of unprecedented disruption.

The LAS team are just at the other end of the phone if you need to talk or have questions on the advice below – please don’t hesitate to reach out.

Key Updates include:

Employers

ICAEW guidance

Guidance on Coronavirus Job Retention Scheme
Essential information on the UK government’s key support scheme for employers, including changes from 1 November, flexible furloughing, key dates, how to apply and who isn’t covered by CJRS. This guidance also provides links to useful resources, such as an example claim form, and further support from ICAEW and HMRC.

Overview of CJRS
General information on the Coronavirus Job Retention Scheme, how to apply and who is excluded from the scheme.

Government guidance

Latest news articles

More guidance for furloughed directors on annual payrolls

  • Article
  • 29 January 2021

Furlough scheme employers named

  • Article
  • 28 January 2021

Deadline approaching for CJRS claimants to request anonymity

  • Article
  • 19 January 2021

Can staff be furloughed to look after their children?

  • Article
  • 05 January 2021

Helpsheets

Engagement letters helpsheet: Part 2 J-C Furlough grant claim services
Sample wording for claiming the coronavirus job retention scheme grant on behalf of clients, for practitioners and businesses. This is a supplementary schedule to the main engagement letter helpsheet.

External resources

Acas Furlough letter template
Selection of templates (including new versions covering flexible furlough) for an agreement to temporarily send home an employee because there’s no work (‘furlough’). Free to download and use.

Employment legal advice
Legal advice for employers during coronavirus provided by Edwin Coe LLP.

All businesses

ICAEW guidance

Recovery Loan Scheme replacement for COVID-19 debt schemes
Business loans and other types of finance will be available under the UK government’s Recovery Loan Scheme, after the COVID-19 debt schemes close at the end of March 2021. The scheme will be open from 6 April to 31 December 2021.

COVID-19 challenges for business: Bounce Back Loan Scheme (BBLS) repayments
The aim of this helpsheet is to assist small businesses who have taken out BBLS loans and now face the prospect of starting repayments. It provides some questions for small business owners to consider and pointers to further sources of help.

Repaying business rates relief claimed due to COVID-19
HM Treasury confirms that repayments of business rates relief claimed in light of the potential impact of the coronavirus pandemic are tax deductible.

COVID-19: VAT and self assessment payment deferral
The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW’s Tax Faculty outlines how the deferral will work.

COVID-19: Support on negotiating time to pay
Useful tips on how to negotiate with HMRC from the Tax Faculty, as they seek seeks further clarification on the support for businesses having difficulty paying tax bills due to COVID-19.

Government guidance

Self-employed

ICAEW guidance

Self-Employment Income Support Scheme (SEISS)
If you are self-employed or a member of a partnership in the UK and have lost income due to coronavirus (COVID-19) this scheme will allow you to claim a taxable grant worth a percentage of your trading profits. This guidance covers how to apply for the Self-employment Income Support Scheme (SEISS), including information on eligibility, how to apply, time periods covered and changes to the scheme.

Options for 31 January self assessment deadline
Updated 19 February 2021
As HMRC is resisting calls for an easement on self assessment late filing penalties, ICAEW’s Tax Faculty outlines the options available to taxpayers and agents who will have difficulty filing or paying.

Government guidance

Latest news articles

Tax news in brief

  • Article
  • 24 March 2021

Pre-verification checks for new SEISS claims

  • Article
  • 08 March 2021

ICAEW technical round-up: February 2021

  • Article
  • 23 February 2021

SA late payment penalties waived until 1 April

  • Article
  • 19 February 2021

Micro and small businesses

ICAEW guidance

COVID-19 challenges for business: Bounce Back Loan Scheme (BBLS) repayments
The aim of this helpsheet is to assist small businesses who have taken out BBLS loans and now face the prospect of starting repayments. It provides some questions for small business owners to consider and pointers to further sources of help.

Bounce Back Loan Scheme: what you need to know
Updated February 2021: smaller businesses impacted by coronavirus can apply online for funding support of up to £50,000 via the Bounce Back Loan Scheme (BBLS), if certain eligibility criteria are met. Flexible repayments (Pay as you Grow) were announced in September 2020 and extended as of 8 February 2021. New applications may be made until 31 March 2021.

Government guidance

External resources

Recovery Advice for Business scheme
The Recovery Advice for Business scheme gives small firms access to free, one-to-one advice with an expert to help them through the pandemic and prepare for long-term recovery. Advice offered includes accountancy, legal, advertising, marketing, recruitment and digital.

Small Business Leadership Programme
Funded by the Department for Business, Energy & Industrial Strategy and delivered by university business schools, this free online programme helps SMEs enhance their resilience and recovery from the impact of COVID-19.

Peer Networks
A free peer-to-peer virtual networking programme for SMEs supported by the Department for Business, Energy & Industrial Strategy and delivered locally by the network of Growth Hubs across England.

Medium-sized businesses

ICAEW guidance

The Coronavirus Business Interruption Loan Scheme
Updated 21 December 2020: the Coronavirus Business Interruption Loan Scheme (CBILS) provides support for businesses to access funding if certain eligibility criteria are met. From September, new guidance regarding the ‘undertaking in difficulty’ test could mean that more companies will be eligible. The deadline for new applications is 31 March 2021.

Government guidance

Large businesses

ICAEW guidance

The Coronavirus Large Business Interruption Loan Scheme
Updated 21 December 2020: the Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides funding support for businesses with annual turnover of more than £45m, if certain eligibility criteria are met. New applications may be made until 31 March 2021.

Lending facility for larger firms – coronavirus
Updated 30 September 2020: ICAEW’s Corporate Finance Faculty explains the Bank of England’s direct lending facility for larger businesses, the Covid Corporate Financing Facility (CCFF), which is open for applications via banks. Options are available for businesses without a credit rating. Early repayment is available.

Government guidance

Specific business sectors

Latest news articles

Chancellor reveals new lockdown grants for retail and hospitality firms
6 January 2021: One-off grants of up to £9,000 per property will be paid to businesses in the retail, hospitality and leisure sectors as the government outlined a new £4.6bn package of measures to help businesses through the latest lockdown.

Government guidance

You can visit the ICAEW website here

We will issue more updates as new information is released.