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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

UK practical business advice: COVID-19

Last Updated 29 April 2020

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

NEW – COVID-19: HMRC confirms agent authorisation for CJRS claims 

The Tax Faculty has received an update from HMRC on authorising agents to make Coronavirus Job Retention Scheme (CJRS) grant applications on behalf of clients. This is our step-by-step guide.

The Coronavirus Job Retention Scheme: furlough guidance 

The Coronavirus Job Retention Scheme (CJRS) supports all UK employers with a PAYE scheme to retain staff who would otherwise have been laid off during this crisis by paying part of their employees’ salary.

This guidance should be read in conjunction with the additional clarification to our understanding of the scheme on 6 April and the update on further guidance published on 14 April

Government guidance

NEW – Check if you can claim for your employees’ wages through the Coronavirus Job Retention Scheme

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave (‘furlough’) due to coronavirus (COVID-19).

Latest news articles

CJRS calculator and latest guidance from HMRC 

20 April: As the Coronavirus Job Retention Scheme (CJRS) opens, HMRC launches its calculator tool to help businesses work out how much they can apply for. 

CJRS top 10 things we don’t know 

20 April: Summary of the top questions raised by the Tax Faculty that were unanswered on 17 April and some answers that HMRC has provided since. 

Last-minute extension and new guidance for furlough scheme

17 April: A month-long extension to the Coronavirus Job Retention Scheme and last minute help and support has been announced by the government.

Sole directors and the Coronavirus Job Retention Scheme

1 April: How does the government’s furlough scheme apply to owner-managed limited companies?

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

NEW – Get help with the Coronavirus Job Retention Scheme

Contact HMRC via their dedicated CJRS helpline.

NEW – Coronavirus Job Retention Scheme calculator

Calculator to work out the figures you will need when you complete an online claim through the scheme. It is aimed at organisations with a small number of employees.

Acas Furlough letter template

A template 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

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.

Changes to insolvency rules to help companies trade – coronavirus

The government will amend insolvency law to give companies undergoing a rescue or restructure the breathing space to keep trading while they explore options for rescue.

Government guidance

Deferral of VAT payments due to coronavirus (COVID-19)  

What to do if you cannot pay your tax bill on time

Self-employed

ICAEW guidance

COVID 19: Updated guidance on 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 80% of your trading profits up to a maximum of £2,500 a month.

ICAEW’s Tax Faculty highlights the key additions to HMRC’s guidance on the coronavirus self-employed income support scheme (SEISS), which now includes details on calculating trading profits and more information on the interaction with universal credit.

Government guidance

Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme 

External resources

Deferral of Self-Assessment payment

The second self-assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020, may now be deferred until 31 January 2021.

Micro and small businesses

ICAEW guidance

Cash grants for businesses receiving small business rate relief – coronavirus

There are cash grants available for businesses receiving Small Business Rate Relief or Rural Rate Relief through the Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF).

Government guidance

NEW – Apply for the Future Fund

Launching in May, the Future Fund will provide government loans to UK-registered companies ranging from £125,000 to £5m, subject to at least equal match funding from private investors.

Business support grant funding – guidance for businesses

Latest news articles

NEW – Government launches new small business microloan scheme

The chancellor has announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000.

Webinars

NEW – BEIS: Financial support for small businesses during coronavirus

Join BEIS at 11am on 5 May for this online webinar, to find out more about the coronavirus financial support schemes you may be eligible for. 

Medium-sized businesses

ICAEW guidance

The Coronavirus Business Interruption Loan Scheme: revised

The Coronavirus Business Interruption Loan Scheme (CBILS), introduced on 23 March and revised on 2 April, provides support for businesses to access funding if certain eligibility criteria are met. 

Government guidance

NEW – Apply for the Future Fund

Launching in May, the Future Fund will provide government loans to UK-registered companies ranging from £125,000 to £5m, subject to at least equal match funding from private investors.

Claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.

Large businesses

ICAEW guidance

NEW – The Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to mid-sized and larger UK businesses with annual turnover above £45 million that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.

Applications will be open from Monday 4 May.

Lending facility for larger firms – coronavirus 

The Bank of England’s direct lending facility for larger businesses, the Covid Corporate Financing Facility (CCFF), is open for applications via banks. 

Government guidance

NEW – Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Retail, hospitality and leisure businesses

ICAEW guidance

Business rates holiday and cash grants for retail, hospitality and leisure businesses – coronavirus 

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year. There are also cash grants of £25,000 that will be will be given to businesses in these sectors meeting the thresholds.

Government guidance

Check if your retail, hospitality or leisure business is eligible for business rates relief 

Nursery businesses

ICAEW guidance

Business rates holiday for nursery businesses – coronavirus

Nurseries in England do not have to pay business rates for the 2020-2021 tax year.

Government guidance

Check if your nursery is eligible for business rates relief due

You can visit the ICAEW website here

We will issue more updates as new information is released.