COVID-19

Clive Webb, ACCA’s senior insights manager, sets out key steps for resumption planning: what’s feasible for people, process, technology and data?

If you are looking for a simple structure for your entry into business planning for the next few quarters, we think Clive Webb’s breakdown is very helpful indeed. “Planning their recovery from the current situation is an activity that organisations need to focus upon. The situation will, however, remain fluid for many months to come […]

The International Federation of Accountants sets out how accountants can help businesses that have been disproportionately affected by Covid-19

IFAC’s Small Business Continuity Checklist – How to Survive and Thrive Post Covid-19 outlines key financial management and strategic management tasks, helping businesses to proactively identify and consider essential and timely information. Key areas include the preparation of good cash flow forecasts, and a review of working capital (not new messages on our updates). Please […]

Kick Start Scheme, Apprenticeship Bonuses and Work Placement Funding

The Kick Start Scheme In a bid to head off potential mass youth unemployment, the Chancellor announced a £2bn Kickstart Scheme, which will pay employers to create new jobs for 16-24-year-olds at risk of long-term unemployment. Funding will cover 100% of the National Minimum Wage for six months plus the associated employer National Insurance contributions […]

Home energy efficiency vouchers- a green recovery?

The Chancellor told MPs that the government wants a green recovery with “concern for our environment at its heart”. From September, homeowners and landlords will be able to apply for vouchers to make homes more energy efficient, with the Chancellor claiming it will create 140,000 jobs. Vouchers worth £5,000 (or up to £10,000 for low-income […]

Cuts to SDLT and VAT to support COVID recovery

No SDLT on houses up to £500,000 in England and Northern Ireland and VAT cut to 5% to support hospitality As part of the government’s plans to create jobs, the Chancellor confirms that from today (8 July 2020) no SDLT will be paid on houses up to £500,000 in England and Northern Ireland. The change, […]

£1k job retention scheme bonus for employers

Employers who retain staff for three months after the furlough scheme ends will receive £1,000 government ‘bonus’ for each employee, the Chancellor has announced. One of the main purposes of the Coronavirus Job Retention Scheme (CJRS) has been to support continued employment rather than face the prospect of mass redundancy. In his Summer Statement, the Chancellor confirmed that […]

Revel Accountants will shortly be posting three webinars on cashflow management

A vital skill to master for any business even before a global pandemic. Webinar 1- Managing cashflow explained. Irrespective of your size, whether you are growing, surviving or a mixture of the two dependent on the day, cash is king. Yet the sharing of the knowledge needed to better improve the health of your business […]

Will lockdown lead to progress in tackling climate change?

With London Climate Action Week upon us, Andrew Ratcliffe, Chair of ICAEW’s Sustainability Committee, asks what government, business and individuals can do to tackle climate change and cut carbon emissions off the back of the COVID-19 crisis. “Cast your mind back to those early weeks of lockdown in March and April, when not only the […]

Government boosts innovation schemes to aid recovery

More start-ups and innovative companies are now eligible for funds to help recover from the impact of coronavirus as the government extends its Future Fund scheme and launches a new Sustainable Innovation Fund. From 30 June, changes to the Future Fund scheme’s eligibility criteria will mean that UK companies who have participated in highly selective […]

Corporate insolvency bill: a vital lifeline for business

The Corporate Insolvency and Governance Act 2020 received Royal Assent on Friday 26 June 2020. Both the permanent and temporary measures could be a valuable lifeline as the downturn continues, but worth remembering should a customer not be paying you or a supplier delaying goods or services. With the Corporate Insolvency and Governance Act becoming […]

VAT and self assessment payment deferral for those who need a reminder about the terms

Under the government’s proposals VAT payments due before 30 June 2020 will not now need to be made until 31 March 2021. Self assessment payments on account due on 31 July 2020 will now not need to be made until 31 January 2021. No application is required, but direct debit mandates need to be cancelled. […]

Business Rates discretionary grants

We posted an update about a new discretionary grant fund being set up a while ago now. It can be found here. Detailed guidance has now been published for local authority’s and so applications will be open or opening very shortly. Please contact your local authority/council. Chichester District Council have their application process open already. […]

Childcare support criteria relaxed

The UK government is temporarily relaxing the eligibility criteria for tax-free childcare and 30 hours free childcare to support working parents during the coronavirus pandemic. HMRC has published new guidance for parents applying for, or already receiving tax-free childcare and 30 hours free childcare, during the coronavirus pandemic. It confirms that parents whose earnings are […]

Second lump sum for self-employed

The Chancellor has announced a second and final grant to the self-employed who are eligible for the Self-employment Income Support Scheme (SEISS), based on 70% of earnings and capped at £6,570. HMRC has confirmed the same eligibility criteria will be used to establish self-employed individuals’ entitlement to a further SEISS grant; the grant will be […]

Bounce Back Loan Scheme reminder

Just as a reminder, the scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. Key features of the scheme Facilities: term loans Repayment terms: six years, and early repayment permitted Interest rate: 2.5% per annum. No interest is payable in the first 12 months. Personal guarantees: No […]

How the Coronavirus Job Retention Scheme is changing from 1 July, including the introduction of flexible furlough.

The CJRS is changing from 1 July to encourage those furloughed back into work. Following the publication of HMRC’s detailed guidance, we outline the key changes. On 12 June 2020 HMRC published updated guidance on the Coronavirus Job Retention Scheme (CJRS)  The grant scheme enters its second phase on 1 July 2020 and covers claims […]

The CIPD have published a helpful guide for ‘Returning to the Workplace after Coronavirus’

The CIPD have today (12 May 2020) published helpful guidance covering key considerations for returning to the workplace after Covid for employers and small businesses. It is to be read alongside the Government’s own guidance of course, but it is a good run through of the HR issues. It can be found here. It covers […]

Coronavirus Job Retention Scheme (CJRS) update (as at 12 May 2020)

The Chancellor announced today (Tuesday 12 May 2020) that the Government’s CJRS will remain open until the end of October. Coronavirus Job Retention Scheme will continue until end of October furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500 new flexibility will be introduced from August to get […]

The Government’s New Covid-19 Plan (as at 11 May 2020)

It is fair to say there is an overall acknowledgement in the Government’s plan found here that: COVID-19 is both here to stay; and businesses need to get prepared to work within the new COVID Secure guidelines to push forward when ready (whether you are able to trade from now, 1 June or 4 July […]

Additional grants (potentially) for those businesses that didn’t qualify for the Business Rates Relief

The Government has announced additional grants for small businesses (that didn’t benefit from the business rates relief) Details of additional funding for those not covered by existing local authority grants will be revealed this week. The Government announced that the local business grant funds scheme would receive a 5% top-up aimed at closing the support […]

Calling all self-employed- check whether you are eligible for the Self-Employed Income Support Scheme (SEISS) 

Calling all self-employed- check whether you are eligible for SEISS  RECAP Who can claim: Self-employed individuals or a member of a partnership (as long as certain conditions are met, see eligibility criteria). How much can be claimed: 80% of your trading profits up to a maximum of £2,500 a month. Eligibility criteria You can claim […]

What business decisions are we going to be faced with over the coming weeks?

Well, embracing the uncertainty but keeping it simple and focusing on what we know, there is: continued business planning and cash flow monitoring/forecasting to be done (with strategic decisions to be made flowing out of that); continued reviews into whether the business needs COVID debt options (assuming you need assistance at all, and if you […]

Two schemes for innovative firms have been announced today by the Chancellor (20 April 2020)

1. The Future Fund Scheme This scheme is not available yet. It will launch in May 2020. It is designed for innovative high growth start up companies that cannot access monies through The Coronavirus Business Interruption Loan Scheme (CBILS), that have to date raised at least £250,000 in equity investment from third-party investors in the […]

Coronavirus Job Retention Scheme (CJRS) Update

Another day, another set of changes and clarifications to the Coronavirus Job Retention Scheme (CJRS). Most importantly the eligibility date has been changed from 28 February to 19 March 2020. Yesterday HM Treasury issued a Direction to HMRC clarifying several elements of the CJRS. We’ve included some of the most important below: PAYE employees on […]

The Coronavirus Business Interruption Loan Scheme (CBILS) – you should now find the Banks more helpful

Changes have been made to The Coronavirus Business Interruption Loan Scheme (CBILS)  which should have the effect of making the scheme more open and fair to all small businesses. The requirement for personal guarantees for lending under £250,000 has been prohibited by the Chancellor, and the meaning of viability has hopefully been clarified. Let us […]

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