Coronavirus insight and advice (Updated 29 April 2020)
These are clearly unprecedented times, and we are dedicated to helping to keep businesses in the North East updated on measures announced. Our team has developed a series of resources detailing the announcements made so far, in order to inform businesses and help you understand what actions you can take.
The Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. The scheme is expected to be up and running for employers to make grant claims by the end of April. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19).
Click here to download our document on the Coronavirus Job Retention Scheme (CJRS) Illustrative calculations
This is a pack of illustrious calculations that should be read alongside the full guide to the CJRS above.
“CBILS” is an initiative where-in the government will provide lenders with a guarantee of 80% on loans to businesses with a turnover of up to £45m; a separate initiative has also been made available by the Bank of England for larger corporates.
Click here to download our document on the Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will open on Monday, 20 April 2020. This initiative is designed to help mediumsized and larger businesses affected by the coronavirus outbreak to access funding.
The support announced is for the self-employed and follows a week of pressure to do something for the self-employed after the Job Retention Scheme for employees was announced on Friday 20 March.
We are aware that many businesses are having to quickly prepare 12 week cash flow forecasts. This is either as part of the application process for the Coronavirus Business Interruption Loan Scheme (CBILS) and/or as part of their own internal cash management process. To lend our support to business in the North East, we have prepared a user friendly template, which is free to download.
In response to feedback that lending under the CBILS initiative has been too slow and too complex for many of its applicants, the Government has now announced preliminary details about a new fast-track “Bounce Back” loan scheme.
The Future Fund is an initiative targeted on providing financial support to innovative businesses in the UK. Through the Future Fund the Government will initially make £250m of convertible loans available to qualifying businesses on a match funded basis, and the scheme will remain open until September 2020.
In relation to VAT we thought it would be helpful to give a standalone summary covering the announcements to date (the most recent being Friday 27 March), the main questions being asked by clients, the answers and practical suggestions.
In the wake of the COVID-19 pandemic, many businesses have been understandably focused on stabilising cash-flow. As restrictions start to
HMRC has announced the expected opening from 26 May 2020 of the portal for small and medium sized employers (those
Newcastle-based chartered accountancy and business advisory firm UNW has welcomed the appointment of Mike Blenkharn as Senior Manager to its
The Chancellor of the Exchequer, Rishi Sunak, has today (12 May) announced that the government’s Coronavirus Job Retention Scheme (CJRS)
These are clearly unprecedented times, and we are dedicated to keeping our clients and contacts updated on measures announced by