Recovery Loan Scheme

/in , , , , , , , /by

Recovery Loan Scheme

The Bounce Back Loan Scheme (BBLS) application entries terminated on 31/03/2021 and now the government has introduced the Recovery Loan Scheme to finance UK businesses as they grow and recover from the disruption of the COVID-19 pandemic.

The government guarantees 80% of the finance to the lenders, meaning the necessity of credit checks on the business are negated, but as the borrower, you are still 100% liable for the debt.

Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.

You can apply for a loan if your business:

  • is trading in the UK
  • would be viable were it not for the pandemic
  • has been adversely impacted by the pandemic
  • is not in collective insolvency proceedings

Loans or overdrafts between £25,001 – £10M can be applied for (for up to 3-year period) and the APR will be dependent on the duration, but the typical APR on a £25K loan over 36-months is 7.7% bringing the value of the loan to £28,435.

Or you can apply for asset financing between £1,000 and £10M per business over a maximum of 6 years.

You can apply for the Recovery Loan Scheme directly from your bank and the scheme is open till 31 December 2021.

More information can be found HERE.

SME Brexit Support Fund

/in , , , , /by

SME Brexit Support Fund

If your business is new to importing &/or exporting now that we are out of the EU, the government is offering a grant of up to £2,000 to help with training &/or professional advice, to help you with changes to trade rules with the EU.

You can use the grant for training on:

  • how to complete customs declarations
  • how to manage customs processes and use customs software and systems
  • specific import- and export-related aspects including VAT, excise and rules of origin

It can be used to help you get professional advice so your business can meet its customs, excise, import VAT or safety and security declaration requirements.

To be eligible your business must be established in the UK for at least 12-months before submitting the application and:

  • not have previously failed to meet its tax or customs obligations
  • have no more than 500 employees
  • have no more than £100 million turnover
  • only import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland, if you already import or export goods from or to a non-EU country you are not eligible for his grant
  • complete (or intend to complete) import or export declarations internally for its own goods
  • use someone else to complete import or export declarations but requires additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain)

Applications for this grant are done via PricewaterhouseCoopers (PwC) on behalf of HMRC by visiting HERE

Applications close on 30th June 2021.

Restart Grant NOW Available to Eligible Businesses

/in , , , , /by

Restart Grant NOW Available to Eligible Businesses

The Restart Grant scheme supports businesses in reopening safely as COVID-19 restrictions are lifted. Grants are available from 1 April 2021.

To be eligible, your business must be in the non-essential retail sector and you may be entitled to a one-off cash grant of up to £6,000 from your local borough.

Eligible businesses in the hospitality, accommodation, leisure, personal care and gym sectors may be entitled to a one-off cash grant of up to £18,000 from their local borough.

Your business must be:

  • based in England
  • business rate-payer
  • in the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors
  • opening ‘shop’ and trading as of 1 April 2021

Your council should have contacted you about the one-off grant payment, but if you believe you are eligible but have not heard form them, then please do not hesitate to give them a call.

4th SEISS Grant Available THIS Week

/in , , , , , , , , , , , , /by

4th SEISS Grant Available THIS Week

If you are self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19), the 4th Self-Employment Income Support Scheme (SEISS) grant will be available to those eligible from this week (w/c 19 April 2021), and the online service for the fourth SEISS grant is now online HERE

The grant covers the period from 01/02/2021 – 30/04/2021 and eligibility for the fourth grant is dependent on you having traded for both tax years:

  • 2019 to 2020 and submitted your tax return on or before 2 March 2021
  • 2020 to 2021

You must either:

  • be currently trading but are impacted by reduced demand due to coronavirus
  • have been trading but are temporarily unable to do so due to coronavirus
  • intend to continue to trade
  • reasonably believe there will be a significant reduction in your trading profits

The same criteria that were applied for the first 3 SEISS grants still apply & this grant will be 80% of your average trading profits for up to 4 tax years (2016/17, 2017/18, 2018/19, & 2019/20) for 3-months.

The closing date for the 4th SEISS Grant is 01 June 2021.

By now you should have received an email form HMRC stating when you can claim your 4th SEISS grant from.  If you need any assistance with your claim, please do not hesitate to contact us on 020 8761 8000 or email/message us here.