government support Archives | Taxfile

Recovery Loan Scheme

Taxfile — Thu, 22 Apr 2021 12:59:06 +0000

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 […]

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Restart Grant NOW Available to Eligible Businesses

Taxfile — Thu, 22 Apr 2021 10:46:30 +0000

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, […]

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Furlough Scheme Extended until End of September

Taxfile — Wed, 03 Mar 2021 13:43:12 +0000

In The Chancellor’s 2021 budget speech it was announced that the furlough scheme would be extended until the end of September 2021, to protect the jobs and livelihoods of the UK population during the pandemic. The Government will pay employees 80% of the hours not worked through to the end of June 2021. As the […]

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Bounce Back Loan Applications & Top-Ups ENDING

Taxfile — Mon, 01 Mar 2021 13:51:12 +0000

Applications for the Bounce Back Loan Scheme (BBLS) come to a close on 31st March 2021. The purpose of the scheme was to allow small businesses, regardless whether they were sole traders, partnerships, or limited companies, a way of getting a cash flow worth 25% of their turnover (within the range of £2-£50k) to support […]

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Job Support Scheme Replaces the Job Retention Scheme from 1st November 2020

Taxfile — Thu, 24 Sep 2020 14:30:56 +0000

The Job Retention Scheme (JRS) winds down at the end of October. It will be followed, for the next six months, by a new job support scheme, which subsidises the wages of employees working at least a third of their normal hours, to further support viable UK employers who face lower demands due to COVID-19.

In an attempt to keep employees attached to the workforce, the Government will be introducing a new Job Support Scheme from 1 November 2020, where employees will need to work a minimum of 33% of their usual hours.

For every hour not worked the employer and the Government will each pay one third of the employee’s usual pay. The government contribution will be capped at £697.92 per month.

Employees using the scheme will receive at least 77% of their pay (where the Government contribution has not been capped) & the employer will be reimbursed in arrears for the government contribution. The employee must not be on a redundancy notice.

The scheme will run for six months from 1 November 2020 and is open to all employers with a UK bank account and a UK PAYE scheme.

All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large businesses will be required to demonstrate that

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