Month: April 2020

Covid-19 Bounce Back Loan
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Covid-19 update 11. Bounce back loans

The Bounce Back Loan scheme was available from the 4th May 2020 The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms will […]

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Covid-19 update 10. More links & info

HMRC just sent this to tax agents. It has new links that are very useful;   “We understand COVID-19 is creating difficult times for all. Instead of our usual Agent Update, we have decided to send this email to highlight changes to existing MTD related information that you may need at this time. COVID-19 guidance on GOV.UK All HMRC COVID 19 guidance is included on GOV.UK as part of the Government’s response to COVID […]

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Covid-19 update 9. DWP payments

The Department of Workplace and Pensions (DWP) has stopped recovery action. This means that your employer need not take “DEA payments” (Direct Earnings Arrestments) from your pay at the current time. DEA payments include benefit overpayments tax credit debts social fund loans You can hear a recorded message on its debt management hotline on 0800 […]

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Covid-19 update 8. More details to hand.

More details have come to hand as accounting bodies and journalists ring the Treasury to clarify details. The Self-employment Income Support Scheme gives self-employed people who qualify 80% of average profits over three months in one lump sum sometime in June 2020. There is an upper limit of £2500 a month or £7500 over the three months. […]

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