As of April 2022, the only continuing support for COVID business support is the Recovery Loan Scheme.
We have left the information below should you want to refer back to what was available.
Recovery Loan Scheme
The Recovery Loan Scheme is currently open to businesses of any size to support them to access loans and other kinds of finance so they can recover after the pandemic and transition period.
- Up to £10 million is available per business (actual amount offered and the terms are at the discretion of participating lenders)
- The government guarantees 80% of the finance to the lender
- Note - as the borrower, you are always 100% liable for the debts
Loans are available through a network of accredited lenders, listed on the British Business Bank’s website. Click here for the list of providers.
The following support is no longer available however it has been left here for information.
Reporting Coronavirus Grants On Tax Return
The grants are taxable, if you claimed the CJRS or other COVID grants, they need to be included as income on your tax return as well as some other COVID grants you might have received.
Depending on your business type, you’ll need to report this as income on your:
- company tax return (CT600)
- partnership return (SA800)
- self-employment pages of your individual tax return (SA103).
There is a specific box on the 2020-21 tax return to report the SEISS grants received on or before 5th April. You should not include SEISS grants in your turnover, or the 'any other income' box on the return. Including SEISS in the wrong box could cause the grants to be taxed twice.
Home Workers Can Claim £6 Per Week From HMRC
If you are required to work from home due to the coronavirus (COVID-19) or for business needs, you are entitled to claim £6 per week to help with household costs incurred through working from home. See our blog for more information here.
Budgeting - think strategically about the future of your business. Review and update your budgets and forecasts. Xero offers a great budgeting facility or you could try Fluidly who provide an intuitive cashflow management powered by artificial intelligence, they recently released a free lite version of the software, click here to sign up.
If your accounting software if not working for you or you don't have any accounting software, we recommend Xero. It is easy to use, flexible and the reporting options are great. Cashtrak have many years experience setting up and using Xero so we would be happy to help you with the set up or using it, please ask.
Review overheads - the first thing you need to do is categorise expenditure on a personal and business level in to 'essential' and 'nice to have' once this has been completed you are in a better position to evaluate your situation. Xero has a wide variety of reports to assist with this, if you are unsure please ask us.
Ensure homeworking works for managers and staff, see our homeworking blog with tips and suggestions here.
Mental Health Is More Important Than Ever - Rehab 4 Addiction Have Created An Guide
The Community Outreach team at Rehab 4 Addiction have asked if we could link to their mental health guide as a valuable resource for visitors. Their hope is that this informational guide can be one of many stepping stones for those struggling and their loved ones to better understand their situation and lead them to find a safe and supportive environment, especially during the pandemic. They offer a referral service for people seeking treatment for alcoholism, drug addiction, behavioural addiction, and eating disorders and an online resource to individuals and families dealing with substance abuse. Click here for the guide.
If you think you will benefit from additional funding, you should contact your bank in the first instance to see if there is anything they can do to help you. Other potential funding sources (this does not form a recommendation by Cashtrak):
COVID-19 Pandemic Sees A Rise In Cyber Attacks
The most common cyber attacks are on:
malware (software allowing a hacker in to steal money or personal data or damaging your device)
Our video gives tips recommended by the National Cyber Security Centre to protect you and your business.
Job Support Scheme - JSS Closed And JSS Open
There are now 2 JSS (Job Support Schemes. The first, designed for businesses legally forced to close is now called JSS Closed and the second is for businesses that remain open but with employees working reduced hours, this is called JSS Open. The rules, dependant on your situation, are complex.
Job Retention Bonus (JRB)
*POSTPONED DUE TO FURLOUGH SCHEME EXTENDED UNTIL 31ST MAECH, 2021*
The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021. Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021. Employers will be able to claim the Job Retention Bonus after they have filed PAYE for January and payments will be made to employers from February 2021.
More Financial Support Announced
On 21st December, the government have announced the reintroduction of the
Statutory Sick Pay Rebate Scheme (SSPRS), grants for the hospitality & leisure industries as well as more money available for the Culture Recovery Fund. Click here for more information.
Emergency Business Loan Scheme Extended BBLS And CBILS
The emergency business loan scheme was extended to allow businesses to ‘top up’ their borrowing with the hope of helping businesses manage through the second lockdown.
For more information, click here.
For businesses investing in new equipment from April 2021, a new super-deduction will cut companies’ tax bill by 25p for every pound meaning they can reduce their taxable profits by 130% of the cost. This will last 2 years.
Making Tax Digital (MTD) Digital Link Rules Delayed by COVID-19
HMRC announced a one-year delay to its enforcement of rules specifying the digital transmission of MTD for VAT data. Further information here
New Lockdown 3.0 January 2021 Business Support
The Chancellor has announced an extension of the furlough scheme and grants to businesses affected, read more in our blog here.
SEISS - 4th Grant Available
The chancellor announced in the March 2021 Budget that the grant:
- Is 80% of the average monthly profits
- Covers February – April 2021
- Will be paid in one instalment
- Is capped at £7,500
- People that became self-employed in 2019-20 may be able to claim the grant
- There will be a 5th SEISS grant
The one off grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses was available from 1 April 2021, it closed to new applications on 30th June, 2021.
Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council. For more information, click here.
The SSP Rebate Scheme closed on 30th September and you have until 31st December to submit any final claims, or to amend claims you have already submitted.
If you are an employer with fewer than 250 employees and if paid SSP to employees for sickness absence or self-isolation that was coronavirus-related on or before 30th September, you could be eligible for support.
The repayment can cover up to two weeks of the applicable rate of SSP.
We can claim this on your behalf, contact us today for a free, no obligation quote at email@example.com or contact us online here.
CJRS Last Date To Claim Is 14th October
The last date to claim is 14th October, find out more including:
welcoming back staff
over or under claimed months
recruiting for growth
Read more here.
SEISS 5th Grant Applications Open
Applications to claim for the SEISS 5th grant opened in July and close on 30th September, read more on eligibility and criteria by clicking here.
HMRC API Error Stops Tax Returns Being Processed
Some tax returns with SEISS grant error are not being processed due to an HMRC application programming interface (API) error. Read more in our blog here.
SEISS 5th Grant Claim Deadline 30th September
With the deadline coming up, HMRC:
- have advised they are still delays with processing self-assessment tax returns
- have urged customers to check adjustments as they could be charged tax twice on the SEISS grant
- warned to be vigilant with scammers on the increase.
Read more here.
Frequently Asked Questions:
- Deadline for amending September’s claims - Thursday 28th October
- Records must be kept for six years supporting the grants claimed as HMRC may need to check them
- The grants must be included as income for the tax year of your receipt on your company:
- tax return
- partnership tax return
- self-employment or your individual tax return
(depending on your business type)
Confused? Need help? Contact us today for a free, no obligation quote firstname.lastname@example.org or click here to contact us through the website.