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Information Updated Regularly In Line With Government Announcements

We are providing as much help and support as we can to our clients and anyone else that needs us. We have summarised the Government support available to small businesses and self-employed which is the area of bookkeeping we specialise in. There is also advice on what steps you can take to ensure you see this unprecedented situation through such as accounting software reports and Excel budget spreadsheets and document templates.

Please note that the information is being announced, updated and tweaked at an unprecedented rate which we are doing our best to update. If you plan to make an important decision about your business, contact us first to ensure you have considered all available options.


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.

November 2020 - Chancellor Spending Review

The Chancellor announces spending review, we have put together key points for businesses in our blog. Click here for our blog.

​Government’s coronavirus business support helpline for free advice​

Phone: 0800 998 1098

Webchatclick here to talk to an adviser

Phone line and webchat open Mon to Fri 9am - 6pm.

Email: click here to e mail business support

HMRC coronavirus helpline

Self Employment Income Support Scheme (SEISS) Extended Until April 2021

The self-employed who have been adversely affected by coronavirus who were eligible for the previous grants are able to apply for a third grant which will cover a 3 month period from 1 November 2020 until 31 January 2021.

The grant is calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

Self Employment Income Support Scheme (SEISS) Extended Until April 2021

A fourth grant will cover February 2021 to April 2021, details will be announced at a later date. 

The grants are taxable and subject to National Insurance contributions. The online service to apply for the grant through www.gov.uk will be available from 30th November, 2020.

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.

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.

Click here for further details.

Job Support Scheme - JSS Closed And JSS Open

*POSTPONED*

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.

Read our blog for more information on the Job Support Scheme.

Emergency Business Loan Scheme Extended BBLS And CBILS

The emergency business loan scheme has been extended allowing businesses to ‘top up’ their borrowing with the hope of helping businesses manage through the second lockdown.

The deadline for applying for the loans including the Bounce back loans (BBLS) and Coronavirus business interruption loans (CBILS)

Businesses that borrowed less than the maximum sum available (up to 25% of their turnover to a limit of £50,000) are able to top up the loan to avoid taking on extra debt.

Businesses will be able to request a top-up from this week but will only be able to ‘top up’ once from 9th November. 

Deferring Self-Assessment Income Tax Payments

Self-assessment income tax - payments due on the 31 July 2020 will be deferred until the 31 January 2021 for tax returns, no penalties or interest for late payment will be charged in the deferral period. Click here for more information.

​ 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

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.

What Else?

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. Click here for their Fluidly Webinar for Business.

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 blog with tips and suggestions www.cashtrak.co.uk/blog/post/10334/How-To-Make-Homeworking-Work-For-Businesses/

Funding Options

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):

Choice Loans - Sharon Cook and Sean O’Farrell of Choice Loans are based in the High Wycombe area and we have had dealings with them before www.choicebusinessloans.co.uk

Capitalise - https://capitalise.com/

Swoop Funding - https://swoopfunding.com/

MarketFinance - https://marketfinance.com/

Funding Circle - https://www.fundingcircle.com/uk/


 

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