The Government has revamped the Business Interruption Loan scheme to make it more attractive to business owners. We wanted to let you know that the Coronavirus Business Interruption Loan (CBIL) Scheme has been revamped after it has come under considerable and deserved criticism. The Institute of Financial Accountants reported on 3 April that £90M of […]
There has been a further update on Saturday to the guidance surrounding this scheme. Apprentices can be furloughed. They can continue to be trained whilst furloughed. If training then the apprentice must be paid at least the Apprenticeship Minimum Wage/NMW or NLW during the training period. The difference between the 80% of the wage and […]
COVID-19: Company Directors and Shareholders Many of the queries we at Fyfe Moir & Associates have had to handle in recent days relate to Company Directors and there is clearly much confusion in this area. Many small companies are run by just one or two directors and have no other employees. I have written this […]
The Chancellor announced a VAT payments deferral on 20 March to support businesses with cashflow during the COVID-19 pandemic. This means that all businesses with a UK VAT registration have the option to defer VAT payments due between 20 March and 30 June. Businesses have until 31 March 2021 to pay any VAT deferred as […]
If an employer has formally furloughed an employee then the employee will be entitled to 80% of his or her ‘salary’. If it is a fixed salary then it will be based upon what was paid in February (excluding fees, commission or bonuses). Where the employees pay varies and has been employed for a full […]
Talk with suppliers about payables The worst thing you can do here is simply ignore payments that are due. That will cause resentment and may result in the commencement of legal proceedings against you. Speak to your suppliers. Have frank discussions of where you are and see if credit can be extended. Of course, if […]
The Government has brought the self-employed into its emergency response to the coronavirus crisis by pledging grants to cover as much as 80% of their earnings during the pandemic. The scheme will be available to all self-employed workers with trading profits of up to £50,000 per annum, though payments are not expected to start until […]
We received the following advice from our HR expert and thought it would be good to share with you. Employers need to: Decide which employees to designate as furloughed employees. If 20 or more are affected at one establishment collective consultation may be required. Notify those employees of the intended change and commencement date. Agree […]
Local Authorities have now set up a very simple and straightforward application process, allowing business to tap into Business Support Fund of either £10 000 or £25 000 depends on the criteria. The aim of this intervention tool is to help to ease off the strains COVID 19 have caused on your Cash Flow over […]
The following is the current information we have hopefully much more detail will follow from the Government Coronavirus Job Retention Scheme Employers may claim a grant of up to 80% of salaries of employees who have been laid off during this crisis. This is subject to a cap of £2,500 per month. Employers must designate […]
