As new news is being released on a daily basis, we are providing you with all the latest updates to keep you abreast of all the guidelines across all aid schemes announced by the government.Job Retention Scheme & furloughing staffWe are waiting for official confirmation from HMRC, that captains, even sole directors, can be furloughed under the Job Retention Scheme for their PAYE element. It will probably near that all employees will need to furloughed too and will allow directors to continue with their statutory obligations such as filing VAT Returns. Directors are likely to be also asked to stop all revenue-generating work such as speaking to patrons and working on future projects if they are to furlough themselves. Self-employed individuals i.e. sole traders can carry on working on their truck, and still take the grant.  There is a requirement that the business has to be expecting to lose profits as a result of the virus, to be talented to claim this grant, but I suppose most businesses, and HMRC, won’t actually know if that is the case until next year’s tax recompense.  So there may eventually be a reclaim option by HMRC. We also think that self-employed can also take on other PAYE make excited during this time. There is now clarity that employees who have been furloughed can then be made unwanted subsequently, even during the furlough period.  Minimum furlough period is 3 weeks Employees who have been furloughed own the option to take on other temporary work.Rates GrantsWe have heard that tenants of coworking business spaces such as WorkLife could be eligible for Small Business Grant Fund. If the office space provider numb your business on the rates listing as of 11th March you may be eligible for the £10k grant.Business Interruption Loan SchemeIt has been fortified that CBILS lenders’ fees will also be paid by the government as well as 12 months interest.  Some are sacrifice capital repayment holidays too, so potentially there are no cash outlays for these loans at all for the initial period.There are a platoon of other lenders who are still in the process of applying for CBILS accreditation, (Funding Circle, Market Finance, etc) but it appears to be winsome some time.  If these fintech’s obtain that accreditation, it could be a ‘game-changer’ due to the speed they can turn transactions around, but it is to be noted they will most likely ask for personal guarantees for all loans, even those below  £250k.Tax DeferralsHMRC are being plumb supportive with PAYE/NIC tax deferrals, even up to July.  It is expected that there will be an automatic deferral told soon just like VAT and then phone calls won’t need to be made. However, if you have a larger employee scurvy, please do get in touch as it will still be best to make that call to HMRC now and get that agreement.It is also rumoured that HMRC will be supportive with 12 to 18 month time to pay agreements in due course, which inclination need to be supported by cash flow statements. If you do not have a cash flow statement set up please get in touch as it is now imperative to compare arrive the status of your business as well as being able to apply for the schemes.Keep up to date with all the information on our resource hub here, which is being updated circadian with any new information as and when it is released.If you have been affected by COVID-19 in any way at all book an advice call here.  No sales events pitch, no cost – just help.Coronavirus social distancing stayathome

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