Grover & Co. Chartered Accountants (Est 1992) Xero and Sage Cloud Accountants 020 8567 7733
 Grover & Co. Chartered Accountants (Est 1992) Xero and Sage Cloud Accountants 020 8567 7733

COVID-19 - Are You Affected? Contact us for FREE Advice.

Bounce Back Loans

 

Monday 4 May 2020 - Applications for Bounce Back loans kicked off at 9.00 am in response to Rishi Sunak's announcement about their availability on 27 April.

 

Currently 16 banks have been accredited to provide the Bounce Back Loans with others including Metro Bank expected to join shortly. Over 100,000 applications were received on the first day with Lloyds Bank receiving the most at 17,000 applications. Banks are promising to make the funds available to successful applicants within a couple of days so please get in touch if you need help with your application. 15 of the 16 banks are only making the Bounce Back Loans available to their own customers but HSBC is offering these to non-customers. Additionally, you DO NOT have to first open a business account with HSBC as they are generously offering Feeder Accounts free of charge which can be used to receive the loan and immediately transfer the funds to your regular business bank account.

 

Key Facts:

 

  1. Interest rate fixed at 2.5%;
  2. No bank set-up or application fees;
  3. No early repayment fees;
  4. Interest-free in the first year with the Government picking up the bill via the Business Interruption Payment (BIP);
  5. No loan repayments in the first year;
  6. Loan term up to six years;
  7. Security and personal guarantees are NOT required as the loans are 100% guaranteed by the Government;
  8. Maximum loan value £50,000 capped at 25% of the company's turnover in the 2019 calendar year.

 

Who can apply

You can apply if you are self-employed, member of a partnership or running a company; there is NO limit on the size of business that can apply. To qualify, the business must:

  • have been trading as at 1 March 2020
  • NOT have been a "business in difficulty" as at 31 December 2019

 

Contact us on 020 8567 7733 if you need help with your application; we are working around the clock to help our clients in these difficult times and are available to ASSIST NEW CLIENTS without charge!

Self-employment Income Support Scheme

 

Friday 20 March 2020 - The Chancellor announced unprecented support for the 5 million self-employed whose businesses may have been affected by the Coronavirus (COVID-19).

 

Self-employed business owners and members of a partnership business are entitled to claim 80% of their profits from HMRC. However, various conditions have been set by the Chancellor.

 

Who can apply

You can apply if you’re a self-employed individual or a member of a partnership and you:

  • have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
  • traded in the tax year 2019-20
  • are trading when you apply, or would be except for COVID-19
  • intend to continue to trade in the tax year 2020-21
  • have lost trading/partnership trading profits due to COVID-19

 

If you are a director of a limited company, you do not qualify for the scheme but you may be able to claim under a different scheme "Coronavirus Job Retention Scheme".

 

 

How Can We Help?

We are here to answer your queries on the Self-Employment Income Support Scheme (SEISS). Don't worry if you are currently not our client, we are helping and guiding non-clients also FREE of charge.

 

DON'T DELAY - Conatct us today as we are working around the clock to make sure you do not lose out in claiming what you are entitled to.

 

The support is initially available for three months but the Chancellor has stated that if the epidemic continues, support for the self-employed will be extended.

 

Please contact us on 020 8567 7733 or email us to find out how we can help.

Other Support Available

 

1. Coronavirus Job Retention Scheme - enabling businesses to claim 80% of salaries from HMRC in respectr of any employees who have been "furloughed".

 

2. £10,000 grant for businesses who are entitled to the "Small Busines Rate Relief".

 

3. £25,000 grant for businesses in the retail, hospitality and leisure sector where the rateable value of their premises is between £15,000 and £51,000.

 

4. Business Rates Holiday for 2020/2021 for businesses in retail, hospitality and leisure sectors.

 

5. Business Rates Holiday for 2020/2021 for Nurseries.

 

6. VAT Deferment - any VAT due between 20 March and 30 June 2020 can be deferred. However, VAT Returns should be filed on the normal due dates.

 

7.  Second Income Tax payments on account for 2019/2020 due on 31 July 2020 can be defrred to 31 January 2021 without incurring fines or penalties.

 

8. Coronavirus Business Interruption Loan Scheme - enabling businesses facing cash flow issues to borrow up to £5m interest-free for the first 12 months.

 

DON'T DELAY - Conatct us today as we are working around the clock to make sure you do not lose out in claiming everything that you are entitled to. New announcements are being made on a daily basis. Don't Miss Out!!!

 

Please contact us on 020 8567 7733 or email us to find out how we can help.

 

 

 

FREE BUSINESS START-UP ADVICE & SUPPORT               Book Now: 020 8567 7733

Grover & Co.

Chartered Accountants 

and Registered Auditors

Anmol House
173 Uxbridge Road

London

W7 3TH

Tel: 020 8567 7733

Email: raj@grover.co.uk

Making an appointment

If you have any queries or wish to make an appointment please contact us:

 

Tel: 020 8567 7733

Email: raj@grover.co.uk

 

Alternatively, please use our contact form.

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