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 - We can Help! Contact us for FREE Advice.

Discretionary Business Support Grants

 

Thursday 18 June 2020 - Discretionary Business Support Grant. The Business Secretary, Alok Sharma, on 1 May 2020 promised additional funding to local authorities in order to assist businesses who are not entitled to the £10,000 Small Business Grant or the £25,000 Retail, Hospitality & Leisure Grant. These grants were paid automatically in April to qualifying businesses who were paying business rates or were exempted from business rates as a result of the Small Business Rates Relief.

 

However, a lot of small businesses missed out as they are operating from serviced offices or are market traders, etc. and therefore not paying business rates. Additionally, bed & breakfast businesses do not qualify as they are required to pay council tax and not business rates. The discetionary fund is therefore designed to help these businesses who have not received any financial support. London Borough of Ealing has received £3.3m top-up funding from the Government and has today announced that it is making available grants of £2,500, £5,000 and £10,000 to qualifying businesses. 

 

*** STOP PRESS *** Ealing's applications went live on Thursday 18 June and will remain open until Thursday 2 July 2020 DON'T MISS OUT - contact us on 020 8567 7733 if you need our help in applying for a grant (NOT LOAN) of up to £10,000.

 

London Borough of Hounslow has received £1.8m from the Government and opened up it's applications on Wednesday 10 June 2020. Grants of either £5,000, £10,000 or £25,000 are up for grab on a first-come, first-served basis. London Borough of Barnet is also accepting applications on their website for grants of £5,000, £7,500 or £10,000.

 

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!

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.

 

The 10 banks that had been originally accredited on 4 May 2020 to provide the Bounce Back Loans has now increased to 20 as at 7 June 2020. 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. Most of the 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.

 

Monday 8 June 2020 - Metro Bank started accepting Bounce Back Loan applications around midday today. We managed to secure a loan of £50,000 for one of our clients within hours of Metro Bank's applications going live.

 

"I received the money from Metro Bank, thanks. I have paid all my suppliers that I have owed for months; it's a great relief. Thanks for sorting it out". Email received from a client on 9 June 2020.

 

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 29 May 2020 - The Chancellor, Rishi Sunak, has extended the scheme enabling millions of self-employed individuals to claim a second grant in August 2020 which will now be 70% of profits from self-employment capped at £6,570.  If you wish to claim a second grant, you will have to confirm that your business has been adversely affected on or after 14 July 2020. You can claim the second SEISS grant even if you did not make a claim for the first grant.

 

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 - Deadline 13 July 2020 for the first Grant

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 by 23 April 2020
  • 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.

Our mission is to provide a personal and comprehensive service to ALL our clients at a transparent fixed fee; our range of services include :

  • Bookkeeping
  • Annual Financial Accounts
  • Monthly Management Accounts
  • VAT Returns
  • Payroll Bureau
  • Business Start-Up Advice & Support
  • Self Assessment Tax Returns
  • Tax Saving Advice
  • Sage Installation, Training & Support
  • Undertaking weekly/monthly Bookkeeping / Accountancy services on-site at clients' premises
  • Financial Records and Accounts MOT © 
  • Transparent Fee Structure

 

Our expertise includes:

  • Business start-ups
  • Auto Enrolment
  • Sole Traders
  • Sage Training
  • Xero Training
  • FreeAgent Training

Our team includes qualified Chartered Accountants who have over 25 years of accountancy and taxation experience. We are are proud to be a member firm of the prestigious Institute of Chartered Accountants in England and Wales (ICAEW).

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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