Keeping You In The Loop

With Our Latest News And Blog Posts

We'll look to keep everyone up to date with all general goings on here at Spirare as well as offer our take on
industry related news

Additional Grants for Small business

Additional Grants for Small business 

On the 2 May 2020, the Government announced additional support for small business that did not meet the existing criteria.

It has been widely reporting in the media that many businesses with property are missing out on the financial support.

The Government have therefore set up a discretionary fund to assist these businesses that have ongoing fixed property related costs.

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Bounce Back Loans

Bounce Back Loans

The 4 May sees the launch of the Bounce Back Loans. This is aimed at the small and micro entities that require loans.

Further information has been released from our last article.

The interest rate for the facility is set at 2.5% per annum.

Lenders are not permitted to take personal guarantees or take recovery action over the borrower’s personal assets. 

The borrower remains 100% liable for the debt.

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Self Employed Income Support Grant

Who can apply for the grant?

Following the announcement by the Chancellor Rishi Sunak on 26 March 2020 advising of the emergency package to support 5 million self-employed workers throughout Britain, there has been a further update to the guidance.

The scheme will be available to self-employed individuals or members of business partnerships, if the following are met:

  • You have been adversely affected by COVID19 – please see below
  • You traded in the 2018/19 tax year and your personal self-assessment tax return for 2018/19 was filed by 23 April 2020
  • You continued to trade in the 2019/20 tax year
  • You intend to continue to trade in the 2020/21 tax year

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Bounce Back Loans

On the 27th April the Government announced new support for small business. The ‘Bounce Back Loans’ should provide new fast track finance to small business.

Also called the Micro Loan Scheme, it provides small business with access to finance up to 50,000.

We have little detail of the scheme but we are aware of the following:

  1. The value of the loan will be 2,000 to 50,000
  2. The loan will be capped at 25% of the entity’s turnover
  3. The Government will pay the interest for 12 months
  4. No fees are payable on the arrangement of the facility
  5. Loan terms are no longer than 6 years
  6. No loan repayments are due for 12 months
  7. The interest after year one will based on a low standardised level of interest
  8. The Government will provide the lenders with a 100% guarantee on loan

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Job Retention Scheme updates

HMRC have changed the eligibility criteria for the Scheme. The following two points are the main changes:

  • You can claim for employees that were employed as of the 19 March 2020 and were on your PAYE payroll on or before that date; this means that you will have made an RTI submission notifying HMRC of payment of that employee on or before 19 March 2020
  • Employees that were employed as of 28 February 2020 and on payroll (i.e. notified to HMRC on an RTI submission on or before 28 February) and were made redundant or stopped working for you after that, and prior to 19 March 2020, can also qualify for the scheme if you re-employ them and put them on furlough

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Job Retention Scheme

ACTION NEEDED NOW TO AVOID DELAYS IN YOUR FUROLUGH CLAIMS

It was announced last night further details of how to make claims:

  • The online claim service will be launched on GOV.UK on the 20 April 2020, you should not try to access it before this date
  • The only way to claim is online and the process is stated to be simple
  • Either you or Spirare can make the claims
  • Claims it has been stated will be paid within 6 working days

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