business news update

Covid-19 Business Updates

Business news update

  • Workplace Safety – the government have released workplace safety guidance HERE
  • Home Working Assets – HMRC have confirmed there will be no benefits in kind on assets purchased or reimbursed by employees to enable them to work at home. Very sensible in our view and allows the purchase of assets to support this transition.
  • Grants – more guidance HERE has been issued to local authorities about the distribution of discretionary grants to small businesses who may have missed out on the grants linked to business rates and properties. You will need to get in touch with your local authority to apply.
  • Loans (Bounce Back and CBILS) – bounce backs are really popular and some banks are taking longer than others to process, new banks like Starling, Bank of Ireland and Skipton have been accredited. Watch out though for the nasty £16,250 tax trap. If you get a loan to cover your own personal director’s drawings you could be in for a nasty tax surprise if you don’t have enough profits to cover the dividends. If you think that might be the case for you contact your client manager to discuss as a revised payroll strategy will be needed. Dave ‘down the pub advisor’ has now migrated online and I am seeing little posts like this crop up which make me cringe.

Self Employed Support Scheme (SEISS) – launched on 13th May, very high demand as anticipated. Access to the portal is being staggered according to UTR so you may have different start dates. The checker link is in the resource centre and the claim is to be done in your own personal government gateway account.

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