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Stripe Accountants Edinburgh

Stripe Accountants Edinburgh

Accounts For Small Businesses Edinburgh Scotland

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COVID-19 latest news: small businesses

May 4, 2020 by info@stripeaccountants.com

COVID-19 latest news for small businesses

Bounce Back loan scheme

The Government have announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up to £50,000, with the government guaranteeing 100% of the advance.

The ICAEW have published a news article setting out more detail on the scheme: Government launches new small business micro-loan scheme

VAT payment deferral

The UK government is supporting businesses during the coronavirus crisis by deferring VAT payments. VAT payments due before 30 June 2020 will not now need to be made until 31 March 2021.

HMRC guidance on this temporary change can be found here: Deferral of VAT payments due to coronavirus (COVID-19)

Cash grants for businesses receiving Small Business Rates Relief

For those businesses which occupy property and receive Small Business Rates Relief (Small Business Bonus Scheme in Scotland), cash grants of £10,000 will be available.

See the ICAEW summary of this scheme here for an overview.

The Coronavirus Business Interruption Loan Scheme (CBILS)

This loan scheme provides support for businesses to access funding if certain eligibility criteria are met.

See the ICAEW summary of this loan scheme here for an overview.

Creative or Tourism and Hospitality Enterprises Hardship Fund

The Scottish Government have launched this Fund to support small Scottish creative, tourism and hosptality companies who have experienced at least 50% loss of current or porjected revenue as a result of COVID-19 and have not been in receipt of any other COVID-19 related support other than the furlough scheme.

Full information can be found on the Scottish Govermnet/ Business Gateway support page here.

Filed Under: Stripe

COVID-19 latest news: directors of small limited companies

May 4, 2020 by info@stripeaccountants.com

COVID-19 latest news for directors of small limited companies

Eligibility for coronavirus job retention schem (CJRS)/ furlough

The ICAEW have published information on the interaction between the furlough scheme and directors of small limited companies in the article ‘Sole directors and the Coronavirus Job Retention Sheme’ which can be found here.

Filed Under: Stripe

COVID-19 latest news: self-employed

May 4, 2020 by info@stripeaccountants.com

COVID-19 latest news for the self-employed

Self-employed income support scheme (SEISS)

If you are self-employed or a member of a partnership in the UK and have lost income due to coronavirus (COVID-19) this scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month.

The ICAEW have published guidance on the self-employed income support scheme (SEISS) which can be found here

HMRC guidance on this scheme includes:

  • Check if you can claim a grant through the Self-Employment Income Support Scheme– ‘If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.’
  • How HMRC works out trading profits and non-trading income for the Self-Employment Income Support Scheme– ‘Find out how HMRC will work out your trading profits and non-trading income if you’re self-employed or a member of a partnership and have been adversley affected by coronavirus (COVID-19).’

Deferral of self-assessment payment

Of benefit to many of the self-employed, the second self-assessment payment on account that is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until 31 January 2021.

Confirmation of this move can be found on the HMRC website here.

Newly Self-Employed Hardship Fund

The Scottish Government have launched a hardship fund to support the newly self-employed, defined as those who became self-employed on or after 6 April 2019 and are ineligible for other COVID-19 related business support. This funding is accessed through your local authority’s website, and more information on the Fund can be found on the Scottish Government/ Business Gateway support page here.

Filed Under: Stripe

COVID-19 latest news: employers

May 4, 2020 by info@stripeaccountants.com

COVID-19 latest news for employers

Coronavirus Job Retention Scheme

The latest information on the ICAEW COVID-19 hub for employers in relation to the Coronvirus Job Retention Scheme (CJRS) can be found here

This is a good overview setting out the ICAEW’s understanding of the policy and how it works, based on information published by the Government. In the words of the ICAEW ‘it should not be relied on for advice at this stage, but is intended to give an indication of how the scheme will work‘.

HMRC’s guidance in relation to the CJRS can be found here and is regularly updated.

Clam back Statutory Sick Pay paid to employees due to coronavirus

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.

HMRC guidance on this rebate scheme can be found here.

Filed Under: Stripe

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Avatar FreeAgent @freeagent ·
September 13, 2022

Last week, new Prime Minister Liz Truss announced that financial support will be offered to businesses in England, Scotland & Wales in response to the energy bills crisis. Here's what you need to know ⬇️ https://bit.ly/3S02BbK

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Avatar FreeAgent @freeagent ·
September 2, 2022

Self-employed and have to regularly travel for work? Here are a few tips for working out which travel and accommodation costs you can include in your business’s accounts 🚘 https://bit.ly/3zMnlwd

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Avatar Scottish Music Industry Association (SMIA) @thesmia ·
February 15, 2021

🚨 FUNDING DEADLINE REMINDER

@chambermusicsct launch Musicians' Recovery, Resilience + Growth Project in partnership w/ @RCS_TheExchange.

ℹ️ Support for Scotland-based musicians incl. coaching @LeeHollandCoach + £1000.

📅 Apply by 22 February 2021 👇
https://www.smia.org.uk/blog/chamber-music-scotland-musicians-recovery-resilience-and-growth-project/

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