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Furlough claims

Furlough claims

HMRC has issued a reminder that claims for furlough days in February 2021 must be made by 15 March 2021.  Follow this link to learn more about the scheme, including: How different employment conditions affect eligibility If employees’ health has been affected by coronavirus For employees on or recently returned from leave Other types of...

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Flexible repayment options announced for Bounce Back Loan borrowers

Flexible repayment options announced for Bounce Back Loan borrowers

The Chancellor has announced repayment flexibilities for Bounce Back Loan borrowers, with the ability to tailor payments according to individual circumstances. The scheme provides the option for small and medium-sized businesses to access finance more quickly during the coronavirus outbreak.  The new options include: Extending the length of the loan from six to ten years...

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FCA Guidance on Pay as you Grow Repayment of Bounce Back Loans

FCA Guidance on Pay as you Grow Repayment of Bounce Back Loans

It is important for member businesses with Bounce Back Loans to be aware of the following information. The FCA has published guidance to loan providers on how they are expected to treat businesses that have decided to use the Pay As You Grow (PAYG) repayment option for their Bounce Back Loan. The core principle in...

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Wales: ERF Sector Specific Grant and funding update

Wales: ERF Sector Specific Grant and funding update

The Sector Specific Grant application window is still open to support hospitality, tourism and leisure businesses and associated supply chain businesses impacted by the restrictions introduced on 4 December 2020 in Wales. The fund will close for application at 12pm on Friday 29 January 2021; find out if you’re eligible and apply by using the...

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VAT Deferral Scheme and error correction

VAT Deferral Scheme and error correction

HMRC has updated the guidance on the VAT Deferral Scheme to include a new section on how to correct errors on VAT returns related to the deferral periods. If a business finds an error it should: fill in form VAT652 send it to the VAT Error Correction Team If the error results in the need...

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Guidance on the new Closed Business Lockdown Payment

Guidance on the new Closed Business Lockdown Payment

The Government has now published its guidance on the new Closed Businesses Lockdown Payment announced last week, and updated the eligibility for the LRSG (see details in the attached PDF) – the period is extended to 6 weeks and it will no longer be paid in arrears. The key points on these two grants are:...

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Calculating CJRS claims

Calculating CJRS claims

The Government has updated its guidance on calculating claims under the Coronavirus Job Retention Scheme (CJRS). This clarifies the information relating to claim period deadlines and timings, and includes graphics to help visualise the process. Of particular note is that when making a claim: you do not have to wait until the end date of the...

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CJRS – extension of furloughing from 1 November 2020

CJRS – extension of furloughing from 1 November 2020

The Government has now published the guidance for the extended CJRS. The guidance is an updated version of the original guidance, with details of how to claim for periods after 1 November 2020. Of particular note is the reference period for calculating claims is prior to 18 March 2020 for people who were employed before...