The government’s Coronavirus Business Interruption Loan Scheme (CBILS) will put valuable R&D tax credits for small and medium businesses (SMEs) at risk, warns accountants and business advisers Kreston Reeves. CBILS are considered ‘fully notified state aid’ with rules stating that companies can only be in receipt of one form of state aid. The problems occur […]
The banking and finance sector has lent over £1.1bn to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), UK Finance has revealed today. Total lending under the scheme has grown by £700m in the last week, an increase of 150%. 6,020 loans have now been provided through CBILS, more than double the […]
New research by IPSE (the Association of Independent Professionals and the Self-Employed) has found that almost half (45%) of the self-employed fear they will not have enough money to cover basic costs like rent and bills during the coronavirus crisis, despite the government support on offer. Overall, two thirds (66%) also say they are worried […]
Ebury, one of Europe’s largest fintech companies, is launching an initiative to offer financing to SME’s in the UK and Europe. An initial £40m lending facility to help UK SMEs manage their working capital during the coronavirus crisis is available now and Ebury aims to expand this program into the hundreds of millions in collaboration […]
HMRC have announced that importers and holders of Duty Deferment accounts can delay or make part payment of their customs duty and import VAT liabilities normally due for payment on 15th day of each month, say leading tax and advisory firm Blick Rothenberg Alan Pearce, VAT partner as accountancy firm Blick Rothenberg commented: “This is […]
A family-run bed shop trading in Hampshire for more than 30 years has safeguarded jobs amid the coronavirus crisis with a five-figure emergency loan from longstanding banking partner Lloyds Bank. Ian Cleary has been running Forty Winks Bed Co. in Farnborough for three decades, having started the business with his father when he was just […]
Corporate Linx has launched its new “Rapide Reverse” solution targeted specifically at medium sized companies. Rapide Reverse is a fast track implementation of Corporate LinX’s supply chain finance solution. It is designed to enable medium sized companies to support their key suppliers and protect their vital supply chains around the world during these challenging times. […]
Countingup, the number one banking and accounting app in the UK, has launched a free furlough calculator, acccessible at covid19.countingup.com, to help small businesses impacted by coronavirus. This is in addition to a grant calculator which the company launched on 8th April 2020 to help self-employed sole traders determine grants under the SEISS (Self-Employment Income […]
ONS labour productivity data from Q4 2019 revealed that productivity, as measured by output per hour, saw a small rise of 0.3% compared with the same quarter a year ago. This rise was caused by gross value added (GVA) growing at 1.1% compared with the same quarter a year ago, while hours worked grew by […]
It’s predicted that as many as a million local businesses may not survive a four-week-long coronavirus lockdown. As the isolation period stretches onwards, many formerly profitable restaurants, shops and other local businesses fear they may never re-open their doors. But a new local business voucher scheme could come to the rescue of many popular local […]
