COVID-19

With the recent developments of the new worldwide pandemic coronavirus (COVID-19), the Chancellor has introduced a range of schemes to support you as a business and an individual. 

Here are the following updates and schemes available:

Bounce Back Loan Scheme (BBLS)

From 4 May 2020, small and medium-sized businesses can apply for the Bounce Back Loan Scheme (BBLS). Read more...

Coronavirus Job Retention Scheme (CJRS)

On 20 March 2020, the Chancellor announced the Coronavirus Job Retention Scheme. This scheme will provide government grants for up to 80% of employees’ salaries with a limit of £2,500 per month where the employee is not working. Read more...

Future Fund loans

The Future Fund is designed to support innovative UK businesses and start-ups that typically rely on equity investment. Read more...

The impact on property businesses

Many property businesses have already felt the impact of the coronavirus pandemic. But what does the future hold? Read more...

Will the stock market affect your pension pot?

The impact of COVID-19 on the stock market may have a significant effect on your investments and future plans.  Concern is a reasonable reaction, but it’s important to keep a clear head and plan your next steps wisely. Read more...

Improve your cash flow with R&D tax credits

Many SMEs are facing cashflow challenges during the coronavirus pandemic. However, if your business incurs expenditure on research and development (R&D), you may be able to reduce your corporate tax bill or receive a payable tax credit. Read more...

Employment Support for Directors of Small Limited companies

Financial assistance for people struggling with the COVID-19 pandemic was first announced for employees and then later for the self-employed. But, what about small businesses who trade through Limited Companies? Read more...

Deferment of VAT Payments

HMRC has deferred VAT payments from 20 March 2020 until 30 June 2020 to help the UK through the coronavirus crisis.The deferment is available to UK VAT registered business and does not cover VAT MOSS payments. Read more..

Covid-19 and VAT

We have put together a summary of items that businesses may want to consider with regards to mitigating VAT issues during this covid-19 pandemic. Read more...

The Self-Employed Income Support Scheme (SEISS)

SEISS applies to those treated as self-employed for tax purposes, i.e. sole traders or partners in partnerships that have been affected by the COVID-19 pandemic. The scheme will provide taxable grants worth 80% of average monthly profits over the past 3 years, up to a maximum of £2,500 per month. Read more...

Business Interruption Loan Scheme

The new COVID-19 Business Interruption Loan Scheme supports small and medium sized enterprises (SMEs) with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million in value and for up to six years. Read more...

Corporate Financing Facility (CCFF)

Under the Corporate Financing facility, the Bank of England will buy short-term debt (of up to one-year maturity) from larger, non-financial companies. There does not, at present, appear to be a clear definition of what defines a “larger company” but we understand that UK incorporated companies with a genuine business in the UK should qualify. Read more…

Business Loan Scheme expanded for large businesses

The Chancellor has revealed all viable businesses with a turnover of more than £45 million will be able to apply for the government-backed support. Read more...

Statutory Residence Test (SRT) 

The SRT determines an individual’s residence status for UK tax purposes. Before the outbreak of the virus, an individual could, in certain circumstances, spend some days (classed as “exceptional days”) in the UK without such days counting towards his resident test day total. Now, however, the Government has announced that if an individual meets certain criteria, then those days will also be treated as exceptional days and accordingly will not count as days spent in the UK. Read more...  

​IR35/off-payroll implementation delays

The introduction of the changes to IR35/OPW in the private sector will be postponed until April 2021. This deferral is part of the additional measures that have been announced by the government to deal with the economic impacts of COVID-19. Read more...

Statutory Sick Pay (SSP) relief for small and medium sized businesses (SMEs)

Small-and medium-sized businesses and employers can reclaim Statutory Sick Pay (SSP) paid out to employees. This will cover up to two weeks’ SSP per eligible employee absent due to coronavirus. The SSP rate for employees who are eligible is £94.25 per week. Read more…

Grants & Rates relief for Retail, Hospitality or Leisure businesses

This scheme offers a business rates holiday. No rates will be payable for the 2020-2021 tax year. In addition, grant funding of £25,000 is available for businesses that own property with a rateable value between £15,000 and £51,000. Grant funding of £10,000 is available for businesses with a rateable value of under £15,000. Read more…

Grant for recipients of Small Business Rate Relief

This grant is a one-off cash amount of £10,000. Eligible businesses are small businesses that already receiving small business rate relief (generally, businesses with one property with a rateable value < £15,000) and/or rural rate relief, based in England, and occupying property. Read more…

Change to insolvency law to support businesses under pressure

Businesses feeling increasingly under pressure due to the current global health crisis have been thrown a lifeline. Insolvency rules have been relaxed retrospectively from 1 March 2020 for three months. This will allow companies in danger of collapse to continue trading. Read more…

Deferment of 31 July 2020 Income Tax Liabilities

Any income tax payments that you were due to pay by 31 July 2020 will be deferred until 31 January 2021. This is an automatic offer that applies to all taxpayers. The deferral is optional. However, self-assessment returns should still be filed by their due date. Read more…

Mortgage/rent holiday

Mortgage borrowers can apply for a three-month payment holiday from their lender. Please note that interest will still be charged on the amount owed. Buy-to-let mortgages are also eligible. Tenants can apply for a three-month payment holiday from your landlord. It is anticipated that some guidance will be issued to landlords soon. Read more...

Universal Credit/Employment and Support Allowance

If you are not eligible for Statutory Sick Pay (SSP) perhaps because you are self-employed or earning below the Lower Earnings Limit of £118 per week and you have COVID-19 or are advised to stay at home, you can make a claim for Universal Credit and/or Employment and Support Allowance. Read more…

Charities to receive support by the Government

The Chancellor has announced a £750 million package to support thousands of UK charitiable organisations to continue their vital work during the Coronavirus outbreak. 
Read more...

How we are working

Lubbock Fine is working remotely to protect our staff and clients. For more information about our response to the COVID-19 pandemic, click here.

Contact

If you have any concerns or would like to discuss further, please contact your usual Lubbock Fine key professional or alternatively email us at enquiries@lubbockfine.co.uk

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