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Coronavirus Support Updates for Businesses

Recovery Loan Scheme

The latest support for businesses adversely affected by the pandemic comes in the shape of the Recovery Loan Scheme (RLS)

These loans are designed to assist businesses to grow and recover following the pandemic.  Here’s what we know about them: 

The Details

  • The government guarantees 80% for the lender, which should make them easier to secure (though you will still be 100% liable for repayment)
  • Applications are open until 31st December, 2021
  • They come in the form of:
    • term loans or overdrafts of between £25,001 and £10 million per business
    • invoice or asset finance of between £1,000 and £10 million per business

Check if You Are Eligible

  • To be eligible you must be trading in the UK and show that your business –
    • would be viable were it not for the pandemic
    • has been adversely impacted by the pandemic
    • is not in collective insolvency proceedings (unless your business is in scope of the Northern Ireland Protocol in which case different eligibility rules may apply)

  • If you meet the criteria you can apply, regardless of whether you have already received a CBILs or BBL.

More information and a full list of accredited lenders can be found on the British Business Bank

Creative Industries Fund

Innovate UK, part of UK Research and Innovation, is to invest up to £2.5 million in innovation projects.

The aim of this competition is to provide a package of targeted support for growth so ambitious, creative businesses can reach their potential.

You can find out more about the scheme and eligibility criteria here.

Job Retention Scheme

The Job Retention Scheme has been extended until September 30th, 2021. You can find out more about who is eligilble, how to apply, and what you need to allow an agent (such as your accountant) to apply for your business here.

How to Repay Deferred VAT

The VAT deferral was a lifeline for many businesses. However, if you deferred VAT payments because of coronavirus, you must make arrangements to repay it. There are some options on how to pay:

  • Pay Deferred VAT in full – If you want to pay your VAT in full you must do so by June 30th, 2021. You can find out how to do that here.
  • Alternatively, you can join a payment scheme to pay your deferred VAT in instalments. You can find out more abut this here. The number of installments depend on when you join the scheme.

Starting from:

May 19th, 2021

June 21st, 2021

Number of instalments

9

8

  • If you cannot pay your deferred VAT on time, you must contact HMRC to make arrangements with them. You can find out more about what to do if you cannot pay here. You can do this by filling in the form VAT652 and send it to the VAT Error Correction Team

Artisan Office Updates

  • We are currently operating a full service.
  • Despite the coronavirus we can still e-meet with you or speak to you on the telephone. Call us or email us in your usual way, though please be patient. We are dealing with more enquiries than usual at the moment, but we will try to come back to your as quickly as possible.
  • We continue to be fully staffed.  This may change and we may have a slower response time if that happens.  
  • We continue to make sure that we meet filing deadlines to complete your accounts, tax returns, VAT, payroll and other requirements.

Coronavirus Uncertainty: Ways We Can Help

We are committed to being available to support you to the best of our ability. In times like this, we all need to pull together. If you need anything, please let us know. For example, here are some of the ways we can help:

  • Provide cashflow forecasting to see when the pinch-points will happen for your business
  • Help you find cost-effective finance to see you through this difficult trading period
  • Support you to negotiate time to pay agreements with HMRC for your tax bill
  • Do your bookkeeping to help you get your records straight so you can take an informed decision for what to do for your business. (If you can scan and email your documents, we can process them for you)
  • Advise you on accessing tax rebates you may have been putting off, such as R&D Tax Credits.
  • A sounding board – we know that being a business owner in tough, uncertain times is not easy. So remember, we are there to listen and where appropriate, give advice. Call us or email at team@artisan-accounts.co.uk to book an appointment.
  • When you’re ready we can discuss ways to make your business more resilient going forward.