When the chancellor announced a scheme for the self-employed similar to the Coronavirus Job Retention Scheme most of the 5m self-employed in the UK breathed a sigh of relief even though it had been a long time coming. It wasn’t long, however, before HMRC started to reject applications from self-employed people excluded from the scheme.…
Category: Finance
It make you wonder who to believe – 2
If you read my blog on Sunday you could be forgiven for wondering if you can believe anything the government and civil servants tell us about the economy. So when the governor of the Bank of England issued a statement on Monday you probably thought “At last – someone sensible. He’ll tell us what is really going…
It makes you wonder who to believe
While most of us, quite rightly, have been focused on the easing of the lock-in and when we can get back to work we have also just witnessed one of the most extraordinary weeks in the political economy. On Wednesday a young black lad brought up on the largest council estate in Europe persuaded the…
Update on the Self-employed Income Support Scheme
The SEISS portal open for applications in phases between 13 and 18 May. Here is the latest information we have the on the scheme. Eligibility checker HMRC’s eligibility checker went live on 4 May and is available to taxpayers and their agents. In a small number of cases, the checker is giving an incorrect not-eligible result. This mostly affects…
New ‘top-up’ rates grants available for left-out businesses
The government has made extra money available to a range of businesses not previously covered by business rates holidays or support grants. The new discretionary ‘top-up’ fund caters for small businesses with ongoing fixed property costs. The kinds of businesses that may now qualify for help include those in shared workspace offices, regular market traders and small…
Have you applied for your Bounce Back Loan yet?
If you run your own business as either a sole trader or limited company there won’t be many days when the government gives you something for free. But today is one of those days. The Bounce Back Loan Scheme (BBLS) went live on this morning. Businesses can borrow up to £50,000 (or 25% of their annual…
Have you applied for your Bounce Back Loan yet?
If you run your own business as either a sole trader or limited company there won’t be many days when the government gives you something for free. But today is one of those days. The Bounce Back Loan Scheme (BBLS) went live on this morning. Businesses can borrow up to £50,000 (or 25% of their annual…
Small companies to get 100% loan guarantees
Bowing to pressure from business groups and MPs to boost the generosity of the government guarantee on its emergency loan scheme during the pandemic, the Chancellor has announced that the UKs smallest businesses will be offered 100% government-backed rescue loans. As recently as last week he said he was “not persuaded” by calls to provide…
Government launches Future Fund for struggling start-ups
The government has unveiled a new £1.25bn package designed to ensure that early stage companies receive enough investment to remain viable during the coronavirus crisis. Launching in May 2020, the Future Fund will provide government loans to UK-registered companies ranging from £125,000 to £5m, subject to at least equal match funding from private investors. The…
Pressure intensifies for 100% government-backed business loans
The pressure on the Chancellor to offer 100% government-backed loans to prevent thousands of businesses from going out of business is working. Banks and other commercial lenders, which must currently cover 20% of loan losses under the government scheme, have been turning down requests to borrow rescue funds that could allow firms to remain solvent through the…
