So finally the government has listened. there are two significant pieces of news this week. Firstly the announcement of the bounceback loans. Unlike the business interruption loans these have really favourable terms for lenders. Full terms can be found here https://www.gov.uk/government/news/new-bounce-back-loans-to-launch-today
And finally there's some good news for the self-employed too. The government announced several months ago the Self-employed Income Support Scheme (SEISS). This is a grant paid to the self-employed based on 3 months average earnings, which is calculated from the previous 3 years tax returns. This was due to be paid in June, but HMRC will be writing to taxpayers in May to advise entitlement and will pay claims within 6 days on average, with the portal to make a claim open in May. Agents cannot apply on taxpayers behalf. It should be straightforward and taxpayers will only need their UTR and NI number to apply.
Many businesses were left behind with some of the government measures. The furlough scheme has been welcome, but has left some business owners feeling short-changed as has the SEISS scheme. The bounceback loan could be a lifeline to those not eligible for other financial help.
In the meantime, Covid19 is keeping us extremely busy. Every time we think it might settle down we are inundated again. We are still open for business though and are looking for new clients all the time.