The office of Llyr James is closed to the public, but it is our intention to remain open for the duration of the current restrictions.
We are available on the phone and by email.
GOVERNMENT SUPPORT as of 4th May 2020
NEW Bounce Back Loan
Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the cash expected to land within days.
The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
Who cannot apply
The following businesses are not eligible to apply:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
If you’re already claiming funding
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
How to apply
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website.
The Welsh Government has introduced 2 separate grant schemes, the Non Domestic Rates grant and the Economic Resilience Fund.
Welsh Government Business Grants
The Welsh Government is working in partnership with local authorities to deliver the grants to qualifying businesses. This grant is for Business Rate paying premises only and is split into 2 parts:
Grant 1: A grant of £25,000 is being made available for retail, leisure and hospitality businesses occupying properties with a rateable value of between £12,001 and £51,000. This means businesses that occupy properties such as shops, restaurants, cafes, drinking establishments, cinemas, live music venues, hotels, guest and boarding premises and self-catering accommodation.
Grant 2: A £10,000 grant to all businesses eligible for small business rates relief (SBRR) in Wales with a rateable value of £12,000 or less. Please note that the multiple property restriction which applies to Small Business Rates Relief also applies to this grant. Therefore, the same ratepayer may only receive the grant for a maximum of two properties in each local authority area.
Further details of the Scheme and links to Local Authority Websites to apply is available here: COVID-19 Grants
Economic Resilience Fund has been paused.
In its first week the second phase of the Economic Resilience Fund received almost 9,000 requests for support. Due to the scale of demand, Welsh Government increased the amount of funding for this phase to £300 million.
The Fund is now paused following the very large number of applications to give Welsh Government an opportunity to consider what further support businesses, charities and social enterprises need.
Development Bank of Wales
For details of the financial support available from the Development Bank of Wales please visit their website:https://developmentbank.wales/
£100 million Development Bank of Wales loan scheme fully subscribed in first week
The COVID-19 Wales Business Loan Scheme is fully subscribed after more than 1,500 applications were received in just over one week.
The £100 million scheme was launched on Monday 30 March as part of the Welsh Government’s £500 million Economic Resilience Fund to support businesses in dealing with coronavirus outbreak.
The first loans were approved within three days of the fund launch, with the first loans reaching applicants by the end of last week.
Business Interruption Loan Scheme
A new temporary Coronavirus Business Interruption Loan Scheme, covering a variety of different products such as loans, overdraft, invoice finance and asset finance, delivered by the British Business Bank, has launched on the 23 March to support primarily small and medium sized businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value. Businesses can access the first 12 months of that finance interest free, as government will cover the first 12 months of interest payments.
Further details can be found at: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
SUPPORT FOR THE SELF EMPLOYED
he UK Government has announced a package of support for the Self Employed impacted by the Coronavirus outbreak, bringing support to the same level as that for employees.
The new Self-Employed Income Support Scheme, means those eligible will receive a cash grant worth 80% of their average monthly trading profit over the last three years. This covers 95% of people who receive the majority of their income from self-employment.
Individuals will apply directly to HMRC for the taxable grant, using a simple online form, with the cash being paid directly into people’s bank account.
The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.
To qualify, more than half of their income in these periods must come from self-employment.
To minimise fraud, only those who are already in self-employment and meet the above conditions will be eligible to apply. HMRC will identify eligible taxpayers and contact them directly with guidance on how to apply.
The income support scheme, which is being designed by HMRC from scratch, will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 months, and will start to be paid at the beginning of June.
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.
Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.
Before grant payments are made, the self-employed will still be able to access other available government support for those affected by coronavirus including more generous universal credit and business continuity loans where they have a business bank account.
For further information on the Self Employment Support Scheme follow this link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
CORONAVIRUS JOB RETENTION SCHEME (CJRS)
This scheme is now up and running and the first payments to employers have been made.
Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the payroll, otherwise described as “furloughed workers”. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant. The Coronavirus Job Retention Scheme will cover the cost of wages backdated to 1st March and is initially open for 3 months but will be extended if necessary.
All UK-wide employers with a PAYE scheme will be eligible – this includes the public sector, Local Authorities and Charities.
Please contact us if you need help in managing the CJRS.
For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.
All UK businesses are eligible. How to access the scheme.
This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
If you normally pay by direct debit you should cancel the direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.
INCOME TAX PAYMENT ON ACCOUNT DEFERRAL
For Income Tax Self-Assessment, payments due on the 31st July 2020 will be deferred until the 31 January 2021.
If you are self-employed you are eligible. This is an automatic offer with no applications required.
No penalties or interest for late payment will be charged in the deferral period.
HMRC have also scaled up their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities (See below)
SUPPORT FOR BUSINESSES PAYING TAX: TIME TO PAY SERVICE
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. You are eligible if your business pays tax to the UK government and has outstanding tax liabilities.
If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559. If you’re worried about a future payment, please call them nearer the time.
SUPPORT FOR BUSINESSES WHO ARE PAYING SICK PAY TO EMPLOYEES
The Government will make legislation to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:
- this refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19
- employers with fewer than 250 employees will be eligible - the size of an employer will be determined by the number of people they employed as of 28 February 2020
- employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19
- employers should maintain records of staff absences and payments of SSP, but employees will not need to provide a GP fit note. If evidence is required by an employer, those with symptoms of coronavirus can get an isolation note from NHS 111 online and those who live with someone that have symptoms can get a note from the NHS website
- eligible period for the scheme will commence the day after the regulations on the extension of SSP to those staying at home comes into force
- the government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible.
You are eligible for the scheme if your business is UK based and your business is a small or medium-sized and employs fewer than 250 employees as of 28 February 2020.
COMPANIES TO RECEIVE 3-MONTH EXTENSION PERIOD TO FILE ACCOUNTS DURING COVID-19
From 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts.
This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.
As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.
Applying for an extension:
We understand that the current situation could lead to difficulties for our clients with regards to their finances and decisions to be made regarding how to proceed.
If there are any issues that you believe that we can help you with, please contact us and we will do our best to help you.
We at Llyr James Cyf believe that the most important thing is that we follow the guidelines from the Government to ensure that everyone remains as healthy as possible.
Guidance is changing almost daily, however we believe that these websites, outlining the support available, are updating regularly: -
We offer a full-range of accountancy and auditing services to large and small companies and sole traders.
We are professional, bilingual and client focused.
We always aim to smooth out the complications of accounting for our clients. We get to know you and always return phone calls the same day, queries are answered promptly.
Our relationship with clients is of prime importance - there will be at least two team members familiar with every aspect of each client's requirements.
- Accounts Preparation
- Audit of accounts
- Tax Compliance Work
- Self Assessment Tax Returns – Individual and Corporate
- Tax and VAT Planning
- Advice on Accountancy Systems
- Management Information
- Cash Flow Projections
- Full assistance and advice in the process of making tax digital
- Tax credits