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 26th June 2020
Bounce Back Loan
The COVID-19 Bounce Back Loan Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% a year.
- up to £50,000 loan – loans will be from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower
- 100% guarantee – the scheme provides the lender with a government-backed, full guarantee (100%) against the outstanding facility balance, both capital and interest
- interest rate – the UK Government has set the interest rate for this facility at 2.5% per annum, meaning businesses will all benefit from the same, low rate of interest
- interest paid by the UK Government for 12 months – the UK government will make a Business Interruption Payment to the lenders to cover the first 12 months of interest payable, so businesses will benefit from no upfront costs
Firms will be able to access these loans through a network of accredited lenders.
Further details can be found on the GOV.UK website.
The Welsh Government has introduced 2 separate grant schemes, the Non Domestic Rates(NDR) grant and the Economic Resilience Fund.
The Covid-19 non-domestic rates (NDR) grant schemes will be closing to new applications at 5pm on 30th June 2020. If you are eligible and you have not already applied, please ensure that you apply via your local authority before this date. Any applications received after 5pm on 30 June 2020 will not be considered.
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.
A £10,000 grant to all ratepayers eligible for charitable relief and Community Amateur Sports Clubs (CASC) relief, operating in the retail, leisure and hospitality sectors occupying properties with a rateable value of £12,000 or less. Local authorities have discretion to provide grants to not-for-profit bodies they consider to be operating for charitable purposes but aren’t currently receiving charitable relief or CASC relief. This discretion will only apply to not-for-profit organisations who are in receipt of or have entitlement to discretionary rates relief and operate in the retail, leisure or hospitality sectors.
The multiple property restriction applied to the Small Business Rates Relief scheme applies to this grant. Therefore the same ratepayer may only receive the grant for a maximum of two properties in each local authority. This multiple property restriction also applies to charities and CASC.
Further details of the Scheme and links to Local Authority Websites to apply is available here: COVID-19 Grants
Economic Resilience Fund
In response to the COVID-19 outbreak the Welsh Government has announced a further extension to the Economic Resilience Fund support for businesses in Wales, in addition to the support provided by the UK Government.
Businesses can now find out if they are eligible to apply for financial support from the next phase of the Welsh Government’s Economic Resilience Fund (ERF).
The ERF is designed to support businesses, social enterprises and charities that are not eligible for other Welsh Government COVID-19 non-repayable grant support schemes.
Eligible businesses can claim up to:
£10,000 for micro businesses
£100,000 for SMEs
£690,000 for large businesses
The online eligibility checker has reopened to allow companies time to prepare their applications, and businesses will be able to make applications for support on 29 June 2020.
Complete the COVID-19 support eligibility checker to find out if your business is eligible.
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
Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
Individuals will be able to make their claim based on their Unique Tax Reference number. This can be checked on HMRC’s online checker and those eligible will receive government grant worth up to £7,500.
Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:
- earn at least half of their income through self-employment
- have trading profits of no more than £50,000 per year
- traded in the tax year 2018 to 2019 and submitted their Self-Assessment tax return on or before 23 April 2020 for that year
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 please visit the GOV.UK website.
CORONAVIRUS JOB RETENTION SCHEME (CJRS)
If you cannot maintain your workforce because your operations have been affected by coronavirus (COVID-19), you can furlough employees and apply for a grant to cover a portion of their usual monthly wage costs where you record them as being on furlough.
From 1 July , employers can bring furloughed employees back to work for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked. From this date, only employees that you have successfully claimed a previous grant for will be eligible for more grants under the scheme. This means they must have previously been furloughed for at least 3 consecutive weeks taking place any time between 1 March and 30 June 2020. For the minimum 3 consecutive week period to be completed by 30 June, the last day an employee could have started furlough for the first time was 10 June. This may differ if you have an employee returning from statutory parental leave.
From 1 August 2020, you will be asked to contribute towards the cost of your furloughed employees’ wages. Find out more information on.
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.
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