In case you missed them, we’ve been looking at a few of the initiatives and does and don’ts of returning back to the ‘New Normal’
The Coronavirus Large Business Interruption Loan Scheme
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides finance to mid-sized and larger UK businesses with a group turnover of more than £45m (the upper limit for the existing smaller-business focused CBILS) that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak.
Following HM Treasury’s announcement on 19 May, several changes to the CLBILS scheme have taken effect from 26 May. The maximum amount available through CLBILS to a borrower and its group has now increased from £50m to £200m.
Term loans and revolving credit facilities over £50m will be offered by CLBILS lenders which have secured additional accreditation. The maximum size for invoice finance and asset finance facilities remains at £50.
The Coronavirus Small Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even more smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need.
This significantly increases the number of businesses eligible for the scheme.
Five hidden complications when converting factories to fight COVID-19
Companies returning to normal and opening their factories have 5 major considerations to consider as we return back from Lockdown from Covid 19, Managing People, Cash Flow, Law and Risk, Tax implications and Logistics.
In the months since the World Health Organization declared a pandemic, five areas in particular have emerged as key considerations for enterprises undertaking such benevolent activities.
As these corporate responses to COVID-19 proliferate, businesses trying to help are encountering new and sometimes unexpected tax, legal and workforce implications. Understanding how to navigate them can help distribution of their new products, mitigate costs associated with the sudden conversions and control risks
IR35 reform for 2021
Due to the coronavirus outbreak the government are postponing the introduction private sector IR25 reform meant to be released in April, which is now delayed for 12 months. This meant that groups like Stop The Off-Payroll Tax called for the reform to be delayed even further – or stopped entirely. In May an amendment was tabled by David Davis MP to the Finance Bill hoping to delay the reform until 2023, which was then defeated in the house of commons. As it stands, both contractors and the businesses who hire them should prepare for the changes to be introduced next year.
https://www.gov.uk/government/news/off-payroll-working-rules-reforms-postponed-until-2021
Thanks for reading,
James Hansen , VP of Sales Europe at Ironsides Technology