US Business Advisers

09/09/2022

We are deeply saddened at the passing of Her Majesty Queen Elizabeth II.

Our thoughts and condolences go out to the Royal Family at this time.

05/01/2021

Information for Clients for latest Covid19 Grants:

With a fresh national lockdown, new details of help and assistance for businesses aimed at mitigating the financial impact of COVID-19 are appearing every day. We wanted to outline some of the measures which have been put in place which might impact business owners. For further information, you can always contact us on www.usba.co.uk
Please note that this is a rolling blog, which will be added to when we have further updates
Tuesday 5th January
Further grants for businesses forced to close because of “lockdown
According to a Treasury press release, “top-up” grants will be paid to businesses in the retail, leisure and hospitality industries forced to close because of the latest covid restrictions.
The one-off top-ups will be granted to closed businesses as follows:
* £4,000 for businesses with a rateable value of £15,000 or under
* £6,000 for businesses with a rateable value between £15,000 and £51,000
* £9,000 for businesses with a rateable value of over £51,000
These grants apply to English businesses only although funds are being provided to the devolved administrations for similar schemes.
We are still awaiting guidance as to how these grants will be distributed, (we expect this to be done by local authorities), but you can contact us on www.usba.co.uk for further information should you wish to find out more!
Friday 18th December
CJRS Extension
It was announced that the Coronavirus Job Retention Scheme has been extended one month until the end of April.
Wednesday 25th November
SEISS Grants 01/11/2020 – 31/01/2021
The portal for claiming the third SEISS grant opens on 30/11/2020 and HMRC has published new eligibility criteria, the taxpayer must:
* be currently trading and impacted by reduced demand, or have been trading but be temporarily unable to do so due to coronavirus; and
* intend to continue to trade, and
* reasonably believe that the impact on their business will cause a significant reduction in their trading profits due to reduced business activity, capacity or demand or inability to trade due to coronavirus during the period 1 November to 29 January 2021. Reduction in profits due to increased costs does not count for this purpose.
No claim can be made where the reduced activity, capacity or demand is caused solely because the person is required to self-isolate, or care for a person required to self-isolate, as a result of travelling to the UK.
Thursday 12th November
CJRS Extension
The HMRC have finally announced full details of the extension to the job retention scheme. There are some minor changes to take note of. The key takeaway points are:
The scheme is UK wide and will run from 1st November to 31st March, with a review of the rules in January. It is offering the same level of support as August, which is 80% of wages covered up to a cap of £2,500. Employees can be flexibly furloughed, meaning they can work any number of hours or shift pattern and the furlough grant will cover the hours not worked. Employer NIC and pensions are not covered by the grant and will need to be paid for by the employer.
Employees not previously furloughed can be included as well as new hires and other employees that were previous not eligible, provided that they had earning reported on an FPS between 20 March and 30 October 2020. This means directors on annual payrolls who were previously not eligible can now be included. In addition, employees made redundant after the 23 September can be re-hired and furloughed.
The calculation method for the reference pay and usual hours varies, if the employee previously eligible (whether furloughed or not) you must use the same basis of calculating reference pay and usual hours as in August. If the employees that were previously not eligible, their reference pay, and usual hours must be based on:
Reference Pay
* Fixed salary – last pay period before 30 October
* Variable pay – based on the average between the later of their start date of their employment or 6 April 20 and the day before their CJRS furlough periods begins
Usual Hours
* Fixed hours – contracted hours pay period ending/before 30 October
* Variable hours – the average hours worked between the start date of the 20/21 tax year and the day before their CJRS furlough periods begins
Claims can be made now; the Claim deadline is the 14th day following the month being claimed for and any claims for the periods up to the end of October need to be made by the 30 November.
As before employers must confirm to their employee in writing that they have been furloughed and keep records of how many hours worked and the number of hours they are furloughed. These records need to be kept for 6 years.
Please contact your support accountant with any questions.
Thursday 5th November
Furlough
Following the Prime Minister’s announcement on 31 October, additional financial support is being made available to individuals and businesses, including an extension to the furlough scheme (Coronavirus Job Retention Scheme). The Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced.
The essentials:
* the JSS Scheme outlined last week is suspended until the new extension to furlough ends
* furlough scheme extended to the end of March 2021 (with a review in January)
* the Government pays 80% of pay for hours not worked capped at £2,500
* the Employer pays full pay etc for hours worked and NIC and pension contributions for hours not worked
* Employees must have been on the payroll by 30/10/2020
* it will apply throughout the UK
* the retention incentive for employers to keep people in work until the end of January will fall away (and will be redeployed “when appropriate”).
Self Employed Income Support Scheme (SEISS) extension
The first grant under the SEISS extension, covering the three months 01/11/2020 to 31/01/2021, was due to be 40% of average profits capped at £3,750. It has now been announced that the grant has been increased for three months from 1st November to 80% of average profits and that the maximum grant will be £7500.
HMRC say that the claim portal will be available from 30/11/2020.
Scotland and Wales
The Chancellor confirmed that furlough support will continue across the UK without distinction.

27/09/2020

“Stay at home!”
We stayed at home 🤷‍♂️
“Clap for the NHS”
We clapped 👏 🤷‍♂️
“Get back to work you lazy b@st@rds!”
We went back to work! 🤷‍♂️
“Here’s a tenner; Eat out you tight fi**ed gits!”
We ate out & bought a few coffees ☕️ 🤷‍♂️
“Now look what you’ve done, you morons! Angry 😡
Back to stage 1....
“Stay at home!”
We stayed at home 🤷‍♂️
“Clap for......

24/09/2020

New Announcement from Rishi Sunak on Job Retention:

As part of our Winter Economy Plan we’re announcing a new Job Support Scheme.

This will directly support the wages of people in work, giving businesses who face depressed winter demand the option of keeping employees in a job on shorter hours rather than making them redundant.

The scheme will support viable jobs so employees must be working at least a third of their normal hours and be paid for that work, as normal, by their employer.

The government, together with employers, will then increase those people’s wages covering two-thirds of the pay they would have lost by reducing their working hours.

The employee will keep their job. Anyone who, as of yesterday, is employed and notified to HMRC, is eligible.

Running November to April, all small and medium sized businesses across the UK are eligible as well as larger businesses whose turnover has fallen significantly. Businesses are eligible even if they have not previously used the furlough scheme.

Employers retaining furloughed staff on shorter hours can claim both the Jobs Support Scheme and the Jobs Retention Bonus. This significantly increases the incentives to bring back previously-furloughed employees.

23/07/2020

As we are getting so many inquiries about Government Bounce Back Loans and CBILS, we have now issue some basic information:

What’s the difference between CBILS and Bounce Back loans?

One of the key differences between the two schemes is that they offer different loan amounts. Here’s a summary of their key features:
Bounce Back Loans (BBLS):
* Borrow £2,000 to £50,000
* Fixed rate of 2.5% per year
* Fixed 6 year terms
* Nothing to pay for 12 months
* No upfront or early settlement fee
* Fast decisions

CBILS loans:
* Borrow £50,001 to £250,000
* Rates between 1.8%-7.0%
* 2 to 5 year terms
* Nothing to pay for 12 months
* No upfront or early settlement fee
* Decisions typically within 24 hours

BBLS loans are a good option if you want to borrow up to £50,000. However, if you want to borrow more, either now or in the future, a CBILS loan could be a better option.

Can I take out a CBILS loan if I’ve already got a Bounce Back Loan?

You can’t take out a Bounce Back Loan if you have been approved for a CBILS loan and vice-versa. If you have a CBILS loan, you can apply for a Bounce Back Loan if you then refinance the CBILS loan in full.
All accredited providers who have approved CBILS loans so far will allow customers to refinance their loan into the Bounce Back Loan Scheme where appropriate. However, borrower protections under these schemes differ and businesses should discuss these with their lender.
Similarly, if you have a BBLS loan already, it is possible to get a CBILS loan if you refinance your BBLS loan. However, this is not guaranteed as there are limits on the amount of refinancing that any lender can provide under the CBIL scheme.

Am I eligible for a CBILS loan?

To be eligible to apply for a CBILS loan usually you need to meet the following criteria. However criteria may varies lender to lender:

* UK-based business that’s been adversely affected by coronavirus
* Turnover of up to £45 million
* 3 years of trading history
* Over 50% of turnover from trading activity (e.g. not from investments)
* Loan is for business purposes
* Loan primarily for trading in the UK

When taking out a CBILS loan, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a partial guarantee to the lender, not to the business.

What documents do I need to apply for a CBILS loan?

Normally list of documents are varied between lenders but following are common list which most of the lenders ask to provide:

Business bank statements for the last six months
They must show:
* The Account name and (where possible) the registered address. These must match the business you create the loan application for.
* The sort code and account number.
* All daily transactions.
* A history of a minimum of six months (with the most recent being within one month of your loan application date. If you can select an exact date range, be as up to date as possible).
Latest full unabbreviated accounts
This must include:
* Profit and loss
* Detailed profit and loss
* Balance sheet information

Do I need a personal guarantee for CBILS?

There is no personal guarantee required for CBILS loans up to £250,000. Instead, the government provides us with a partial guarantee of 80% on your behalf. However, it’s important to understand that the business is liable for the full loan amount.
The Government’s guarantee is to the lender, not the business. Only when the business is unable to repay would the government’s guarantee come into effect.

When will I get a decision on my CBILS loan?

You’ll get a decision on your CBILS loan typically within 24 hours.

Legal Notices

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.
Please note that, as with any other commercial transaction, the borrower is always responsible for the repayment of the full value of any facility supported by CBILS. The government-backed guarantee is to the lender and not the small business. Any queries about an active or historic EFG facility, including guarantee fee collection and alterations to their repayment profile should be raised with the lender, and not the British Business Bank.

For further information please contact us on
[email protected]
Or visit our website to book an appointment.

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08/06/2020

What we should do to Uplift the hospitality industry. More videos are coming on other industries too.

30/04/2020

UK government introduces new SME loan scheme
The chancellor announces 100% backing for small business coronavirus loans of up to £50,000 amid pressure to increase guaranteed loan limits further.

The UK government will provide further help for small businesses hit by the economic effects of the coronavirus with the introduction of 100% government-backed Bounce Back Loans of up to £50,000, it announced Monday.
In tweets, the UK’s Chancellor of the Exchequer Rishi Sunak said: “We’ve been in close talks with the banks in recent days and these loans will be available from … next Monday [4 May].”
He said there would be “no forward-looking tests of business viability; no complex eligibility criteria” and that most firms should see their loans arrive within 24 hours of approval.
The main elements of what Sunak described as a “micro loan scheme” are:
* Businesses will be able to borrow between £2,000 and £50,000.
* Loans will be interest-free for the first 12 months, and businesses can apply online through a short and simple form.
In his statement to MPs in the UK Parliament’s House of Commons, Sunak said that 4 million jobs had been furloughed and surveys indicated that a quarter of UK businesses had paused trading.
Organisations, including the Association of International Certified Professional Accountants, had urged Sunak to have the government guarantee 100% of loans under £250,000.

27/04/2020

TRAFFIC has gone,
FUEL is affordable,
BILLS extended.
KIDS are at home with their FAMILIES.
PARENTS are home taking care of their CHILDREN.
FAST FOOD replaced by HOME COOKED MEALS.
Hectic SCHEDULES replaced by NAPS, REST, and RELAXATION.
The AIR seems CLEANER.
The WORLD quieter.
PEOPLE are conscious about HYGIENE and HEALTH.
MONEY doesn't make the WORLD GO ROUND anymore.
DESIGNER clothing is pointless as nobody ever really needed it.
DOCTORS AND NURSES AND CARE WORKERS AND ALL KEY WORKERS are being praised and recognized instead of athletes and celebrities.
And WE now have TIME, finally,
to STOP and SMELL the ROSES.
.The positive side above all!!

Stay safe all!

24/04/2020