There have been several new grants and funding announced in recent weeks which we wanted to make you aware of, plus it’s not too late to make your application for the Coronavirus Business Interruption Loan Scheme or Bounce Back Loan – however please note that deadlines are imminent with 30th September being the last date you can apply for CBILS. If you need support with your applications, we are Certified Advisors with Futrli – a cutting edge forecasting tool, so please do let us help.
In other news, we’re delighted to hear life is getting back to some sort of normality for our clients, and our sponsored racing driver, Sami Bowler is experiencing the same. Read on below to find out more.
THE DOMESTIC REVERSE CHARGE VAT NEW IMPLEMENTATION DATE COULD AFFECT YOUR CASHFLOW – HERE’S HOW TO AVOID ANY ISSUES
If you work in the Construction sector, HMRC have now confirmed that the new Domestic Reverse Charge VAT law will be effective from 1st March 2021 – close to the 31st March 2021 deadline for paying any deferred VAT for the period 20th March to 30th June 2020 when the Coronavirus pandemic first hit the economy. Our latest blog details tax advice and pointers that you can implement sooner rather than later, to help your business to continue running smoothly when the legislation becomes effective.
Ensure you’re prepared for the impact
NEW FUNDING ANNOUNCED FOR BUSINESSES
With new Coronavirus cases on the rise that could result in potential local lockdowns, the Government has announced further funding that could help businesses:
Local Lockdown Grant
Businesses in England required to close due to local lockdowns or targeted restrictions will now be able to receive grants worth up to £1,500 every three weeks. To be eligible for the grant, a business must have been required to close due to local Covid 19 restrictions. The largest businesses will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000.
Find out more here.
Back on Track Grant
Small businesses are now able to claim for grants of between £1,000 and £5,000 to pay for services from accountants, lawyers or other advice to get them back on track, as well as to pay towards new technology and equipment they need to adapt, recover and rebuild. The grants can be claimed from your local Growth Hub, however demand has already been high so express your interest as soon as possible. Click here for further information and to find your regional Growth Hub.
Are you a Cheshire or Warrington based business? You could be eligible for additional funding (not related to Coronavirus) via Blue Orchid. Click on the following links to see if you qualify and to apply:
The deadlines are imminent for the two loan options that could help your business get back on track if you’ve been affected by the pandemic.
Coronavirus Business Interruption Loan Scheme (CBILS) – if your business has fewer than 50 employees and less than £9,000,000 in annual turnover, recent changes to EU State Aid law has resulted in the British Business Bank revising the eligibility criteria relating to the ‘undertaking in difficulty’ test, so you might now be considered. The deadline for businesses to apply for a CBILS loan is midnight on 30th September 2020. Originally there was going to be a hard close on that day but now the lenders have until 30 November 2020 to process applications that are with them by 30 September 2020. Applications received after this date will not be eligible for CBILS funding.
Bounce Back Loan Scheme – For smaller state-backed business loans between £2,000 and £50,000 for businesses established before 1st March 2020 that have been affected by Coronavirus, the Bounce Back Loan Scheme (BBLS) may be suitable. The deadline to apply is 4th November 2020. Visit Gov.uk to find out more.
Contact a member of our team for assistance on any of the above.
LET MATT HELP YOU WITH FUTRLI
As Futrli Certified Advisors, we can help your business with forecasting, speeding up the process into just a few hours. Contact Matt Jones on 0161 905 1801 or email matt@lwaltd.com to find out more.
Connect with Matt on LinkedIn for our posts on management information.
LES LEAVITT APPOINTED AS NON-EXECUTIVE FINANCE DIRECTOR
We’re delighted to announce that another client has appointed us for our Non-Exec Finance Director service offering. The team at LWA have acted as accountants and advisors for Castle Chemicals Ltd since the launch of their business, and Les has recently been appointed to the role of Non-Executive Finance Director to assist the senior management team in delivering further success for the business. Long may the relationship continue!
Find out more on our Non-Executive Finance Director service
KEEPING BUSINESSES INFORMED THROUGH THE PANDEMIC
For the past six months we’ve tried to ensure our clients and the wider North West business community have had the information they need to get through the economic difficulties. Our latest essential article details the funding available to you including the Coronavirus Job Retention Scheme Bonus – click below to read.
Read our latest Essential Guide article
A MASSIVE WELL DONE TO OUR DIRECTOR, STEVE COLLINGS
Steve recently completed a 12 mile walk from Salford Red Devils ground AJ Bell Stadium in Eccles, to the home of Warrington Wolves, the Halliwell Jones Stadium. The walk was inspired by Rob Burrow, Doddie Weir and the late Mike Gregory, and organised by James Hoskison as a joint fundraiser for Motor Neurone Disease Association and St Ann’s Hospice. If you would like to find out more and to donate, please click below – your support is very much appreciated.
Read more about this long walk for charity
LWA SPONSORSHIP BRINGS SUCCESS FOR SAMI BOWLER
Whilst it will be a short season, we’re delighted to be joining forces with Sami again as one of the main sponsors for this young driver. The first round took place last weekend, and in Sami’s own words, “thanks to the financial help of LWA, I achieved a fantastic P3 in Qualifying, P3 in Race 1 and P2 & Fastest Lap time in Race 2. This is my first ever 2nd place / fastest lap and double podium in the 3 years I have been racing!” Round 2 will take place in 2 week’s time and we’ll keep you posted on Sami’s success!
With cold and flu season starting combined with an increase in Covid-19 cases, the BBC video and this article link are useful reference points for employers – please feel free to share.
We hope you’ve enjoyed reading our latest newsletter and found the information relevant and inspiring.
Our team are here to help you succeed and thrive financially, so if you have any questions about business or personal tax, or need expertise on any of our services, please give us a call on 0161 905 1801 in Manchester or 01925 830 830 in Warrington.