We have been advised by managers in Natwest, Lloyds and Barclays that bounce back loans are now available on their online banking portals. If you bank with any of these, please log on now to complete your application.
They aim to turn them around in 24hrs!
If you bank with anyone else please log on to see if they are also live and apply where you can.
We’ve been informed that you can apply bounce back loans now for a quick cash injection, and top up with a Corona-virus Business Interruption Loan (CBIL) as required later. However you must verify on application
What are the small bounce back loans?
- Max borrowing 25% of turnover up to £50k.
- 100% gov guarantee.
- 6 year term.
- No capital repayments for 12 months, (with CBIL this is discretionary)
Government will pay interest for 12 months.
- Expecting low interest rates approx 2.5%, however check specific criteria on application
- Announced 27th April
- Go Live Monday 4th May – however some banks may not be ready.
- Starling/Natwest definitely will be doing this scheme, others may follow.
- Not all Providers are yet clear on process/product/distribution.
- Based in UK.
- Business has been negatively affected by Coronavirus – could range from furloughing staff to total shut down.
Your Business must be viable at December 2019.
Likely to look at the balance sheet at December 2019 – (not yet confirmed).
- Different product to CBIL
- Can refinance up to £50k into bounce bank before 4th Nov 2020.
- Money in bank within 24 hours, (take this with caution).
No cashflows required as of today, however it’s likely that managements accounts will be required to December 2019.
Self-Employed Income Support Scheme
Coming This Week
As Agents, HMRC contacted us directly today to say they are starting to contact eligible tax payers this week.
They advise that the process is a quick and easy, if you are eligible,
but they also ask that you use the Eligibility Checker in advance. You will need your NI and UTR numbers and you must have filed an 2018/19 Self-assessment Tax return.
To access the checker please click here
Once you know you are eligible, if you need any further information or help to make your claim please let us know.
URGENT PAYROLL & FURLOUGH UPDATEMAY PROCESS
It’s probably safe to say that April was an extremely challenging month for our payroll team. However we have now ironed out many of the major issues with Furlough and hope to turn things around more efficiently in May and payments are gradually coming through.
However this will not be possible if we receive all the PAYE and Furlough information in bulk at the end of each pay period.
Unless we receive your claim information quickly so we can do the calculation, before all the payrolls come in we will not be able to make the claims by 21st May.
So we really need your cooperation and support during May and June, by following these simple steps please;
- If you do not wish to make any further claims please let us know straight away.
- CLICK HERE to download and complete the revised Furlough Spreadsheet then email it to Payroll@lewisballard.co.uk with [EMAIL DATE- URGENT FURLOUGH CHANGES] in the subject bar so we don’t miss any.
- Send the May Furlough sheet, So we have time to calculate them before working on Payrolls, to us as soon as possible before the 14th May
- If we don’t not hear from you by 14th May we will assume that the claim is to be calculated based upon the same information and will need to charge for any subsequent recalculations.
- Please send furlough information ASAP so we can start preparing the calculation in advance ready for your payroll so it doesn’t delay it.
- You can only make one claim every 3 weeks per RTI number so if you have monthly and weekly payrolls the claim will be made with your month end payroll
- As the calculations are complex and time consuming we will charge an additional monthly fee per claim.
- This will be taken by direct debit on the 15th of each month that claims are to be made
As people may make furlough changes, by swapping or bringing back staff we can not assume that each month will be the same so please ensure you also confirm as soon as possible even if there are no changes, so that we can do your claim straightaway.
Final Items for April Furloughs…
If you have not signed off you payroll on Bright Pay please do so now. We cannot submit your RTI or make any furlough claims with out your signed authority.
If we’re still processing your payrolls due to queries or a later pay date please look out for the Bright Pay Link. Sign them off as quickly as possible.
If you are a Director only Payroll, we sent you a link to activate your Bright Pay Connect Portal a few weeks ago. If you did not activate at that time, we have just sent you a new one. Please follow the steps to activate it. We can then issue your payslips and make any furlough claims.
If you do not follow these steps you make it extremely difficult for us to help you efficiently as so much time is lost chasing you individually which impacts turnaround times of payrolls and furlough claims.
Once you have approved your payroll by signing it off you will also be agreeing that we are making the claim based upon
- The information you have provided.
- Our interpretation of the legislation as it stands at that time
By signing off the payroll you are agreeing
- The amounts to be claimed
- That we will not be held responsible for any subsequent discrepancies.
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