Welcome! With further restrictions being lifted from Monday, it felt right for this month’s Fab5 feature to be focussed on recovery.
This month’s feature includes an article from one of our retail clients, an introduction to our newest team member and details of the Recovery Loan Scheme and reduced VAT.
Pop the kettle on and have a read.
The reopening of Non- Essential Retail
With clients in both the retail and hospitality sector, we have witnessed first-hand the impact the last year has had on said businesses. No two businesses have been affected in the same way and every business owner has their own story to tell.
To the relief of many, non- essential retailers were permitted to reopen their doors last month. Prior to which we were fortunate to speak to one of our clients, the owner of an established, award-winning, gift shop in St Ives, to talk about how her business was impacted by the pandemic, what she did to adapt, and any lessons learned.
Business Recovery Loan Scheme
As lockdown restrictions are eased, businesses may need help to re-open and to recover from the impact of the pandemic. Depending on the nature of the business, they may be eligible for a Recovery Loan or a Restart Grant.
The Recovery Loan Scheme (RLS) has replaced the now closed Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). RLS allows qualifying businesses to borrow up to £10 million – either as term loans, overdrafts, invoice finance or asset finance.
This scheme can sit alongside existing facilities without the need to refinance (if below the maximum facility limit).
The RLS will be open for applications from qualifying businesses until 31 December 2021. For more information on the scheme and eligibility, download this Recovery Loan Scheme datasheet from our partners at Capitalise.
More information about the Restart Grant can be found here…
Welcome to the team!
At the beginning of May we welcomed Judd Chandler to the team. As client finance partner, Judd is responsible for the end-to-end financial management of a selection of our clients. Given his experience in both practice and industry, he oversees workloads and deadlines within the team as well as preparing management and financial accounts.
He enjoys the variety of work, working in practice has to offer and the problem-solving nature of the role, which is well suited to his forward-thinking approach, allowing him to make a positive impact on the businesses he supports.
Away from work, he is a keen kayaker with a 300-mile charity kayak challenge on the horizon for next year!
Get ahead with our handy checklist
By sending your records to us early in the accounting year for the preparation of your Self-Assessment Tax Return, you will have several months to plan for any payments of tax due.
To help, we’ve put together a checklist detailing the various items we require from you.
A reduced rate of VAT was introduced to help the hospitality and leisure industry from the impact of the first national lockdown. A year on reduced VAT is still in place and will apply until 31 March 2022.