The Chancellor has announced some important changes to the CoronaVirus Business Interruption Loan Scheme (CBILS) in an effort to make the scheme more accessible.
There was also important information on R&D Tax Credits.
The scheme has now been opened up to all smaller businesses to apply and the criteria of having insufficient security has been lifted.
Importantly, access to the scheme has been opened up to those smaller businesses who would have previously met the requirements for a commercial facility but would not have been eligible for CBILS. Insufficient security is no longer a condition to access the scheme.
For further details on the scheme please click this link –
www.british-business-bank.co.uk
If you would like our help to access the scheme please let us know.
HMRC have also updated their guidance around Research & Development (R&D) tax credits
- Priority is to maintain their published aim of clearing 95% of SME tax credit claims within 28 days and currently they are meeting this aim.
- Implemented contingency plans to support processing times, including applying extra resource to the work.
- Flexibility regarding deadlines is challenging as this is a legislative dictate so companies should presume they need to follow normal deadlines. The deadline to a claim is 2 years from the year end of a business to make an R&D claim.
R&D tax credits could be a significant way of putting funding back into your business and this can be achieved very quickly given the turnaround timescales mentioned. It should be noted the scope for a claim is much wider than many people realise and if you would like to discuss this option please let us know.
Many people are not aware that they could be in a position to make a claim and we would be happy to assist in helping you explore this option. An initial consultation can be done virtually very easily.
Stay safe