TaxAssist Accountants demystifies government’s COVID-19 measures

TaxAssist Accountants is helping business owners and self-employed workers understand the latest measures put in place by the government.

The outbreak of COVID-19 has had a huge impact on businesses across the world. Here in the UK, Chancellor Rishi Sunak has announced an unprecedented £350 billion support package to help keep companies afloat. TaxAssist Accountants has released a helpful article explaining what this means for those feeling the impact of coronavirus.

The bookkeeping and accounting franchise explained how the government’s Coronavirus Business Interruption Loan Scheme (CBILS) works. In short, it aims to support organisations in need of extra capital as a result of COVID-19.

TaxAssist Accountants described how the scheme aims to help businesses with an annual revenue of under £45 million by providing government-backed finance of up to £5 million. This is available from the British Business Bank, via accredited lenders and partners. In addition to this, the government will guarantee up to 80 of business’s outstanding loans and pay interest payments or lender fees for up to a year.

In the article, TaxAssist Accountants summarised the key aspects of the CBILS and its eligibility criteria. Before signing off, it told readers what steps they should take next if they have questions. Business owners can find out more information by talking to the TaxAssist Accountants team on 0800 144 8607, or complete its online enquiry form to secure a free initial consultation. The franchise is currently running these sessions over the phone, as a result of the COVID-19 outbreak.

Not overlooking self-employed workers, TaxAssist Accountants also released a statement about those working independently. It described plans for future government measures and suggested those with concerns speak to their accountant to discuss how the changes will affect them.

To read these helpful statements, visit the TaxAssist Accountants website.