TaxAssist sheds light on COVID-19 business news

TaxAssist Accountants have run through the details of the latest coronavirus-related news for business owners.

Anyone concerned about their business’s cash flow can rely on TaxAssist Accountants for the latest information. The bookkeeping and accounting franchise regularly posts articles covering vital information business owners need to know. Last Friday, TaxAssist cast some light on the tax rises rumoured to be in the pipeline, as well as the conclusion of the business loan schemes currently in operation.

Firstly, the franchise reported Chancellor Rishi Sunak’s response to questions about future tax changes. He spoke of “short-term challenges” as opposed to the reports of a “horror show of tax rises with no end in sight”.

The government will need to find some way of recouping the money they spent on the Self-Employment Income Support Scheme (SEISS) and the Coronavirus Job Retention Scheme. Some fear the debts may force officials to increase capital gains tax, corporation tax or self-employed Class 4 National Insurance Contributions (NICs). TaxAssist reported Sunak’s suggestion that such tax rises may happen but revealed they won’t come into force until the introduction of the Autumn Budget in November.

The accountancy firm provides business owners with detailed budget reports when they sign up for email communications.

TaxAssist’s second newsletter put the spotlight on schemes coming to an end in the coming weeks: the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loans Scheme (BBLS). The CBILS was created to support UK businesses with a revenue of under £45 million as they applied for finance of up to £5 million. The government agreed to cover interest payments and other fees for up to 12 months while giving lenders a guarantee for up to 80 percent of the outstanding balance.

The CBILS will stop taking applications on 30th September, six months after it started up. Those taking advantage of the government’s BBLS, which offers lenders a 100 percent guarantee for loans up to £50,000, have until 4th November to apply.

TaxAssist is keen to help entrepreneurs who would like to keep up to date with the latest COVID-19 business news. You can get in touch with the franchise to arrange a free consultation.