The Government has today launched two much-anticipated schemes directed at small businesses and the self-employed in response to the Coronavirus crisis.
Bounce Back Loans
As of 9 am today, small businesses can gain access to a new fast-track finance option, known as the Coronavirus Bounce Back Loan. Since the launch of the scheme, this morning we have had lots of interaction with the banks on behalf of our clients and the process appears to be working well.We have covered the scheme in detail elsewhere in previous communications, but the key points you should be aware of at this time are;
TC Group can work alongside you to collate all the necessary documentation for your self-certification and should you need support to do so is on hand to help submit it for you.
Self-Employment Income Support Scheme
HMRC has today begun contacting customers who may be eligible for the Government’s Self-Employment Income Support Scheme. Those who are eligible will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment.Although we cannot claim on your behalf, we can assist you in checking whether you are eligible and when you can make a claim via HMRC’s new online tool.In order to make a claim you will require the following information:
While HMRC will calculate the grant, as your agent TC can check the calculation to see if it is correct. Contact your TC Partner on 0330 088 7111 to discuss further.
Couples Inheritance Tax Thresholds
Just as you would regularly review your financial affairs, it is advisable to regularly give your Will a health check to make sure it still works for you and takes advantage of all available tax allowances. Our private client team has been working closely with our clients and their family members to do just that, and in the last few weeks, we have seen a number of clients with out of date Wills who were missing out on significant inheritance tax savings. We wanted to highlight one of these specific areas.From April 2017 the Government introduced the residence nil rate band with a headline of increasing a couples inheritance tax threshold to £1 million by April 2020. This new relief could save a further £140,000 in inheritance tax per couple if they leave their home to their children or grandchildren. However, the rules around this can be complex and in certain circumstances, the relief can be restricted, so it is important that your Will is reviewed to ensure that your family are able to benefit from the extra tax savings available.If you haven’t updated your Will since 2017, we can review and update your Will where necessary to ensure that you are eligible for this additional tax relief.
Please contact email@example.com or call our Private Client Team on 0330 088 7111 to arrange your free consultation.