Bounceback & CBILS Loan Extension
Businesses who took out a Bounce Back Loan will get more repayment time through a new ‘Pay as You Grow’ flexible repayment system.
This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses.

The Government also intends to give Coronavirus Business Interruption Loan Scheme lenders the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.

The application window has also been extended until the end of November.
New Job Support Scheme
The Chancellor Rishi Sunak announced a new job scheme starting 1 November 2020 to replace the current Job retention (“furlough”) scheme which ends 31 October 2020.

The new Government scheme will last for six months to 30 April 2021 and to be eligible employees will need to be working a minimum of 33% of their hours. For the remaining hours not worked the Government and employer will pay one third. of wages each. This means:
Employers will continue to pay the wages of staff for the hours they work - but for the hours not worked, the government and the employer will each pay one-third of their equivalent salary.

The level of grant will be calculated based on the employee’s usual salary, capped at £697.92 per month.
Self-Employed Income Support Scheme
The self-employed grant (SEISS) will be extended on the same basis as the job support scheme.

An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand due to coronavirus. The initial lump sum will cover three months’ worth of profits for the period from November to the end of January next year. This is worth 20% of average monthly profits, up to a total of £1,875.
An additional second grant, which may be adjusted to respond to changing circumstances, will be available for self-employed individuals to cover the period from February 2021 to the end of April.
Deferral of VAT Bills
Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end of March next year, they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.
HMRC Furloughed Worker Warning!
Many businesses have received letters from HRMC asking them to review their CJRS (Coronavirus Job Retention Scheme) claim, only they don’t specify a particular error or date!

The letter has been triggered due to the estimated cost of errors/fraudulent claims of £2bn - £4bn equating to roughly 5-10% of claims.

What should you do if you receive one of these letters?
Step 1:
Please speak to your d&t relationship manager and send us a copy of the letter received.
Step 2:
Call HMRC as soon as possible – where a representative will be assigned to your case for further investigation.

If you or HMRC find that errors have been made there will be no penalty so long as those errors are corrected within 90 days from the receipt of the grant, and/or 20 October 2020.
Winter is coming...
Tuesday 22 September included some heightened restrictions for the public and businesses alike which is estimated to continue throughout winter, fortunately, it’s now become ‘cool’ to wear a winter warming face mask – check out some of Team-DT’s favourites below:

The latest updates for England:
  • People should work from home wherever possible
  • Pubs, bars and restaurants to close at 22:00 BST
    • They will also be restricted to table service only
    • Face masks compulsory for bar staff and non-seated customers, shop workers and waiters
  • Limit on guests at weddings reduced from 30 to 15
  • Plans to allow fans to return to sporting events paused
  • "Rule of six" now applies to indoor team sports
Fines for not wearing masks or following rules increased to £200 for first offence!
Black Swan Event
This month our very own James Thomas QFP wrote an article for Business Franchise Magazine discussing Black Swan events, which are unpredictable with far-reaching, catastrophic consequences. If this sounds familiar, then look no further than the current pandemic. Despite this however, Black Swans can ultimately serve to strengthen systems against other future unpredictable occurrences.

As we find ourselves in a peculiar state embarking on what is to become a hybrid lockdown situation, businesses must continue to work remotely where possible and we must now adhere to a 10pm pub/restaurant curfew.

6 months on from March what have we learnt from the last Lockdown and what can we do today, to build the foundations of a stronger business.
Help is on hand!
We often get asked by our partners “What can I do to mitigate the risk the pandemic is posing to my business?”
The answer is simple and one we have been shouting loud and clear across all media channels (honestly, check out our articles below). PLAN, PLAN, PLAN!

Create a cashflow forecast, it’s the best way to mitigate risk and ensure you know your pinch points in the coming months. Need some help? Have a chat to your relationship manager, we can complete a structured plan for as little as £475!

Make sure you have applied for all grants and tax breaks available to you and your business, still not sure what’s available check out our definitive guide to Bouncing Back from Lockdown.

Stay within the system, we are hearing of more and more ! Do's and Don'ts!

Don’t miss out on the latest updates, follow us on our social media channels, where we post the latest updates as they happen!
Team-dt Support
We’re here to help! If you would like to discuss any of the topics raised above please feel free to speak to one of our friendly team.
Read all about it!
Missed our last newsletter? Check out our newsletter archive here
This email was sent to
You received this email because you are registered with d&t accountants
© 2020 d&t chartered accountants