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It would be remiss of us to send out our 007 issue and not mention the main man himself James Bond and whilst there have been setbacks to the release of the upcoming film “No Time to Die”, the message that we would like to impart this month is just that. Even though we’re facing one of the biggest economic crises of a generation, this is no time to die…

Why?

History tells us that any business that can weather a recession comes out the other side much stronger, versatile and adaptable to emerging markets. This allows those businesses to capitalise on failing competition and even reduce overheads through timely acquisitions of suppliers.

With a new wave of support from the government and the extended application window for both grants and loans, there’s genuinely no reason to die…
 
 
 
Sunak's Revised Support Package
 
Job Support Scheme (JSS)
Additional funding has been announced for JSS which comes into effect 1st November for 6 months, the new outline is as follows:
  • Employers contribution is 5%
  • Minimum hours requirement set at 20% (1 day per week)
  • £1000 job retention bonus still in effect

Business Grants
The Chancellor has announced additional grants of up to £2,100 per month, which is primarily introduced to support businesses who have been adversely affected by moving up the tier system.

These grants will be available retrospectively for areas who have already been subject to restrictions and are in addition to other business support already available to Local Authorities moving into Tier 3.

Self-employed Income Support Scheme
The government will provide two taxable SEISS grants to support those experiencing reduced demand due to COVID-19 but are continuing to trade, or temporarily cannot trade.

The latest update increases the amount of profits covered by the two forthcoming self-employed grants from 20 percent to 40 percent, meaning the maximum grant will increase from £1,875 to £3,750.

Please note: If you need help with eligibility, or in completing your application feel free to contact our team.
 
 
 
The United Kingdom's New Relationship
 
Amongst the recent challenges, an old friend FKA Brexit seems to have largely been forgotten/side-lined. Despite this and regardless of whether we’re able to meet a trade agreement it’s safe to say the UK’s relationship status with Europe is going to be set to ‘It’s Complicated’ from January 1st 2021.

The Rt Hon Alok Sharma MP - Secretary of State for Business, Energy and Industrial Strategy has advised that there will be changes to:
  • The way businesses import and export goods
  • The process for hiring people from the EU
  • The way businesses provide services in EU markets

To avoid the unnecessary risk of your business operations being interrupted we urge all our business partners to take action now:
  1. Check what actions you need to take by visiting gov.uk/transition.
  2. Sign up for updates.
  3. Attend government webinars for additional support, sign up here.
 
 
 
Boss It

We are very proud to announce that one of our Co-Chairman Carl Reader has released his 3rd book, which is available to buy now on Amazon.

In this invigorating and highly practical book, serial entrepreneur Carl provides exactly the fire and guidance you need to get started. Designed to cut through the business jargon, this handy guide will take you through everything you need to establish and run your own business - from the mindset it takes to turn a dream into a plan, to the need-to-know practical stuff for running and growing a business.

Featuring case studies, templates and exercises to help you put what you read into action, and turn that dream into a reality, this motivational book will enable you to be your own boss, to take control of your income, your time and your life... and Boss It.
 
 
 
Borrow £50,001 to £500,000 with nothing to pay for 12 months. Sounds too good to be true?

Well this is what’s on offer from the Coronavirus Business Interruption Loan Scheme.
 
Key features:
  • Borrow between £50,001 and £500,000
  • Nothing to pay for 12 months
  • No upfront or early settlement fees
  • Rates between 1.8%-7% APR
  • Terms from 2 to 6 years
  • No personal guarantee required on loans up to £250,000

Who is eligible:
  • UK-based business that’s been adversely affected by coronavirus
  • Turnover of over £200,000
  • Minimum 3 years of trading history
  • Over 50% of turnover from trading activity
  • Loan is for business purposes
  • Loan is primarily for trading in the UK
 
You may even still be able to take a CBILs loan if you've already taken out a Business Bounceback Loan, But don’t delay talk to us today – the scheme is due to close on 30th November!
 
 
Read all about it!
 
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