The Recovery Loan Scheme (RLS) aims to support UK businesses of any size as they recover from the pandemic with loans between £25,000 and £10m. This article aims to answer the most frequently asked questions and looks at the new ICAEW Adviser Funding Platform with Swoop.
Access to finance
Are you seeking funding for your clients? The Adviser Funding Portal, exclusive for PBA Community members, is built to empower you as a business adviser. Swoop have utilised ground-breaking technology to provide simple, speedy and secure access to tailored funding opportunities for your clients. Register for a free account now.
Clients opening new accounts may be unaware they are actually being offered an e-money account with business banking facilities, rather than a conventional business banking account.
Updated 21 December 2020: the Coronavirus Business Interruption Loan Scheme (CBILS) provides support for businesses to access funding if certain eligibility criteria are met. From September, new guidance regarding the ‘undertaking in difficulty’ test could mean that more companies will be eligible. The deadline for new applications is 31 March 2021.
Whether your client is just starting out in their business venture, looking to reboot their existing business or planning to diversify, it’s likely they will need to raise funds. This short guide will help you introduce them to some of the options available.
The Covid-19 pandemic presents every business with unprecedented challenges and uncertainties. In this article, you can find a five step framework to bring a structured approach to fundraising and financial management during the Covid-19 Pandemic with the intention of easing at least one element of stress at a time.
As part of government support for the end of the UK transition period that took place on 31 December 2020, the department for Business, Energy & Industrial Strategy have prepared a set of ‘video explainers’ aimed at SMEs, grouped by topic and sector.
A one stop guide setting out key aspects to advise clients on how they will be impacted and what action they can take to mitigate.
The Trading & Co-operation Agreement (TCA), otherwise known as the ‘Brexit Deal’ has brought some, but not complete, clarity on what clients should do says Paul Samrah, Brexit Specialist at Moore Kingston Smith.
Brexit happened legally on 31 January 2020, but the physical effects will be felt from 11pm on 31 December 2020. This is when the transition period ends for the UK leaving the EU, and rules relating to goods and services that cross the EU border will change.
Read our quick-start guide, outlining a variety of areas that could impact your business post Brexit.
Answer a few questions, over at gov.uk, to get a personalised list of actions for you, your family, and your business. Then sign up to get email alerts when things change.
Irrespective of the agreement reached with the EU, businesses in the UK need to take action to prepare for the end of the transition period on 31 December 2020. As a trusted business adviser, there are some key steps you can encourage your clients to take to prepare for the changes ahead and to potentially identify new trading opportunities.
ICAEW's Brexit hub highlights a range of resources to help you prepare for the end of the transition period on 31 December 2020. ICAEW is working to ensure that business and the profession is able to work as seamlessly as possible in the public interest across Europe and beyond.
Resources from the Institute of Export and International Trade
This 45-minute session with the Institute of Export and International Trade and Bibby Financial Services will update traders on the state of global trade as economies exit Covid-19 lockdowns and the UK adapts to new trade rules with the EU.
Watch the IOE&IT's lunchtime learning webinar on Incoterms. It covers Incoterms® and the history, what Incoterms® do and do not cover, the 10 articles under Incoterm, insurance, the “Terms”, delivery.
In this one-hour webinar, the Institute of Export and International Trade - an ICC-licensed training provider for the new rules - discuss how Incoterms work, what the major changes in the 2020 version are and what exporters need to know to use them effectively.
From 1 January 2020, the revised set of eleven Incoterms apply and businesses trading cross borders are able to incorporate them into their sales contracts. Here we look at what they are, why they matter, how they have changed, and explain how they if applied correctly, can expedite your cross-border shipments and enhance supply chain agility.
In this event we seek to set out the main elements of Customs Freight Simplified Procedures (CFSP). It provides a board indication of the authorisation requirements, the CFSP reporting process and the control measure necessary to maintain an approval. In addition, the webinar expresses the importance of CFSP in relation to Brexit and the proposed changes that are likely to come into effect.
The Institute of Export and International Trade held a one-hour webinar to introduce you to the processes involved in completing declarations accurately and the information you need to have available to do so.
This one hour webinar by the Institute of Export and International Trade reviews changes in trading arrangements for goods subject to export controls and the requirements for businesses to comply with new trade and regulatory requirements.
At the Institute of Export and International Trade's recent London World Trade Summit, Trade Finance Global (members and media partners) interviewed Chris Southworth (Secretary General - International Chamber of Commerce UK) and Lesley Batchelor OBE (former Director General at the Institute of Export & International Trade), discussing rule changes to Incoterms 2020.
The Role of Accountants in the path to recovery for UK SMEs Webinar was staged on 11th October in association with non-bank lender Just Cashflow and facilitated by ICAEW Business Advice Manager Nila Khan.
So your client has deferred their VAT payments until March 2021, their self-assessment payment on account until January 2021, taken out a Bounce Back Loan to tide them over and meanwhile the staff are on furlough until the scheme ends. Are they heading for a cash flow disaster come the end of the year?
The overarching goal of every business adviser is to achieve a full recovery for their client’s business and secure for them a sustainable and profitable future. While navigating the tricky precipice that is ongoing solvency, how does the adviser know whether to ‘press the button’ on liquidation or turnaround and what measures can be taken before arriving at the correct decision?
Businesses will no doubt welcome the Chancellor’s recent extension to the furlough scheme and £1000 jobs bonus. However, given that we are looking at difficult economic times for a considerable period to come, many employers will be forced to make staff cutbacks. Here are some of the things clients should consider when thinking about making redundancies.
Nila Khan BFP FCA, Business Advice Manager at ICAEW, discusses cash grant eligibility, Bounce Back Loans top-up & reporting on government support packages.
HMRC announced on 25 January 2020 that it effectively extended the filing deadline for the submission of self-assessment tax returns for 2019/20 to 28 February 2021 by saying it would not charge late filing penalties to taxpayers.
If you are claiming furlough grant monies on behalf of your clients from 1 December 2020 you may wish to make your clients aware that HMRC is required to publish the names of employers and an indicative value of claims in the public domain irrespective of any data protection agreements you may have in place with them.
Resources available to support members during the Covid-19 emergency.
Growing a business
Government guide to help grow an existing business.
The Business Growth Fund was established in 2011 to provide investment for Britain’s growing SMEs.
Practical tips and articles for established businesses undergoing rapid expansion.
Books, articles and online resources to help you start a company, secure finance, measure business performance or manage your supply chain.
Changing the culture of an organisation is one of the greatest tests of leadership.
Navigating the new off-payroll working regulations that apply to private sector clients from 6 April 2021 can be tricky, especially if the ultimate engager is a medium or large company. Peter Rayney provides us with a definitive guide.
Starting a new business
When setting up a new business, choosing the most suitable company structure is an important undertaking. Each different format has implications for tax, ownership and responsibility. This brief guide will help you work with your clients to decide which route is best for them.
A government funded scheme to provide loans and mentors for entrepreneurs. As well as start-up finance, the scheme offers free support and guidance to help prepare a business plan and up to 12 months of free mentoring for successful applicants.
ICAEW's Tax Faculty provides a summary of the announcements in the 2021 Budget covering business tax, including corporation tax rates, the super deduction and freeports.
Off-payroll working rules for private-sector contractors performing contracts for ‘large’ or ‘medium’ sized entities come into effect from 6 April 2021. This article explains what contractors need to know about the rules.
Business of all sizes in the construction industry face an eventful few months, as there are three significant tax-related challenges to address: VAT: domestic reverse charge (DRC) ; VAT: MTD and digital links; Payroll: off-payroll working/ IR35.
The end of the tax year provides a simple opportunity to deliver valuable advice to clients and start developing advisory services as a regular feature in your practice. Hear from PBA community members on how they approach this time of year.
As 5 April fast approaches Derek Blair and Suzanne Spicer, members of ICAEW’s Practitioner Business Advisers Community, share their insights on how to provide tax advisory services to clients.
Most clients run motor vehicles and invariably will ask if there is a benefit to these being owned by their business. Since the advent of company car benefits in kind this has been a no-no. Electric cars may be the solution! Kevin Salter advises us.
Help your small business clients make VAT savings with these practical tips.