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Business Bounce Back Loan (BBBL) Update and How to Apply

2020-05-04T22:18:28+01:00May 5th, 2020|Categories: Blog, COVID-19|Tags: , , , |

Chancellor Rishi Sunak has written to accredited lenders about how the Government wants BBLS to be run. He makes the point that as a 100% guaranteed loan scheme, the price of BBLS is critical to its success and that the loans need to ensure that these loans are affordable and accessible. He has come to the decision that the interest rate should be set at 2.5%. Legislation and regulation Amending the regulatory perimeter The Treasury has made a statutory instrument (SI) that amends the Regulated Activities Order (RAO) so that providing regulated small business loans of £25,000 or less [...]

Increase in the cash basis threshold

2019-09-01T12:03:01+01:00April 12th, 2017|Categories: HMRC|Tags: , , |

As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government's initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project. Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. General partnerships may use the cash basis - as long as the partnership meets the receipts and other entry [...]