Welcome to May 2020 News Update from Prestige Business Management
May 2020 News Update – featuring additional news developments from our newsletter series
This month has seen a decision from Rishi Sunak to continue to support businesses recovery by extending the Coronavirus Job Retention Scheme “cut-off” date until October. Whilst we also see boosted support for “Green Recovery” from the “The Clean Growth Fund” with a £40m investment, open to UK start-ups with low-carbon and sustainable solutions across key sectors.
We Will Ride Again – thanks from BACA, for our Emergency C19 Rapid Response
Since the very beginning of processing Furlough applications, it seemed crucial to us to provide this service at no extra charge. It seemed so unfair to do otherwise, especially for businesses who are really suffering during this crisis. As more information became available from HMRC, we realised that the claimant process really was not as straightforward as we were first led to believe. Then it emerged that most other accountants were charging £25 upwards per employee for this service. Or a flat fee plus an additional amount per employee. Just the same as with all the other rapidly-emerging, life-choices, that everyone is being asked to make, we needed to have some big conversations. But what came out was as life-affirming as we could get.
After much thought, we settled on a fee of £25 for each Furlough claim. But not for us to profit from C19, rather to help others who are invariably suffering from the more severe consequences of this crisis. So we are donating 100% of these fees to BACA (Bikers Against Child Abuse). To help protect and save the most vulnerable children during this emergency.
Sam spoke to the UK Vice President of BACA (Dozer) and told him the plan, considering all of the major fundraisers are bike rides with 100+ bikers, that have all been cancelled he was really grateful and wanted me to extend this message to all of you, “Thank you so much for your help during this time, we really really can’t thank you enough”.
So far we have managed to raise £700 from Furlough applicants. We add to this our £100 raised previously, so we are nearly at our goal of £1000! Can you help us make up this small amount to get there? If you could make any further donation, please let us know, or quickly donate on our website. Remember Charity Donations are tax deductible 🙂
HM government’s Furlough Scheme extended to remain open until the end of October
In a boost to millions of jobs and businesses, Rishi Sunak said the furlough scheme would be extended by a further four months with workers continuing to receive 80% of their current salary.
As we reopen the economy, we need to support people to get back to work. From the start of August, furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff.
The employer payments will substitute the contribution the government is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month. To find out more click here
Government launches £40m Clean Growth Fund to assist with net-zero vision
The Clean Growth Fund has been launched with £20m of government investment matched by the same amount from charity fund manager CCLA. It is open to UK start-ups with low-carbon and sustainable solutions across key sectors, including power, waste management, heating of buildings and transport.
Business Secretary, Alok Sharma, said: “The need for innovative and ambitious ideas across green industries has never been greater. I am pleased that with the help of this fund, promising clean growth start-ups will be able to step up to accelerate the UK’s recovery, while supporting our path to Net Zero by 2050.
“This pioneering new fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.” To find out more click here.
Prestige Business Management Refferal Programme
Our simple referral programme has been designed to reward loyal customers who, thanks to the power of word-of-mouth, introduce new clients to Prestige Business Management.All you need to do is tell everyone about Prestige Business Management (reminding them to tell them your name). Once they’ve signed up to one of our packages, depending on what type of business they are, you could get up to £100. Even more, if you refer more than one individual.If you’d like to read more about our scheme please get in touch.
What you missed from our blog – Summary
HM Launches New Coronavirus Business Support Finder Tool
The Government has unveiled a new support finder tool. This is to help UK businesses and the self-employed understand what funding support is available to them during the Covid-19 pandemic. Also outlined is how quickly and easily that funding can be made available to help their businesses survive the current crisis.
IR35 still causing problems during COVID-19
The much-maligned IR35 rollout for the private sector was delayed earlier this year. However, with COVID-19 causing unprecedented economic damage, there is still disquiet around IR35 and what it will mean for contractors and freelancers in 2021.
Government Launch “Bounce Back Loans” to fix CIBLS Problems
HM government has announced a new funding scheme to help businesses affected by coronavirus. The Chancellor, Rishi Sunak, launched the scheme to help counter the distinctive problem encountered by smaller businesses unable to utilise the Coronavirus Business Interruption Loan Scheme (CBILS). The so-called “Bounceback” loan scheme is 100% guaranteed by the government unlike CBILS which is only guaranteed up to 80% with the banks on the hook for the other 20%.