Monthly Archives: March 2020

Hot Business News Today

How to get the government’s £10,000 cash grant for small businesses

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Originally written by Anna Jordan on Small Business
How do I get the government £10,000 coronavirus cash grant?
Last night (17 March), the chancellor announced an increase in the small business coronavirus cash grant, taking it from £3,000 to £10,000.
This is part of a £330bn package of support for businesses, equivalent to 15 per cent of GDP.
Read more about the update at What does the latest Treasury stimulus mean for small business?
>See also: How do I apply for a Coronavirus Business Interruption Loan?
Eligibility is still based around rate relief. Those who qualify for Small Business Rate Relief (SBBR) or Rural Rate Relief will be able to get the funding.
The Department for Business, Energy & Industrial Strategy will be working with local authorities to outline the scheme and encourage local authorities to prepare.
However, once up-and-running, your local authority will contact you rather than having to apply yourself. Grant money will not be available until early April, as stated on the government website.
This additional funding for local authorities who collect business rates is part of a package of fiscal measures to help small business survive the coronavirus pandemic.
The coronavirus grant only applies to small business in England. Business rates in Scotland, Wales and Northern Ireland are set by

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Should I use a personal bank account for my small business?

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Originally written by James Trowell on Small Business
Q: Should I use a personal bank account for my small business?
A: The short answer is no – but you’re not alone if you do. We conducted a survey earlier this year and found that 63pc of sole traders are using a personal account to pay for everything. Business, pleasure, household bills and everything else in between.
This might feel like an easy option for the busy, fast-paced life of a small business owner, but it doesn’t serve you or your business very well. One bank statement. One never-ending list of transactions. It’s likely to create a financially unstable solution to managing your money because you’ll never really know where you stand.
It’s a little different if you’re operating as a limited company. While it’s not strictly a legal requirement to have a dedicated business account it’s strongly advised. As your limited company is a separate legal entity, technically its money doesn’t belong to you and so needs to be separated from your own finances.
Here are some reasons why keeping your business and personal finances separate is a good idea:
Save time and money when it comes to your tax return
If you’re self-employed you can claim

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Government announces delay of IR35 reforms until April 2021

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Originally written by Anna Jordan on Small Business
The government has decided to delay the incoming IR35 rules due to the coronavirus pandemic.
Chief treasury secretary, Steve Barclay, said that the reforms will be pushed back to 6 April 2021. The move comes among a raft of announcements supporting small businesses last night (17 March).
However, Barclay stressed that it is “a deferral, not a cancellation, and the government remains committed to reintroducing this policy”.
Relieved but still frustrated
Business experts have welcomed the news but are unhappy that the government intends to plough ahead in 2021 without further consultation.
Qdos CEO, Seb Maley, commented:
“The government has seen sense and made the right call in these unique circumstances. Given the economic challenges that lie ahead of the UK, now certainly would not have been the right time to roll out needless tax changes that endanger hundreds of thousands of contractors’ livelihoods.
“It does give private sector firms vital time to prepare for reform, which can only be a good thing for contractors. What matters now is that businesses use this time wisely.”
Claire Brook, employment law partner at Aaron & Partners, thinks the announcement is overdue:
“Although this will come as welcome news to a huge number of employers,

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