End of Furlough FIRST AID

Some initiatives you might not be aware of that can help take the sting out of the transition back to BAU.

As we know the end of furlough is looming and September 2021 is the last month you’ll be able to claim on the furlough scheme.

The furlough scheme has been an absolute savior to many businesses across the country but unfortunately it is coming to an end on 30th September 2021. To claim for September this must be submitted by 14th October 2021 and any amendments must be made before 28th October 2021. We know this is likely to be a tough time if you’ve had to use the scheme, so we’ve been looking at what other initiatives are out there which may aid your business.

Recovery loan

The recovery loan was introduced to help companies struggling with the effects of COVID. The recovery loan replaced CBILS and Bouncback loans. The rates are low which makes it an attractive loan, to qualify you must have been trading for at least two years and have two years filed accounts. The minimum loan is £25k but you must have a turnover of at least £100k.

R&D Tax Relief

This scheme has been around for years – 21 to be precise but many companies miss out as they either don’t know about it or don’t think it will apply to them. Many people when they think Research and development they automatically think science labs and white coats but that’s definitely not the case. If you’re a limited company and have developed a new product, have had to modify an existing product to make it work or have had to design some new software or tech to meet your needs it’s likely that you would qualify for the scheme.
The reliefs don’t stop at R&D, there are many others such as;