HMRC have issued updated guidance on how to calculate the 80% of furloughed employees wages to claim through the Coronavirus Job Retention Scheme, including a step by step guide.

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CBILS features and eligibility criteria has been significantly expanded with effect from 6th April. These changes mean even more smaller businesses across the UK can access the funding they need. This includes access for smaller businesses who have been previously met the requirements but not been eligible for CBILS.

The Chancellor, Rishi Sunak confirmed that the self-employed could be eligible for a taxable grant worth 80% of their average monthly profits of the past three years, up to £2,500 per month, broadly aligning the scheme with the Job Retention Scheme for the employed.

In last week’s Budget, the Chancellor announced that any business which is in financial distress as a result of coronavirus (COVID-19) can seek assistance with payment of its tax liabilities by using the Time To Pay scheme (TTP).

With the headlines dominated by COVID-19 the government have announced a package of measures to support businesses