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SFS Accounting

01983 653145      07799 773696

Isle of Wight Accountant

New 100% government backed loan scheme for small business

• businesses will be able to borrow between £2,000 and £50,000 and access the cash within days

• loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form

The new Bounce Back Loans scheme, announced by the Chancellor, will allow businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and from Monday 4 May, businesses can apply online through a short and simple form.

For further information:

For further information

Support for Business during the Covid-19 pandemic ​

Business rates - There will be a one-year business rates holiday for all businesses in England in the retail, hospitality and leisure sector. This change will apply automatically.

£25,000 cash grants for retail, hospitality and leisure - Businesses must have a rateable value between £15,000 and £51,000. Local authorities will write to businesses that meet the criteria.

£10,000 grant for the smallest businesses - Any businesses currently eligible for Small Business Rate Relief (SBBR) or Rural Rate Relief will qualify. Apply for the emergency funding direct from their local Council.

Self-employed Income Support - The Government is to pay self-employed people across the UK a taxable grant worth 80% of their average monthly profit. This will be calculated from up to three years of tax filings (if available), and be capped at £2,500 per month. HMRC will contact eligible taxpayers and tell them how to apply. This will not be available until June 2020.

Tax and VAT bills delayed - Payment of key taxes will be automatically deferred to provide businesses with a further potential source of working capital. You may need to cancel direct debit instructions with your bank if direct debits have been set up to pay taxes.

HMRC Time to Pay service - Struggling businesses and self-employed people can ask HMRC for more time to settle tax bills. Decisions will be made case by case. Call the HMRC dedicated helpline on 0800 0159 559.

Coronavirus Business Interruption Loan Scheme - Individual businesses will be able to apply for loans up to a maximum of £5 million. The Government will pay the interest for 12 months and will guarantee 80% of the loan. Any company with a turnover of up to £45 million can apply.

Coronavirus Job Retention Scheme – The Government will cover 80% of the salaries of workers who remain on payroll but are temporarily not working during the coronavirus outbreak, up to a total of £2,500 a month. Employers will submit claims via an online portal.

Statutory sick pay - Any business with fewer than 250 employees will have the cost of providing 14 days of statutory sick pay (per employee) refunded by the government in full. It will also apply from day one rather than the usual day four of illness — even if individuals have no symptoms.

Universal Credit - Self-employed workers can claim income support if they need to self-isolate.

Hardship fund - A £500 million hardship fund is to be made available through local authorities.

For Isle of Wight Businesses

Pay it Forward Crowdfunder and match-funding by Solent LEP - If you are a micro or small business you could access to up to £2,000 in match funding through the Solent LEP’s Crowdfunder’s Pay it Forward scheme.

For further information:


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Happy hour for pubs as government cuts business rates

Posted on February 13, 2020 at 7:15 AM Comments comments (1815)

Pubs to benefit from £1,000 business rates discount.

In a fresh demonstration of the government’s support for communities up and down the country, Sajid Javid confirmed the new Pubs Relief would be introduced in April, with £1,000 being taken off the business rates bills of small pubs who qualify.


As many as 18,000 pubs are expected to benefit from the discount.


The relief will come on top of an extended retail discount, which smalle...

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Get ahead for 2020

Posted on December 6, 2019 at 5:45 AM Comments comments (297)

With the Christmas preparations to do, the parties to go to and the the election next week it is a very busy time of year for most of us and the last thing we may be concerned about it is our self assessment tax return. However, 2019 is now drawing to a close and it will soon be January leaving us just one month to prepare our annual tax returns. Now is the time to get ahead for 2020! Co...

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Management Accounts �?? helping you to take control of your business finances and growth

Posted on November 12, 2019 at 10:25 AM Comments comments (282)

Management accounts keep you in the driving seat of your business giving you up to date information for decision making in informative monthly reports.

The benefits include:

• A regular business healthcheck and measure of financial performance

• Information to control and plan expenditure

• Increased control over cashflow using forecasting information

• Information to keep plans or individual projects on track or to change direction to m...

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New service for my clients

Posted on October 2, 2019 at 1:40 PM Comments comments (298)

I am now licensed to offer consultancy services for computerised accounting systems. Please contact me to discuss if you are considering purchasing a new computerised accounting system or need support with your current system.

Get Ready for Brexit

Posted on October 2, 2019 at 1:40 PM Comments comments (290)

Here is a handy tool to use to find out what your business needs to do to prepare for Brexit:

Have you overpaid your student loan?

Posted on August 22, 2019 at 8:30 AM Comments comments (292)

Have you overpaid your student loan? Are you due a refund?

The government is holding more than £28m of overpayments made to the Student Loan Company (SLC) in error, as a result of repayments being deducted from individuals after they have paid off their loans in full.

If you believe there has been an over-repayment of your student loan, contact the SLC to seek a refund.

Tax Credits renewal

Posted on June 25, 2019 at 7:10 AM Comments comments (286)

Do you claim tax credits? If so, you will need to renew your claim by 31st July 2019.

Income reporting at renewal is for the 2018-19 tax year. This includes net profit from self-employment. If you have other income, for example: dividends, investment income, interest, pensions or property/rent, these also need to be included.

Please contact me - [email protected] - if you would like any assistance in preparing information or applying for your tax credit renewal. ...

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New HMRC VAT Regulations from April 2019

Posted on March 2, 2019 at 8:25 AM Comments comments (287)

HMRC are introducing Making Tax Digital (MTD) for VAT Returns in April 2019 and SFS Accounting are ready to help businesses every step of the way to ensure a smooth transition to the new system.

MTD VAT compliant accounting software is available for purchase through SFS Accounting and we can help with preparing your book-keeping and VAT Returns, making your business compliant to HMRC’s new regulations.

If you are ready to talk digital or outsource your digital requirements...

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New employer legislation

Posted on December 17, 2018 at 5:10 AM Comments comments (288)

Employers - Please be aware of the following new legislation as it applies from today.

The government has introduced what it claims to be the biggest package of workplace reforms for 20 years after concerns that ministers have failed to appeal to voters who are “just about managing”.

Legislation that comes into effect today will ensure:

  • Employers give workers details of their rights from the first day in their job, including eligibility fo...
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Self Assessment at Christmas

Posted on December 13, 2018 at 2:35 PM Comments comments (9051)

Take the weight off your shoulders this Christmas………

Mince pies, fairy lights and tax returns, two out three ain’t bad, let SFS Accounting carry the burden of the third one!

Get your tax return done well ahead of the 31 January 2019 deadline so you can relax and enjoy your celebrations.


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