If your business has been adversely affected by the Covid-19 pandemic and you think that you might have made a loss, it is important that you claim relief for that loss and use it in the most effective way.
Depending on how you prepare your accounts, there are various options available for relieving a loss. If you have decided to close your business and made a loss in the last year of trading, you can look to carry the loss back under the terminal loss relief rules. This may generate a handy tax repayment.
There are various loans and grants available to help businesses survive the Covid-19 pandemic.
The available support includes Bounce Back loans of between £2,000 and 25% of turnover, to a maximum of £50,000.