Client Support during COV-19

The support for business provided by the government can be found here https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses.

  • Businesses with less than 250 employees will be able to get a refund of SSP per eligible employee for upto 2 weeks as a result of Covid19.
  • Businesses rate relief for this that get a retail discount will be rebilled by their local authority
  • £25k grant to retail, hospitality and leisure business operating from premise with a rateable value £15-£51k. This is accessed from the local authority – guidance to be published 20 March
  • Business that are eligible for small business rate relief or rural rate relief will get a one-off grant of £10k. There is no need to apply your local authority will contact businesses. Guidance to be published shortly but funding is likely in early April.
  • Coronavirus Business Interruption Loan Scheme will be launched next week.  Govt is guaranteeing 80% of each loan .  First 6 months interest free.  The  new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million.  Details from high street banks can be found here:

BARCLAYS

home.barclays/

 

HALIFAX

www.halifax.co.uk/helpcentre/coronavirus/

 

HSBC

www.hsbc.co.uk/help/coronavirus/

 

LLOYDS

www.lloydsbank.com/help-guidance/coronavirus.html

 

NATWEST

www.business.natwest.com/business/support-centre/service-status/coronavirus.html

 

ROYAL BANK OF SCOTLAND

www.business.rbs.co.uk/business/support-centre/service-status/coronavirus.html

  • Any problems with paying tax should be dealt with through HMRCs Time to Pay Service
  • Businesses affected by being ordered to close by the government should be able to make an insurance claim on their business interruption insurance. Businesses need to check their T&Cs. However most businesses are unlikely to be covered as it may exclude pandemics.
  • A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.

Please do contact us if you would like assistance with Cashflow forecasts or other such analysis.