Coronavirus (COVID-19) Update

News

Firstly we hope that you, your families and your staff are keeping well and healthy in the current circumstances. Our office remains open for the time being and we are here to offer assistance where possible whilst we are of course taking extra steps with regards hygiene to protect our staff and clients

The Government have brought in a number of measures to try and help small businesses get through this period. They have yet to issue a huge amount of details at the present time but we anticipate these will come out over the next week or so –

  • Are you struggling to pay any outstanding taxes due to Covid-19? If yes HMRC has set up a specific helpline to discuss this, please take a look on the following link https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19?&utm_source=twitter&utm_medium=social&utm_campaign=covid19
  • For businesses in the retail, hospitality and leisure sectors there are possibilities to obtain a rates holiday for 12 months and possible grant funding up to £25,000 if their property rateable value is between £15,000 and £51,000 (for businesses below this rateable value please refer to the next point).
  • Small business grant funding of up to £10,000 for all businesses who receive small business relief or rural rate relief.
  • Coronavirus  business interruption loan scheme will start being available sometime next week and will be able to provide loan up to £5 million.
  • Statutory sick pay relief for all SMEs.
  • Self-employed may be able to claim employment support allowance. This is the self-employed version of Statutory sick pay and available at £73 per week if you are having to self-isolate from day one.
  • Three-month mortgage and rental holiday for those who are struggling to make monthly payments.

As mentioned, on all of the above support measures, we have very little details on these but our best advice is to keep up to date with the news and the government guidance which the Prime Minister is updating daily.

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