We are keeping constant tabs on new announcements from the government and striving to interpret the details as they become clear. Below is a round up of the information we have so far.
We will be posting clear and easy to understand explanations of new information across our social feeds, so please follow these to receive the most up to date information.
Also if there are any questions that we have not included below, please email us at [email protected] and we will endeavour to cover these in another eshot or social media post.
I’ve heard about grants for small businesses – can I get one?
The government has announced that ANY business who is currently in receipt of SMALL BUSINESS RATES RELIEF will be entitled to a cash grant of £10,000.
And any business in the hospitality, retail or leisure sectors who have a business with a rateable value of between £15k – £51k will be able to get a cash grant of £25,000
This is in addition to the 100% rates relief available for the next 12 months as announced in the budget last week.
How and when would I get this?
These details are a bit sketchy. Current indications are that it will be issued by your local council as they know who receives Small Business Rates Relief. There will not be a need to apply for it. It will just be granted.
The timeframe is a bit vague. Early indications are that the funding will be provided to local authorities in early April.
I am self employed. Am I entitled to Sick Pay?
The government have advised that Self Employed people will be able to claim ESA and/or universal credit if they are sick or self isolating from Covid19, in line with advice from Day 1 of sickness rather than Day 8.
There are daily announcements by the government, so I am hoping that something to address this will be announced shortly.
I have employees who have to self isolate – what help am I getting towards this?
If you have employees who are either sick, or have to self isolate, you can pay them SSP for 2 weeks, and this can be reclaimed from the government. The actual technicalities of this have not been released, but I would think it would be similar to claiming back SMP – you would reduce the liability paid to HMRC.
Once we receive more guidance we will let you know. For the time being, you should keep a note of those that are sick – a fit to work note is not required.
I can’t pay my tax bill – what can I do?
HMRC have set up a helpline to discuss Time To Pay arrangements with businesses in difficulty. Their contact number is 0800 0159 559.
What else is there available?
The government have also announced a temporary Coronavirus Business Interruption Loan Scheme – this will provide businesses access to bank lending and overdrafts. I would suggest that you speak to your bank manager with regards to these. Alternatively, we do have contacts in the Commercial Finance sector who are able to access finance arrangements from across the market rather than one bank. If you would like these details, please get in touch.
I have lost work from Covid 19 – what can I do?
I know that this is a difficult and stressful time. I would suggest initially looking at both your business and personal finances. Work out what are essential bills, and what are “nice to have” bills. If you know how much you need as a bare minimum, then this is a starting point.
The government have also announced measures to be able to apply for 3 month mortgage holidays to give people temporary relief from at least one bill.
Also, review the business insurance that you have in place. Some policies will have business interruption insurance in place, and although there can be restrictions to this, it is worth reviewing in case you are able to make a claim.