Urgent COVID-19 Updates For Businesses - 19th March, 2020
What new measures has the Government announced?
Posted by Roger Eddowes on 19/03/2020 @ 8:00AM
During this tricky time for business, we want all of our clients to know that the team at Essendon Accounts & Tax are here to help and support you wherever possible ...
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Because the Government are continually making announcements in response to the COVID-19 situation, I thought I'd update you with the latest updates for businesses which may be of interest to you:
Coronavirus Business Interruption Loan Scheme
This new scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first 6-months of that finance interest-free, as the government will cover the first 6-months of interest payments.
14-days of Statutory Sick Pay per employee will be refunded by the government in full
For businesses with fewer than 250 employees, the cost of providing 14-days of Statutory Sick Pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the costs of large-scale sick leave.
Time to Pay arrangements
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.
£10,000 cash grants for the UK’s smallest businesses
There will be a £10,000 cash grant to our smallest businesses, delivered by local authorities. Small businesses that pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief will be contacted by their local authority - they do not need to apply. The funding will be provided to local authorities in early April. Guidance for local authorities on the scheme will be provided shortly.
Hospitality sector 100% business rates relief and cash grants
The government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
Things are continually developing and emerging at this time, and we will endeavour to keep you updated by email and also through our social media channels on LinkedIn, Facebook and Instagram.
Please note that this information is correct at the time of publishing (8am on the 19th March, 2020) and is updated regularly on the gov.uk website.
Until next time ...
Would you like to know more?
If you would like advice on how these measures could help you and your business, call me on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help you.
About Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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