COVID-19 SUPPORT

Covid-19 Support

A roundup of our newsletters that have been sent since the beginning of Lockdown to support small businesses during the Coronavirus pandemic, plus a summary of support available.

We are the Accountants

Covid-19 Updates

06/05/2020 – SEISS, BBLS and more

27/04/2020 – New Loans for small businesses

22/04/2020 – General Update

15/04/2020 – Updated guidance on the Self-Employed Income Support Scheme (SEISS) and the Job Retention Scheme (CJRS)

07/04/2020 – A few useful resources and a brief update on the situation.

04/04/2020 – Updated Furlough advice for limited company directors

01/04/2020 – Updated guidance on directors who wish to furlough, Practical Positivity course and CBILS update

24/03/2020 – It is essential that every business has a plan for dealing with the fallout from this pandemic.

ASSISTANCE FOR YOU

There is a range of assistance available to small businesses who have been affected by the Coronavirus Pandemic. Make sure you’ve checked your eligibility. Please click on the links below to go to the relevant pages for more information.

Self Employed Income Support Scheme (SEISS)

Open to anyone earning more than 50% of their 2019 income through self employment. The portal has already opened and several billion has been distributed to those who needed it.

Coronavirus Job Retention Scheme (CJRS)

This scheme is open to employers who would otherwise have to lay off their staff due to the decline in business. You can claim 80% of an employee’s salary whilst they are furloughed, up to a maximum of £2,500

Small Business Grants

These are available to those businesses who pay for commercial properties, and are eligible for Small Business Rates Relief. You will get £10,000 from your local council if you are eligible. (contact your local council if you believe you are eligible but haven’t heard from them)

Retail and Hospitality Grants

There are further grants available to those in retail and hospitality. Depending on the rateable value of your property, you will receive a grant of £10,000 or £25,000

Tax assistance

HMRC have given businesses the option to defer their VAT payment if it falls due between 20th March and 30th June. This will need to be paid by 31st March 2021. Self Assessment payments on accounts that are usually due by 31st July 2020, will be deferred until 31st January 2021. You can also apply to HMRC for a Time to Pay plan for Corporation Tax and PAYE.

Bounce Back Loan Scheme

Apply quickly and easily for a loan for your business. Loans available from £2,000 to £50,000, up to a maximum of 25% of your 2019 turnover. Apply through your bank.

There are a number of other schemes available

Coronavirus Business Interruption Loan Scheme (CBILS) is a loan available to more established businesses, although a lot of information is required. You can apply for £25,000-£5million. There are also regional and industry-specific grants that you may be able to access, Universal Credit and mortgage holidays for individuals, no business rates for the 20-21 tax year. Make sure you keep up to date on the government financial assistance pages to see what you are eligible for.

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