Covid – 19 Latest updates to help businesses

Covid - 19 Latest updates to help businesses

PAH Accounting are here to support and help small businesses, both existing clients and those others that may need support. We are working in conjunction with our key business partners, ABC Accounting Services SW Ltd, SW Payroll and Cheltenham Bookkeepers Ltd

We will post the most up to date information here as and when it is received

 

Cash Grant

Applicable for those business with premises that are currently eligible for SBBR

Will be a £10k grant

Local authority to advise eligible businesses

SSP for those with symptoms

Employees who are self-isolating due to Covid-19 or because someone in their household has symptoms will be paid SSP which can be reclaimed from HMRC (up to 14 days)

Potentially redundant workers

Employees that are not required and would otherwise be made redundant will be “Furloughed”

These employees will get 80% of their wages paid (will be capped we think)

These employees cannot do any work for the business in the meantime

At present we do not think this includes Directors – definitely does not include dividends

The furloughed employee scheme only applies to anyone on the books as of 28.02.20 this may change however but at the time of announcement this was accurate

Self employed workers

Increased access to universal credits where unable to work – we think the rate payable will be higher but have not as yet been confirmed. Claim universal credit

Awaiting confirmation of source but it looks like there will be a support payments for self employed workers  

Announcements from chancellor that they are looking at the most efficient way to support small businesses

Small business loans

Government backed support loans available

 

VAT deferral / tax payments

VAT bills due from 21st March to 30th June will be deferred until 5th April 2021 – NOTE: VAT returns do still need to be completed and submitted

 

Self assessment payments on account due in July can be deferred until due 31st January 2021

All taxes can request a time to pay arrangement by contacting the HMRC helpline

 

Small business support

High street lenders encouraged to increase borrowing oppportunities at reduced rates

Deferral on personal mortgage payments – this has been extended to include letting properties

Landlords both commercial and residential encourage to allow payment plans to be put in place (residential – no evictions allowed)

Businesses will be given an additional three months to file accounts with Companies House amid the Covid-19 pandemic. Following the agreement, companies will still have to apply for the three-month extension to be granted, but those citing issues regarding Covid-19 will be “automatically and immediately granted an extension”.  All applications can be made through a fast-tracked online system.

Locked down businesses

The full locked down list

 

Useful links

The Government business support pages – 

Federation of smal businesses

Coronavirus business support pages

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