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
Useful links