Coronavirus: Avoiding all unnecessary contact, working from home and how we're helping to support businesses. The measures include with updates:
Coronavirus job retention scheme - The UK government will pay up to 80% of workers' wages for up to £2,500 a month — employers can top this up — in order to keep them on payroll. It is aimed at preventing companies from laying off staff. Interest-free loans: Funds available for businesses will be interest-free for 12 months. VAT payment deferral: No VAT payments from now until the end of June
Extra support for the welfare system: The UK government is granting another £6bn worth of support for the welfare system. This includes a £1,000 increase to the Universal Credit standard allowance for the next 12 months, as will the Working Tax Credit basic element. a Statutory Sick Pay relief package for SMEs a 12-month business rates holiday for all retail, hospitality and leisure businesses in England small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rate-able value between £15,000 and £51,000 the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans the HMRC Time To Pay Scheme
Our plan (updated 23/02/2020) In order to support current subscribed clients we're offering additional help free of charge for setting up and ensuring they receive financial help by:
Contacting all payroll clients this week to help prepare and plan furlough of workers, provisions started today, and some clients may have already been contacted. Completion of paperwork for grants and other financial help Discussing tax payment matters with the Time to Pay scheme Help applying for loans through our finance associates Other administrative help where necessary
As a matter of social responsibility towards staff members and their families, we are working and supporting clients from our homes. All meetings will be conducted virtually based on advice from the UK Government.
What are we waiting for?
Grants: Your local authority will write to you if you are eligible for this grant. Some local government throughout the UK have already begun this process, please remain patient if you have not yet been contacted.
Coronavirus Job Retention Scheme: HMRC will reimburse 80% of furloughed (temporary leaver) workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
SSP Support: This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19, eligible period for the scheme will commence the day after the regulations on the extension of SSP to those staying at home comes into force.
Business rates holiday for the retail, hospitality and leisure sectors: There is no action for you. Businesses that received the retail discount in the 2019 to 2020 tax year will be re-billed by their local authority as soon as possible. As for 2020/21, said businesses will receive rates holidays.
Coronavirus Business Interruption Loan Scheme: The full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website. All the major banks will offer the Scheme once it has launched. There are 40 accredited providers in all.
Time to Pay scheme: If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559 or call us to help!
Insurance: Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim as long as all other terms and conditions are met.
Please bear with us and have trust in our services, we are here to help and require time to set up processes and procedures ensuring all clients are catered for.
Wishing you and your teams health in this difficult time.