UPDATE: 20th March 2020 20:08
We hope that you and your loved ones are keeping safe in this difficult time.
Following the PM’s speech today, bars, pubs, restaurants, cinemas, gyms and theatres are to be closed indefinitely from tomorrow onwards (takeaways and delivery services will still be permitted). We understand that this will have a significant impact on your business, we would like to assure you that we are here to help if you need any advice/help during these closures.
The Chancellor has also announced several aid packages to help businesses struggling due to the impact of COVID-19. Although we are still awaiting further clarity on these schemes, most businesses will be eligible and them; and potentially alleviate some of the financial pressure. So far the Government has announced the following:
Please don’t hesitate to contact us if you want to discuss any of the above.
Stay safe!
Following the PM’s speech today, bars, pubs, restaurants, cinemas, gyms and theatres are to be closed indefinitely from tomorrow onwards (takeaways and delivery services will still be permitted). We understand that this will have a significant impact on your business, we would like to assure you that we are here to help if you need any advice/help during these closures.
The Chancellor has also announced several aid packages to help businesses struggling due to the impact of COVID-19. Although we are still awaiting further clarity on these schemes, most businesses will be eligible and them; and potentially alleviate some of the financial pressure. So far the Government has announced the following:
- Corona virus retention scheme – businesses operating PAYE will be able to apply for a Government grant up to £2500 per employee per month through HMRC to cover 80% of salary costs for employees not working due to COVID-19. The scheme will be open for 3 months initially but may be extended if required. The Chancellor is aiming to have this scheme underway by end of April.
- SSP for employees off due to self-quarantine - 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.
- Business interruption loan scheme – a 12 month interest free loan of up to £5m will be made available to businesses, with the government covering up to 80% of any losses with no fees. Applications for this loan will be made available from next week.
- £10,000 - £25,000 cash grant to 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 – you do not need to apply.
- Business rates holiday for retail, hospitality and leisure businesses abolished for 2020 and 2021 in England.
- VAT payments holiday – from now until end of June VAT payments will be deferred. Businesses will have until the end of the year to pay deferred payments.
- Self-assessment payments deferred till January 2021. For those who have instalments due by 31 July 2020 these will now be deferred till 31 January 2021.
- For those who are self-employed the Chancellor announced Universal Credits equivalent to SSP will be made available to all who are self-employed. Further guidance to be announced on this next week.
- IR35 off payroll implementation for large and medium sized companies deferred till April 2021.
- 3 month mortgage holidays for those struggling to make monthly payments – all lenders have been briefed on the Governments plans regarding this. If you would like to apply you need to contact your mortgage lender directly and speak to them. Buy-to-Let schemes included.
Please don’t hesitate to contact us if you want to discuss any of the above.
Stay safe!
