This week has been quite extraordinary with the Government’s unprecedented steps towards tackling the Covid-19 epidemic with personal, social and business implications for everyone.
Business as Usual
The health and well being of our people, clients and loved ones is our top priority.
Andrea will be working remotely as from Monday and for the time being I shall be mainly in the office. Calls to the office will be diverted if I am working from home so please allow a little extra time for this to happen if you wish to speak to one of us.
All of our meetings will now be held online via Zoom or by telephone whichever is easier for you.
Government Support
The Chancellor has announced a raft of measures to support public services, individuals and businesses during the pandemic. We are still waiting for a lot of the detail to be published but we will keep you informed as we know more.
1. Statutory Sick Pay to be reimbursed
Businesses with fewer than 250 employees will be refunded the full cost of providing statutory sick pay to any employee off work for up to 14 days due to Covid-19. Statutory Sick Pay (SSP) will be available from day 1 rather than day 4.
SSP is currently paid at a rate of £94.25 per week, rising to £95.85 from April.
2. Sick Pay for Self-employed
Self-employed individuals can claim employment and support allowances from day 1 rather than day 8.
3. Funding Support
The Government has promised £7bn funding for small businesses and workers in the UK via the Coronavirus Business Interruption Loan Scheme. This will be via Government backed funding and further details can be found here.
4. Grants for Small Businesses
Businesses that receive Small Business Rates Relief or Rural Rates Relief will receive a £10,000 grant to help meet their ongoing business costs.
Businesses in retail, hospitality or leisure industry with rateable values between £15,000 and £51,000 will receive a £25,000 grant.
Grants will be available from early April and the local authorities will contact businesses directly after 20 March.
5. Business Rates Suspended
Rates are suspended for 1 year for shops, cinemas, restaurants and music venues with a rateable value of less than £51,000.
6. Time to Pay Arrangements Relaxed and Extended
HMRC has a new number for businesses and self-employed individuals who are unable to pay their tax due to Covid-19 and need to set up a time to pay arrangement.
The number to call is 0800 159 599.
The helpline is open Monday to Fridays from 8am to 8pm and Saturday 8am to 4pm.
We Are Here To Support You
We want to you to know that, as always we are here for a chat to discuss your concerns.
Covid-19 Small Business Action Plan
If you are in business:
1. We can help you identify what your most important challenges are, or your biggest risks.
2. We can put an action plan together with you to help you look at the possible solutions available to you.
3. We can help you put together a short term cashflow based on the current situation.
We do however appreciate that for many this is a time for cost cutting and therefore are happy to support you with a complimentary cashflow service up to the end of April 2020. This will include a simple short term cashflow and weekly check ins to see how you are doing.
If you are interested in this service please contact me directly.