How The Government Are Supporting Businesses Through The Coronavirus Outbreak

Statutory sick pay recovery for SMEs

  • HMRC will reimburse up to 2 weeks’ of SSP per employee who has been off due to COVID-19
  • Employers need to keep records of staff leave but won’t require  a Doctor’s fit note to claim
  • The legislation is set to be passed in the coming days and eligibility will start from the day after the legislation is approved
  • HMRC will work with employers to figure the repayment method so this may take some time

IN SUMMARY, Pay SSP for up to 14 days to each member of staff, maintain an absence record and claim when details emerge later

12 month Business rates holiday

  • All businesses in retail, hospitality and leisure sectors will pay no business rates in 2020/21
  • Businesses in other sectors will still be liable for business rates in 2020/21, therefore, it is essential to ensure that you’re claiming Small Business Rate relief if possible
  • All claims should be directed through the local authority after 20th March 2020

IN SUMMARY, if you’re a business in retail, hospitality or leisure, contact your local authority after Monday 23rd March for further information

Non-repayable grants

  • Retail, hospitality and leisure sectors£25k grant if your Rateable value is between £15,000 and £51,000
  • Other small businesses£10k grant for all businesses in receipt of small business rate relief (RV < £15k) or rural rate relief which is for areas with populations under 3,300
  • All claims should be directed through the local authority after 20th March 2020

IN SUMMARY, if you qualify, contact your local authority after Monday 23rd March for further information

Guaranteed business loans

  • Bank loans (from high street banks) of up to £5m per business
  • 80% Government guarantee should increase lender confidence at this time
  • No fees for guarantee
  • Interest free for 6 months, expected to be low interest thereafter

IN SUMMARY, approach your bank or other commercial lender registered under the British Business Bank scheme after Monday 23rd March for details – https://bit.ly/33A0DXC

If you require any support from MJH in putting together your application, please do not hesitate to contact us.

HMRC Time To Pay Scheme

  • HMRC have pledged to be especially flexible during the outbreak of Coronavirus
  • Includes VAT, PAYE, Corporation tax and Income tax / national insurance
  • Dedicated HMRC line – 0800 0159 559

IN SUMMARY, if you think you’re going to experience ANY difficulties in paying your tax and other bills, I would suggest approaching HMRC for time to pay.

Business interruption insurance

  • Businesses affected by government advice to avoid certain places such as pubs, clubs and theatres should check the terms of their insurance policies
  • The government and insurance industry confirmed on 17 March 2020 that such advice is sufficient to make a claim
  • However, most business interruption insurance policies exclude pandemics

IN SUMMARY, if your business is a venue particularly affected by government advice, check your insurance policy and speak to your insurance broker.

Leave a Reply

Your email address will not be published. Required fields are marked *