During the uncertainty regarding the COVID-19 outbreak, we want to assure you we are fully committed to the health and wellbeing of our employees and clients. We have put clear and appropriate measures in place to protect our people and ensure we continue to provide the support and services to our clients and their businesses.
We understand the concerns that you may be facing as a self employed person or business owner during this time. We have compiled a list of resources and useful advice to help you and your business respond and prepare for any impacts of COVID-19.
How the government is helping business through the COVID-19 crisis:
- Coronavirus Business Interruption Loan Scheme
Working with the British Business Bank, the Chancellor has announced he will be extending the Business interruption Loan Scheme for small and medium sized businesses announced in the Budget last week. The loan scheme makes available loans upto £5million with no interest payable in the first six months.
- Cash Grant for smallest businesses
A cash grant of £10,000 will be available to the smallest businesses delivered by local authorities. Those businesses that pay little or no business rates and are eligible for small business rate relief and rural rate relief will be awarded the cash grant. Advice on these grants will be delivered to local authorities imminently and the funding will be given from early April. Small businesses eligible for these grants will not need to apply for the cash but will be contacted directly from local authorities.
- Statutory Sick Pay Reimbursement
Businesses with less than 250 employees (as of February 28th 2020) will be refunded in full upto 14 days Statutory Sick Pay (SSP) per eligible employee who has to be off work due to Coronavirus. SSP will be payable form Day 1 due to COVID-19 rather than the usual Day 4. Employers should maintain records of staff absence but should not require employees to produce a fit to work note, an alternative note will be made available shortly through NHS111.
- Retail, Hospitality and Leisure business support
The Chancellor has announced a business rates relief holiday will be offered to all businesses in the retail, hospitality and leisure sectors for 2020/21 tax year. A £25,000 grant will also be available for these businesses operating in smaller premises with a rateable value between £15,000-£51,000.
HMRC Tax Helpline
HMRC have set up a phone helpline to support businesses and self employed people who are concerned about not being able to pay their tax due to Coronavirus.
Find out more: COVID-19 HMRC Tax Helpline
Call the helpline: 0800 0159 559
ACAS: Advice for employers and employees
ACAS are providing regular advice and updates following government guidance and policies for both employers and employees.
Find out more: Acas – Coronavirus advice for employers and employees
World Health Organisation
The WHO have prepared proactive guidance and advice to help employers manage workplaces during the COVID-19 outbreak.
Fee Protection Insurance
EKWillams Accountants offer a fee protection insurance (TFP) scheme. If you have taken out this insurance with us, it will entitle you to free HR advice with our partner firm Glaisyers solicitors. Take advantage of this additional support available to you during this challenging time.
For further information or advice, please contact our advisers:
Chris Barlow, Tax Manager Chris.firstname.lastname@example.org
Ian Wynne, Audit Manager Ian.email@example.com