Coronavirus and your business

KEEP CHECKING THIS PAGE FOR UPDATES

 

As things are changing quickly we will publish all of the information you need together with useful links on this dedicated page and through our blogs. We know that it is vital that we learn how to access the government measures so we will be working on bringing you these links too.

 

One of the Chancellor's key messages from last week's announcements was to seriously consider all of the options available to you before making any decisions that might affect your business now and in the future, particularly in relation to staff retention. We back this message wholeheartedly. Talk to us if you have any concerns or need further clarity.

 

We all find ourselves in unchartered waters - the government, businesses and our friends and families. We can work through the announcements and grey areas together and find a way to make it work.

Special measures

  • VAT deferred for March 2020 quarter end

  • Self-assessment July payment is now deferred until January 2021

  • All retained staff wages to be paid - 80% of monthly amount up to £2,500 per person per month - backdated to 1st March 2020 - see below

  • Statutory Sick Pay relief package for small and medium sized businesses (SMEs)

  • 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England

  • HMRC Time To Pay Scheme

  • Self-employed support scheme (more info HERE)

 

Coronavirus Job Retention Scheme

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

All current information for this is HERE

Grants and loans

Business interruption loan scheme - interest free for 12 months - see link below

This scheme offers loans of up to £5 million for SMEs through the British Business Bank

Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

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

Support for businesses that pay little or no business rates

The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

Eligibility

You are eligible if:

·       your business is based in England

·       you are a business that occupies property

·       you are receiving small business rate relief or rural rate relief as of 11 March

How to access the scheme

You do not need to do anything. Your local authority will write to you if you are eligible for this grant.

Any enquiries on eligibility for, or provision of, the reliefs and grants should be directed to the relevant local authority.

Reassuring you that its ‘business as usual’ here at EBS and we are working hard on your behalf. Please keep in touch throughout these uncertain times and stay safe.

Members of the ICAEW

Certified Partner of Receipt Bank

EBS Accountants Ltd is registered in England & Wales.
Registered company number: 3748728
Registered office address:

Mayden House, Long Bennington Business Park,

Main Road, Long Bennington, NG23 5DJ

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