We have been speaking to our clients on an individual basis about what measures the government is making available to businesses to help them to combat the effects of Coronavirus. However below is a full list of measures in case they are needed for reference:
A dedicated helping has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
Wilds are also drafting a template letter for this as the phone lines are very busy as you can imagine. If you would like a copy please let us know.
Business interruption loan scheme
Businesses can apply for loans up to £5m, with the government covering up to 80% of any losses. The government will also cover the first 6 months interest.
Wilds are in touch with the banks so that when they are updated and know how they are going to do this will update us.
Businesses with fewer than 250 employees can claim the costs of 14 days sick pay for each employee.
Business rate grants
There will be a £10,000 cash grant to our 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 – they do not need to apply. The funding will be provided to local authorities in early April. Guidance for local authorities on the scheme will be provided shortly.
A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
On a personal level people affected by coronavirus can also access a 3-month mortgage payment holiday. You need to contact your mortgage provider to access this.
The IR35 changes have now also been delayed for another 12 months.