With the ongoing government announcements regarding support measures for businesses during the COVID-19 pandemic, we are able to provide help and assistance to those wondering what may be available to them. 

 

GOVERNMENT SUPPORT FOR BUSINESSES updates

FAQS

This includes a package of measures to support businesses including:

  • a Coronavirus Job Retention Scheme

  • deferring VAT and Self-Assessment payments

  • a Self-employment Income Support Scheme

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

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

  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief

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

  • the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank

  • a new 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

  • the HMRC Time To Pay Scheme

Access to the CJRS grant

Any entity with a UK payroll and a UK bank account will be able to claim, including individuals, businesses, charities, recruitment agencies and public authorities.

The online service through which claims will be made is expected to be available at the end of April 2020. The claimant, not HMRC, will need to calculate the amount being claimed. It is not yet clear whether, and if so how, agents will be able to apply on behalf of their clients.

The following information will be needed:

  • ePAYE reference number

  • the number of employees being furloughed

  • the claim period (start and end date)

  • amount claimed (per the minimum length of furloughing of 3 consecutive weeks)

  • the relevant bank account number and sort code

  • claimant’s contact name

  • a contact phone number

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

https://www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme

 

Small Business Grant Funding

What is it?

The Government is providing additional 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.

 

Am I eligible?

You will be eligible if:

1. Your business is based in England* AND

2. In receipt of small business rate relief or rural rate relief as of 11 March AND

3. You are a business that occupies property

Accountant | Peter Brealey Chartered Accountants | Leicestershire T: 01455 612000

Brealey Foster & Co

2-4 The Horsefair, Hinckley LE10 0AN

brealeyfoster@gmail

brealeyfoster.co.uk

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ICAEW training employer number L006552298

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