Coronavirus: The latest support available for businesses and employees
As we’re sure you’re aware, the Government are providing daily updates on the coronavirus situation, with different departments speaking on the latest issues. We’ve also had Chancellor Rishi Sunak discussing the latest schemes and expanding on Budget announcements designed to help the average worker. Below are some of the funding, grants and help that has recently been made available.
Funding for 80% of wages, up to £2,500
The coronavirus job retention scheme means that the Government will pay 80% of salary for staff who are temporarily not working due to the virus. All employers can obtain grants from HMRC, covering wages of up to £2,500 a month
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Cash grants
£10,000
All businesses with premises in England, who are eligible for small business rate relief or rural rate relief and have a tradeable value below £15,000 will be eligible for the grant. The Government stated that the various local authorities are responsible for writing to you regarding this.
£25,000
A further grant of £25,000 will be available to those in retail, hospitality and leisure who operate from smaller premises, with a rateable value over £15,000 and below £51,000. Again – the local authorities are responsible for writing to you regarding this.
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VAT holiday
For businesses, a three-month VAT holiday means registered firms will not need to pay VAT until the end of June. However, those bills will still need to be repaid in full by January 31, 2021, subject to further change.
Similarly, a July 31st Income Tax Payment can be deferred to January 2021 if you have one to make – at which point your normal January 2021 tax bill will also be due.
IR35 changes deferred to April 2021
The Government has delayed extending the Off Payroll Working rules, and they will now come into effect for private sector businesses from April 6, 2021.
Funding for SSP payments
Statutory Sick Pay (SSP) is granted from day 1 of an absence rather than day 4 and the government will reimburse small employers for up to 2-weeks of SSP per eligible employee.
The extended SSP will be available for all those who are advised to self-isolate, even if they haven’t yet presented with symptoms. Eligible employers are those who had less than 250 employees at the end of February 2020. Employers should ask for an isolation or sick note, which the individual can complete at NHS 111 online.
Business rates holiday
The Government is giving businesses in the retail, hospitality and leisure sectors a rates exemption for the tax year 2020 to 2021. This should be organised automatically by your local authority and is for the 12 months to March 31, 2021.
Business interruption loans
The government is giving banks and other lenders financial support with the aim of issuing loans under the CBIL scheme. Included is a 12 month interest holiday, paid for by the government. Banks and lenders under this new plan would be open as of this week.
How to remain connected to clients in times of uncertainty
Now more than ever, digital communication is vital for Accountancy firms to remain connected with their clients in times of such uncertainty.
As the nation is adapting to life in lockdown and listening to the daily updates from the Government, one thing that is certain is that the communication gap is widening. A lot of people are wondering what to do next with their business, and how to take advantage of the support that is being made available.
With your own branded communication App, built on our OneApp platform, you can make sure to inform customers of the latest grants, business support and general help available to them.
Over the past few weeks, our current customers have been using their App to frequently communicate with their clients about the ever-changing situation through automated push messages; managed and sent by us, to save you time – daily Government updates, tax cuts, loan schemes and more. Communicate the latest information above and use Push Notifications which gives your firm a much higher response rate than email and is essential for effective client communication.
Click below to demo the App completely free, and see how the communications can help revolutionise the way your firm engages with clients.
