Covid-19 Update and Resources

This article is to set out the main measures announced by the Chancellor yesterday to help support businesses deal with the impact of Covid-19.

The main measures announced were:

• An increase in the grant from ￡3,000 to ￡10,000 to any business that is currently benefiting from the small business rates relief or rural rate relief. These businesses will be contacted by their local authority - you do not need to apply. The funding will be provided to local authorities in early April and 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.
• The government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.

Any enquiries on eligibility for, or provision of, the business rates reliefs and associated grants should be directed to the relevant local authority. Please note that guidance for local authorities on the business rates holiday will be published by 20 March.

• A dedicated helpline 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 please get in touch with me.
• A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to ￡5 million. Businesses can access the first 6 months of that finance interest-free, as the government will cover the first 6 months of interest payments. Details of how to apply for these loans will be available from next week.
• For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full. Full details of how to make this claim have not yet been released.

ACAS have updated their advice for employers and employees and are also running an advisory webinar on Coronavirus for employers, links to both are below:

Coronavirus - advice for employers and employees

Coronavirus - advisory webinar for employers 

There are further announcements expected later this week with particular emphasis on employees and individuals and I will share any updates on this and any other area as soon as I get them.

Another big announcement from yesterday that wasn't part of what the Chancellor spoke about was the postponement of the changes to IR35 legislation from April 2020 to April 2021.

To make it easier for you to keep up-to-date with all of the announcements we've created a resource page on our website with links to all of the above information which I'll be updating on a regular basis, if you come across anything that you think would be beneficial for us to add to the resource page please just let me know. Link to the page is below, I'd suggest that you add it to your favourites to make it easier for you to be able to come back to as things change in the coming days and weeks.

Budget & Coronavirus Resources

If you need anything let me know, if you'd like to book a call with me then please use the link below to do so

Book a Call

We are in uncertain times so if you need anything please let me know. 

Best Wishes

Alan