Here we are after the latest Prime Minister's Questions with no further update for the self-employed, however, we are continued to be encouraged to work together as a nation to fight the Coronavirus. We're pleased to hear our updates are proving helpful with the provision of actionable documents and links. Please see below information about our forecasting services to help with loan applications, and the latest guidance taken from industry professionals and HMRC updates.
BAN ON COMMERCIAL EVICTIONS
HMRC has announced that commercial tenants that cannot pay their rent due to coronavirus will be given extra protection from eviction by landlords. Whilst conversations are already taking place about voluntary arrangements and payments, this latest announcement comes as the Government closes more businesses to prevent social contact, thus slowing down cashflow. Click here for the Gov.uk information on protection for commercial tenants
HR ADVICE FOR EMPLOYERS
We have provided information on the Job Retention Scheme in our previous Coronavirus update, however for more detailed information on the wider elements of Coronavirus from a HR perspective, please take a look at this document by Alix Passey Brown of Twyford HR.
JOB RETENTION SCHEME FURLOUGH LETTER TEMPLATES
We have access to letter templates that you may want to use to send to your employees if you are having to access the Job Retention Scheme however we must state that they are examples only, and you should confirm with your legal team and / or HR advisor before using them. Our Payroll Services team will be emailing copies of these to our Payroll clients, however if you would like a copy of the letter templates, please email our admin team Sharon or Jo on email@example.com or firstname.lastname@example.org, or call 0161 905 1801. Please click here for the government guidance on the Job Retention Scheme.
The business interruption loans scheme went live yesterday as promised by the Chancellor, Rishi Sunak last week. Set up as a temporary replacement of the Enterprise Finance Guarantee Scheme, the Government has made it possible for small firms with a turnover less than £41m to apply for a loan up to £5m with no interest due for the first 12 months.
Please note, these industry sectors will not be eligible. If you need to apply for the Coronavirus Business Interruption Loan Scheme (CBILS), contact an accredited lender authorised by the British Business Bank - you can find out more by clicking the link below.
At LWA, we are assisting clients with cash flow forecasts for loan funding. For clients on Xero we can use Futrli to speed up the process from days into hours. If you would like cash flow forecasting support to assist your loan applications, please contact email@example.com or call 0161 905 1801.
SMALL BUSINESS RATES & GRANT FOR HOSPITALITY SECTOR
Following the Chancellor's Budget focus on Coronavirus, the 'business rates holiday' for retail, hospitality and leisure businesses in England is now effective and will apply to your next council tax bill in April 2020. Whilst there are no actions you need to take, you can use this business rates calculator to estimate the charge that you will no longer pay this year.
Furthermore, if you're a business that comes under the retail, leisure and hospitality sector, in a property with a rateable value of £15,000 and under, a cash grant has been made available of £10,000. If you're a business with a property that has a rateable value over £15,000 and up to £51,000 you can apply for a grant of £25,000. As above, you do not need to do anything, and your local council will contact you if you are eligible. Click below for further information that should be directed to your local authority. Click here for Hospitality Sector support.
SMALL BUSINESS RATES FOR NURSERY BUSINESSES
The closure of schools and nurseries except for the children of Key Workers or vulnerable children, has impacted massively on nursery businesses. The Government has recognised this and implemented a business rates holiday for 2020-2021 tax year, applicable if you're based in England, are on OfSted's Early Years Register, and wholly or mainly used for the provision of Early Years Foundation Stage. Your local council will contact you as soon as possible if you qualify, however you can access further information below. Gov.uk information on support for nursery businesses.
GRANTS FOR BUSINESSES THAT PAY LITTLE OR NO BUSINESS RATES
A new Small Business Grant Scheme providing funding of £10,000 will be made available via local councils for small businesses in England that occupy property and already qualify for Small Business Rate Relief or Rural Rate Relief. Once again, if you are eligible, your local council will contact you in due course. To find your local council to direct any enquiries, please click below. Find your local council information here.
Whilst local councils will be sending letters about grants if applicable to your business, they understand that you might not be able to access the office to which they will be sent. Trafford Council have made the letter templates and online grant applications available here for those that are eligible.
COUNCIL TAX SUPPORT FOR VULNERABLE FAMILIES
As part of the response to Covid-19 and the effect on lives, the Government announced the provision of a £500m hardship fund, supporting vulnerable people and household within in local councils. You can view the Government guidance to local authorities by clicking here.
HELPFUL GOVERNMENT LINKS
- Government action plan: https://www.gov.uk/government/publications/coronavirus-action-plan
- Guidance on social distancing and stay at home: https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response
- Travel advice: https://www.gov.uk/guidance/travel-advice-novel-coronavirus
- Support for businesses: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
- Tax helpline to support businesses who are concerned about paying their taxes: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19
- Guide for employees, employers and businesses: : https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
- NHS Coronavirus (COVID-19): https://www.nhs.uk/conditions/coronavirus-covid-19/
PLEASE CONTACT US & PLEASE SHARE
We completely understand the worry and concern you may have for your business, staff and family, as the whole nation is asked to stay at home to minimise the impact of Coronavirus on our health and the NHS. We hope you continue to find our support information useful and please pass on to anyone else you feel this email and information would benefit.
You can access all our previous updates on our website, and if you have any specific concerns about Coronavirus affecting your business or personal finances, please know that you can contact Les Leavitt or one of the team here at LWA. Call us on 0161 905 1801 in Manchester, or 01925 830 830 in Warrington. We're here to help.