Hailwood & Co
Chartered Accountants & Registered Auditors

Government help available


 

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This information is drawn from a number of sources and is correct as of 29 April 2020. It is intended as a source of information for clients of the firm only.

Below there are details of the new Bounce Back Loans, Companies House deadlines, Help for employers, Help for the self-employed and Help for businesses with premises. You could fall into one or more of these categories.

Bounce-back loans

The objective is to make cheap funding easily available to businesses effected by Coronavirus to enable them to re-start trading post-lockdown.

It only applies to businesses who:

The loans::

Apply via https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

 

Companies House Deadlines

If your accounts filing deadline falls after the beginning of Lockdown, i.e. 31 March onwards for most companies that qualify, you can apply to have your filing deadline extended by 3 months.

Note, you must apply to Companies House for the extension or the standard fines will still apply for late submission of accounts.

 

Help for Employers

The objective is to keep people at home while enabling employers to retain staff.

It only applies to employees who:

The scheme pays a grant to the employer through a new online system which came into operation on 20 April.

It applies from 1 March 2020 for 3 months minimum.

Answers to common questions:

We can help you claim but will need:

We already have most of this if we run your payroll, but if you think about this before asking us to make the claim it will minimise the cost. The first claims are in the main for part of March and all of April. Our payroll software providers are yet to produce a module which will automate the claim, so we are having to do manual calculations. That said the cost is working out between £30 and £150 + VAT to make the claim depending upon number of employees. Future claims will be for whole months and hopefully software aided so should be less expensive.

For updates and further information visit:

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

Or

https://businesssupport.gov.uk

 

 

Help for the Self employed

The government have announced the Self-employment Income Support Scheme

It applies to:

It does not apply to:

The scheme provides a grant worth 80% of profits up to £2,500 per month.

Answers to common questions:

Other help:

The Self- Assessment payment on account due on 31 July 2020 can be deferred until January 2021. No application is required to do this.

VAT payments for February, March and April quarter ends can be deferred until 5 April 2021. Direct debits will be collected, so if you pay VAT by direct debit, speak to your bank.

If you effectively become unemployed, you are still eligible for other government support, including universal credit and business continuity loans.

 

For updates and further information visit:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Or

https://businesssupport.gov.uk

 

 

 

Help for businesses with premises

There are 3 categories of help:

1) Support for businesses that pay little or no business rates

2) Help for retail, hospitality and leisure businesses that pay business rates

This applies to businesses such as:

These businesses are entitled to a business rates holiday for 2020/21, and

A grant of up to £25,000 per property if the rateable value of your premises is between £15,000 and £51,000.

3) Help for nursery businesses that pay business rates

This applies to businesses that:

These businesses are entitled to a business rates holiday for 2020/21.

For all these reliefs:

The original advice was to wait to hear from the council - they have not been getting in touch.

It is now possible to claim on-line.

You will need:

We can help with the scanning etc if you need us, but this claim is something you should have all the information you need to do it yourself.

For updates and further information:

https://www.wirral.gov.uk/health-and-social-care/coronavirus-updates/financial-aid-businesses

https://www.cheshirewestandchester.gov.uk/news-and-views/incidents/coronavirus-covid-19/businesses-and-employees.aspx

https://liverpool.gov.uk/communities-and-safety/emergency-planning/coronavirus/coronavirus-support-for-businesses-and-employers/

https://businesssupport.gov.uk

 
 
 
 
 
 
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