With everything that is currently going on we wanted to give you the information that we have in terms of how this could effect your business and what you can do:
SMEs will be able to reclaim Statutory Sick Pay (SSP) for sickness absence due to Coronovirus:
- It will cover up to 2 weeks SSP per employee who has been off due to Coronovirus
- Businesses with fewer than 250 employees (as of 28 Feb 2020) are eligible
- Employers should maintain records of staff absence but a GP fit note is not required
- You will be able to reclaim expenditure for any employee who has claimed SSP due to Coronovirus
If you are struggling to keep up with the ever changing payroll legislation and you need help just let us know. Our Payroll Manager, Helen, is brilliant and we have capacity to take on additional payrolls if you need our help.
Business Rates Relief
The 100% business rates retail discount will be extended to the leisure and hospitality sectors where the rateable value is no more than £51,000.
In addition, very small businesses who already pay no business rates at all will be able to claim a £3,000 cash grant to help meet their ongoing business costs. We are still waiting for further details about how to apply for this.
Coronovirus Business Interruption Loan Scheme
The full details of this loan scheme which temporarily replaces the Enterprise Finance Guarantee (EFG) have not yet been finalised. However, it should be launched in a couple of weeks to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. To be eligible the SME must:
- Be UK based, with turnover of no more than £41 million per annum
- perate within an eligible industrial sector (a small number of industrial sectors are not eligible for support)
- Have a sound borrowing proposal, but insufficient security to meet a lender’s normal requirements
- Be able to confirm that they have not received de minimis State aid beyond €200,000 equivalent over the current and previous two fiscal years
You may be eligible to receive support with your business and self employment tax affairs through HMRC’s Time to Pay Service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
If you are concerned about paying your tax due to Coronovirus, call HMRC’s dedicated helpline on 0800 0159 559.
Cedar + Co.
Here at Cedar + Co. we have a plan in place. Due to the wonders of technology it’s business as usual for us. Should the time come for us to lock down/quarantine, all of our team members are able to work from home. Your accounts, VAT, tax and payroll can all still be taken care of and filed on time.
A little request… We love seeing our clients in the office and we usually have an open door policy. Many clients just pop in for a coffee and chat. However, from today until further notice please DO NOT come to the office as it may not be manned at all times. We are still available via phone, e-mail or web meetings and are happy to chat through these methods. Of course we also have our portal available for exchanging and signing documents. We hope you understand that this is for both your protection and ours.
We hope that this update has provided a little reassurance. But if there is anything we can do to help give us a call on 01332 292022 or drop us an e-mail.