FAQs and what-to-do’s:
- A £10,000 cash grant for 700,000 of the UK’s smallest businesses, delivered by Local Authorities, and worth a total of £2 billion.
- A temporary increase of business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value.
- 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.
- Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees.
- £330bn in state-backed loans for all businesses through the banking system with the help of the Bank of England.
- A potential support package specifically for airlines and airports.
- An extension of business rates holiday to all firms in the hospitality sector and funding grants of between £10,000 and £25,000 for small businesses.
- For those in financial difficulty due to coronavirus, mortgage lenders will offer a three-month mortgage holiday.
Our advice for you and your business:
What do I need to be eligible?
- Be enrolled for PAYE online
- Have created and started a PAYE payroll scheme on or before 19 March 2020
- Have a UK bank account
What if I have a new starter?
What will I need to have ready to make a claim?
- your UK bank account number and sort code
- your employer PAYE scheme reference number
- the number of employees being furloughed
- each employee’s National Insurance number
- each employee’s payroll or employee number
- the start date and end date of the claim
- the full amount you’re going to claiming for, including employer National Insurance contributions and employer minimum pension contributions
- your phone number
- contact name
When can I claim from and how long will it last?
What about pension contributions?
How will it affect employees maternity or paternity pay?
The current situation will not affect your employees entitlement to statutory maternity or paternity pay. If you offer enhanced contractual maternity, paternity or shared leave pay, you may receive support with the costs through the Coronavirus Job Retention Scheme.
What if Golding runs payroll for you?
If we already handle your payroll, don’t worry – we’ve got this covered for you. We’ll be dealing with this as part of your service.
Pour a tea, get ready and make a claim
If you’re making a claim yourself, pop the kettle on, gather all the pieces you’ll need together, and head here. We’ve heard minimal complaints so far about how well the system is working – so hopefully with all the right information to hand, you won’t find it a complicated process. If you do encounter any problems, or have questions about your payroll, we’re here to help!