SUPPORT IN DIFFICULT TIMES

Firstly, take a breather. Make yourself a cuppa, be generous with the biscuits.
You deserve it.

When you’re ready, work your way through this page.

We are committed to supporting you in any way possible to ensure your livelihood is protected.

This covers what we know so far from the Government, and what you can do to lessen the impact of closures and cancellations. We will be updating this with information and resources as things change and develop.

Support from

THE UK GOVERNMENT

For businesses:

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    Coronavirus Job Retention Scheme

    • Open to all UK employers for at least three months starting from 1 March 2020.
    • Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage.
    • Employers can use this scheme anytime during this period. The UK Gov has advised the online service for making a claim will be available from the end of April 2020. More about this here.
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    Covid Corporate Financing Facility: State-backed loans for all businesses through the banking system with the help of the Bank of England.
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    The Coronavirus Business Interruption Loan Scheme Offering loans of up to £5 million for SMEs through the British Business Bank.
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    Deferred VAT payments – If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you can defer your VAT payment till a later date – more info on how here.
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    Deferred Income Tax payment – You are eligible if you are due to pay your second self-assessment payment on account on 31 July. You do not need to be self-employed to be eligible for the deferment. Check out how here.
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    An extension of business rates holiday to all firms in the retail, hospitality and leisure industries and funding grants of between £10,000 and £25,000 for small businesses. Speak to your local authority for these reliefs and grants.
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    Reclaim sick pay – Sick pay has been made available to employees from day one of their illness or self-isolation period. Employers with fewer than 250 employees will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The rebate scheme is being developed.

For the self employed:

Self-employment Income Support Scheme:

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    You’ll be able to apply for a grant worth 80% of your average monthly profits over the last three years, of up to £2,500 a month.
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    This scheme will be available to those who earn on average under £50,000 a year based on up to 3 years of tax returns.
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    At least half your income will need to have come from self-employment, and you will need to have completed your 2018-19 tax return – if you missed the deadline, you have four weeks from now (27/03) to get it done and qualify.
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    Good news for those traveling to work in essential industries or working from home, unlike the employment scheme, the self-employed can continue to work as they receive support.
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    The money will not arrive directly into people’s bank accounts until June, but it will be backdated to March, so you will receive a lump sum.
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    The grants will be taxable, and will need to be declared on tax returns by January 2022.
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    Those who have not required a tax return until the 2019/20 Tax year, will unfortunately not qualify for this grant as HM Revenue & Customs will not know your income.

Stay safe at home, stay strong

AND KEEP PUSHING FORWARD.

Advice for all

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    Check your insurance – Insurance policies will differ considerably, but if you have a policy that covers government ordered closure and pandemics, make a claim.
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    Request a mortgage holiday – Homeowners and landlords who are up to date on mortgage payments can now apply for a three-month mortgage payment holiday. Contact your lender to talk through your options.
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    Speak to your Landlord – Business or home, speak to your Landlord and see if you’re able to come to an arrangement for a rent holiday. Be aware also that commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction until 30 June.
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    Look at funding options – See what’s available from your own bank, and check out the alternative funding options. We’ve given suggestions in the cash flow blog below.

Support and Resources

FROM GOLDING

sunset yoga on mountain

PUT THE KETTLE ON – THE CORONAVIRUS JOB RETENTION SCHEME IS NOW OPEN FOR CLAIMS

DOWNLOAD
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CASH FLOW WHEN TIMES ARE TOUGH

READ NOW
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ADVICE FOR DRIVING SCHOOL INSTRUCTORS

DOWNLOAD

We’ll be updating this page
We’ll be updating this page as systems are set up and more information is released. We’ll keep adding helpful blogs and resources for you, but please do ask us if you have any questions about your business.

WE ARE HERE TO TALK