Coronavirus – Update & Staying Connected
Coronavirus Support for Small Businesses
Later today the Prime Minister will be announcing how the Government intend to help small business during the coronavirus pandemic. We will contact our clients following the announcement to let them know further details about the support available.
In the meantime, it is important to stay connected.
Updates will be appearing on our social media Facebook and Linked in accounts as and when information becomes available.
If you have not done so already, please ‘like’ our Equation page on Facebook here for updates:
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Here is what the Government has pledged so far
£5billion emergency response fund to support the NHS and public services
All those advised to self-isolate will be entitled to statutory sick pay even if they have not presented with symptoms. Sick pay is currently £94.25 per week.
Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks
Company Directors are entitled to SSP under current rules. However, until now it has not been possible for the company to reclaim this SSP. We are awaiting news on whether this will alter as a result of the Coronavirus outbreak.
Self-employed workers (Sole Traders) who are not eligible may be able to claim contributory Employment Support Allowance
The Employment and Support Allowance (ESA) benefit will be available from day one, not after a week as now
Business rates in England will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000.
Firms eligible for small business rates relief will get £3,000 cash grant.
VAT & Taxes
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their 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. Businesses can contact HMRC’s new dedicated COVID-19 helpline from 11 March 2020 for advice and support.
To ensure ongoing support, HMRC have made a further 2,000 experienced call handlers available to support firms and individuals when needed. For Time to Pay support if you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
Details on time frames and how to apply will be confirmed in due course.