Coronavirus Business Support Guide – updated 23.07.20
Navigating the crisis
The Coronavirus (COVID-19) pandemic and associated shutdown has significantly affected many businesses.
We know you may be suffering in terms of cash flow and face enormous uncertainty about the future for your business. We will do all we can to help you.
In this newsletter we have brought together what you need to know about the Government help available for small businesses. HMRC is automatically deferring the next VAT and Income Tax bills, and it will agree extra time for you to pay Corporation Tax and PAYE, but those terms need to be negotiated individually.
Unfortunately, it takes time to set up new systems to provide cash injections directly into businesses, but there are Government grants now available to the self-employed as well as those already being paid to employers to cover 80% of wages. We explain who qualifies for these grants.
A large number of businesses are having their Business Rates bill for 2020/21 wiped out, and smaller businesses may be eligible for cash grants of £10,000 or £25,000 from their local authority. Don’t be caught out by scammers, as all the Government grant money will come through either HMRC or the local authority you pay business rates to. Don’t click on links in any unsolicited communications.
If you are renting your home or business premises and are having difficulty in paying your rent, you should speak to your landlord. The law has been changed to require the landlord to give you at least three months’ notice to leave the property. All current court proceedings concerning evictions have
been paused.
If you are worried that your business has more outgoings than sales and is heading for bust, any of these measures may be able to help you. Also, the Government has temporarily changed the rules on wrongful trading to allow companies to pay staff and suppliers even if the directors fear this could mean the company is made insolvent. Your creditors will not be able to force your business into administration or liquidation for a temporary period during the pandemic.
Read the full guide here.