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Covid-19 is the biggest threat that the world has had to face for some time. It’s quickly disrupted life, business, transport and the economy.

We understand that businesses need support to get them through the coming months. The Covid-19 pandemic has caused major disruption to normal life and many people have been left feeling confused and lost.

We’re here to support your business and we’ve collated everything you need to know about Covid-19, including advice and guidance on the latest government schemes, along with information regarding some of the most frequently asked questions that business owners have.

If you’d like to get in touch with Capify for any reason, please email: covid19help@capify.co.uk.

Overcoming Covid-19: Keeping your business in shape during and after the pandemic

With the rapidly changing nature of the COVID-19 outbreak, we understand that this can be a challenging time, particularly when you may be unsure of where to go for advice and help.

The Government has announced a number of schemes to help businesses; however, navigating your way through them can be confusing and the information can change quickly.

To help you better understand these schemes we have partnered with Sempar Accountancy and Tax to create a free webcast. It will unravel the complexities and questions around preserving cashflow with or without the Government schemes; managing suppliers and debtors and understanding the Covid-19 Business Interruption Loan scheme.

 

Download Webcast

Why watch/listen?

This webcast is delivered by Peter Leech, Sales Director at Capify and Steve Timmis of Sempar Accountancy & Tax. In the video they discuss many of the key questions and challenges facing small businesses, offering up useful suggestions and advice on how best to overcome problems such as:

• Best ways to preserve cash flow

• Obligations under the furlough scheme

• CBIL schemes and prior CCJ’s

• Industry specific schemes and guidance

Who should watch/listen?

Small and medium sized business owners and employers who want advice and guidance on changing workplace conditions due to COVID-19.

Overcoming Covid-19 as an SME

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Further Resources

In addition to the webcast, we have created a Covid-19 Resource Hub which contains additional information that can be accessed here.

As there are several Government schemes available, we have listed some key points below. However, things can change quickly so we suggest that you also visit the Government Support site for businesses on a regular basis. You can access it here.

 

– Coronavirus Business Interruption Loan Scheme (CBILS)

  • To support SMEs, CBILS will provide loans of up to £5 million, with no interest due for the first 12 months.
  • For more information on CBILS visit our support page.

 

– Business Rate Holidays

Businesses are facing acute challenges, and sectors that have been particularly impacted are able to apply for a business rates holiday in England for the 2020 to 2021 tax year.

Retail, Hospitality and Leisure

  • Businesses in England in these sectors will be eligible for a business rate holiday, regardless of their rateable value.
  • To access this scheme, you do not need to do anything. Your local authority will contact you.
  • More information available here.

Nurseries

  • The government will introduce a business rates holiday for nurseries based in England for the 2020 to 2021 tax year. Properties that will benefit from this relief will be hereditaments:
  • occupied by providers on Ofsted’s Early Years Register
  • wholly or mainly used for the provision of the Early Years Foundation Stage
  • More information available here.

 

– Government Grant Scheme

Retail and Hospitality Grant

  • Retail and hospitality businesses in England with a rateable value of less than £51,000 will receive a grant up to £25,000.
  • To access this scheme, you do not need to do anything. Your local authority will contact you.
  • More information available here.

Small Business Grant 

  • The government will provide extra funding for businesses based in England that receive small business rate relief (SBRR), rural rate relief (RRR) or tapered relief.
  • You need to be a small business that already receives SBRR and/or RRR and occupy property.
  • The government will provide a one-off grant of £10,000.
  • To access this scheme, you do not need to do anything. Your local authority will contact you.
  • More information available here.

 

– Job Retention and Sick Pay Job Retention Scheme

Job Retention Scheme 

  • All UK businesses will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.
  • HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
  • To access the scheme, you will need to:
  • designate affected employees as ‘furloughed workers,’ and notify your employees of this change – changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
  • submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)
  • More information can be found here.

Statutory Sick Pay (SSP) for small or medium sized businesses

  • SSP is payable to qualifying employees and is now payable from day one for those who self-isolate or are unwell because of COVID 19 (the first 3 days are normally unpaid).
  • The current rate of SSP is £94.25 per week.
  • HM Treasury has announced that small and medium sized employers (those with fewer than 250 employees) may recover this cost where SSP has been paid as a result of COVID 19 from 13 March for a maximum of two weeks’ sickness per employee.
  • More information is available here.

 

– VAT and Income Tax payments

Deferring VAT

  • The government will be deferring Valued Added Tax (VAT) payments for 3 months for UK businesses.
  • This is an automatic offer with no applications required.
  • Businesses will not need to make a VAT payment during this period.
  • Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.
  • VAT refunds and reclaims will be paid by the government as normal.
  • More information can be found here.

Income Tax

  • Self-employed people may have their Income Tax Self-Assessment payments due on the 31 July 2020 deferred until 31 January 2021.
  • This is an automatic offer with no applications required. No penalties or interest for late payment will be charged if you defer payment until January 2021.
  • More information can be found here.

 

For all the latest Government information on COVID-19 and the measures the Government, and Devolved Governments, are taking, please visit the UK Government website, the Scottish Government website, the Welsh Government website or the Northern Irish Government website.

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