The current advice issued by the Government will dramatically impact most businesses over the coming months.
Below are details of the guidance issued by HM Revenue & Customs to support businesses affected by Coronavirus (COVID-19).
As HMRC guidance is updated we will update this page to keep you informed. Above all, if you have any queries please do not hesitate to contact
There are phishing emails in circulation regarding the repayment of VAT, PAYE and other taxes.
HMRC will not contact you by email or telephone to request bank details. They will write out to you. Please be vigilant at all times and contact us if in any doubt to confirm.
The best thing you can do now is plan for how you can adapt your daily routine, and that of others in your household, to be able to follow this advice. Some of the ways in which you could prepare include:
"Turnover is vanity, profit is sanity, cash flow is reality"
Cash flow planning is key for effective management of all businesses. At this time of uncertainty during the Covid 19 Hiatus, it is more critical than ever.
Cash is the lifeblood of all businesses, and at this period of uncertainty, all business owners and their finance teams must understand what cash is due to go out of the business and then make deliberate decisions about their payment.
The biggest unknown of course is what cash will come in. To an extent that can be influenced through effective credit control procedures, but not with high levels or certainty.
As always, if you require assistance, our Pierce team is ready to assist. Please call us on 01254 688100.
Under the Coronavirus Job Retention Scheme, all UK employers 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.
CBILS is a new scheme that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief.
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19).
The government will introduce a business rates holiday for nurseries in England for the 2020 to 2021 tax year.
As a further cashflow boost to business, the Chancellor has announced a deferment of VAT return payments due to HMRC between 20 March and 30 June 2020; to be paid instead by 5th April 2021.
The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.
HMRC will introduce a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
If the coronavirus has affected your business and as a result, you are unable to file your accounts by the filing deadline you may apply for an extension.
The government has announced a radical package of measures to protect renters and landlords affected by coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time. This also applies to commercial properties.
There is no guarantee fee for SMEs to use the CBILS scheme.Lenders will pay a fee to access the scheme.
The scheme is designed to support smaller businesses (SMEs) who don’t meet a lender’s normal lending requirements for a fully commercial loan or other facility, but who are considered viable in the longer-term.
Potentially, if your business activity is primarily UK based. For early stage businesses in their first two years of trading, the British Business Bank’s Start Up Loans programme (loans £500 to £25,000 at 6% p.a. interest) may be more suitable.
Visit www.startuploans.co.uk for more information.
Yes. You must show in your borrowing proposal that were it not for the COVID-19 pandemic, your business would be considered viable by the lender, and for which the lender believes the provision of finance will enable your business to trade out of any short-to-medium term difficulty. We can help you with this proposal.
If you have a query about an active EFG facility, you should approach your current provider – ideally via their website, and not the British Business Bank.
If you have a query about an active EFG facility, you should approach your own provider –ideally via their website –and not the British Business Bank. Any request for re-financing an existing EFG facility will be at each individual Lender’s discretion, be subject to certain limits, and you meeting the CBILS eligibility criteria.
CBILS will initially run for six months.
CBILS is a new scheme. It is different from EFG in a number of ways.
1.CBILS provides the lender with an 80% government backed partial guarantee against the outstanding facility balance , subject to an overall portfolio cap. Under EFG this was 75%.
2.There is no guarantee fee for SMEs to use CBILS