News

NEWS

COVID-19 AND OUR CLIENTS

Assistance for Businesses as at 24th March 2020

Our skeleton crew will do its best to direct our clients to across the board Government Departmental advice in these trying times.  For the immediate we focus on the following:

  • Coronavirus 306 Reduction Scheme
  • Deferring VAT and Income Tax Payments
  • SSP relief for SMEs
  • Business Rates holiday for retail, hospitality, leisure and nursery businesses
  • Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief
  • Grant funding of £25,000 for retail, hospitality and leisure with property with a rateable value between £15,000 and £51,000
  • Coronavirus Business Interruption Loan Scheme offering loans of up to £5.0m for SME’s through the British Business Bank
  • A Bank of England lending facility to larger businesses to assist with cash flow
  • HMRC Time to Pay Scheme

It’s not necessary for us to reinvent the way in which Government advice is given.  We therefore direct all relevant clients to https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19

The above site contains valuable links to specific aspects of current Government assistance which is summarised above.

Our payroll department is facing a broad range of questions from a wide range of clients.  Government advice is not static and we are not offering employment law advice to clients.

We can, however, direct clients to:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-business#support-for-business-through-the-coronavirus-job-retention-scheme

In the meantime, please note some ’employment’ basics and the job retention scheme itself:

  • the 80% grant assistance applies to employers who would otherwise have been laid off
  • covers payroll costs (salary) from 1st March 2020 but is not yet open and is expected to run for 91 days or so
  • applies to furloughed employees only
  • 80% of a maximum £37,500 for furloughed employees
  • redundancy is a wholly separate issue
  • unpaid leave cannot be imposed but it can be discussed on a case-by-case basis
  • reduced hours is an option which, like unpaid leave, requires consultation
  • holiday utilisation could well be a feature of employment contracts

All of the above is for clients’ guidance.  It is essential that clients update themselves by following Government edicts on relevant Government websites/links.

We will do our best to support our clients.  We are accessible by ‘phone and email and out whole team is WhatsApp linked.

Crossley & Davis Chartered Accountants and Tax Advisors

24th March 2020

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