What Covid-19 means for your business and how to fight it.
The Corona Virus is causing panic and worry for businesses across the country. From gigantic corporations to small local Wetherby businesses, everyone is feeling the strain. In the 11th March 2020 budget, it was announced that financial backing of up to £330bn would be provided to support businesses.
This cash pool is being sent out in way of loans, grants, business rate cuts and more. In this article we’ll cover a few of the major changes and what you need to know.
Statutory Sick Pay (SSP): If you have employees, they will be covered by SSP, and therefore you should be aware of several changes to SSP.
- If you employ under 250 staff members, the government will cover the first 14 days of SSP.
- The waiting period to claim SSP has been reduced to just one day.
- Employees who may not necessarily be sick themselves but need to be off work to care for others in their household, will also be eligible for SSP.
Further to the above changes, there is some great advice and information on the ACAS website that covers numerous scenarios. If you’re unsure how to approach these ever-changing circumstances, contact a member of the Moulds & Co team today, who can offer help and advice for your staffing issues.
For Those Without Statutory Sick Pay (SSP): For those who don’t qualify for SSP, Employment and Support Allowance or Universal Credit should be available. The government is offering temporarily relaxed requirements for those directly affected. A link to the relevant pages of the government website is provided at the bottom of this article.
Small Business Loans: For many local businesses in Wetherby, Harrogate, York and the surrounding areas, the impact has been immediate and severe. As such, Moulds & Co would recommend checking to see if your business is eligible for one of the £10,000 cash grants that are being promised to the UK’s 700,000 smallest businesses. These grants are to be delivered by the local authorities who should be contacting businesses shortly. Small businesses that pay little to no business rates and are eligible for Rural Rate Relief or Small Business Rate Relief (SBRR) do not need to reply and instead wait to be contacted directly. This funding will be made available in early April and here at Moulds & Co Accountants, we will await further information to update our clients as soon as possible.
Delayed Tax Payments: Businesses in the retail, hospitality and leisure industries are expected to receive a 100% business rates holiday for the next 12 months. For other businesses who may be concerned about paying tax on time, there is a dedicated HMRC helpline (0800 0159 559) that has been set up to discuss your concerns. Through this, it may be possible to delay your tax payments and set up am individual “Time to Pay” arrangement.
These are the major changes to note for now, as of March 19th. However with changing circumstances occurring day by day, please feel free to speak to a member of the Moulds & Co team to discuss the latest developments and concerns. We will attempt to keep our site and social media updated regularly with all the latest financial news and information.
Essential Information and Updates:
ACAS Website: https://www.acas.org.uk/coronavirus
Employment and Support Allowance: https://www.gov.uk/employment-support-allowance
Statutory Sick Pay: https://www.gov.uk/statutory-sick-pay