We are currently all experiencing a worrying time, particularly as small businesses owners. Below we have listed some information detailing what help is available to you.
General Business Advice
The Government guidance on COVID-19 is changing every day. Check the most up to date guidelines here.
For your own small business:-
- Check if your business insurance includes business interruption for public health closures, and infectious diseases;
- Are you insured for loss of income?
Short term procedures
Fingers crossed we are only looking at short term business interruption. To help minimise this interruption and the impact it may have on your small business, consider the following: –
- Offer online meeting’s via Zoom or Google Hangouts (rather than postponing them);
- Offer deliveries to your customers if they are unable or worried to visit you;
- Are you able to sell you services / products online to replace any sales lost due to a reduction in visiting client’s;
- If possible, introduce remote working to help reduce the spread of the disease and the knock-on effects of self-isolation;
- Review your current monthly outgoings to see if you can reduce any unnecessary costs;
- Only order necessary stock. A lot of money maybe tied up in unsold stock;
- Is it possible to reduce your employment costs by reducing staff hours or staff numbers?
- Look at cancellation clauses and break clauses on any monthly subscriptions.
Government Support
The recent announcements by the Government to help support small businesses include:
- Reclaim of Statutory Sick Pay
For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee off sick due to the Coronavirus, will be refunded by the government in full. Statutory sick pay will be available from day one instead of day four. - Sick Pay for self-employed
The self-employed, you can also claim employment and support allowance from day one, instead of day eight. Click here for more information. - Funding support
A new Coronavirus Business Interruption Loan Scheme will be available for businesses with a turnover of no more than £41 million. Loans of £1.2 million may be applied for. - £3,000 grant for small business
Grants of £3,000 will be available for businesses that presently qualify for the Small Business Rates Relief, or Rural Rate Relief. Businesses that think they may be eligible should contact their local authority. - Business rates retail discount of 100%
The government is temporarily increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. - £500m “hardship fund” for local authorities
The Government has launched a £500m “hardship fund” to be given to local authorities in England to help vulnerable people in their areas. - HMRC Time To Pay Service extended service
HMRC have a new dedicated helpline number to call if you are concerned about being able to pay your tax due to COVID-19. The number is 0800 0159 559, and it is open from Monday to Friday 8am to 8pm, and Saturday 8am to 4pm (excluding bank holidays).
OUR OFFICES
We are continually monitoring the situation, but currently our offices are open as usual. We do ask however that if you have a meeting planned with us and you are suffering from a fever or dry cough, please call us to rearrange your meeting. Alternatively, we are happy to arrange a Zoom or Google Hangout meeting with you. The health and wellbeing of our staff, clients, and loved ones is our top priority.