COVID-19 – Funding & Tax

We’re doing our best to digest the information coming from the government and advise what it means for everyone, we’re doing regular e-mails for all of our clients but we’re repeating that information here for all. Please note this information is correct as of 17th March 2020.

We are aware that many of our clients business’ could be affected by COVID-19, ranging from a direct loss of work, to cash flow problems, staff absence, etc.

We’ve had some clients contact us regarding what financial help might be available to them, especially following last week’s budget.

Coronavirus Business Interruption Loan Scheme (CBILS)

At present, the terms and conditions of the Coronavirus Business Interruption Loan Scheme (CBILS) have not been finalised by the government. Updates on the availability of this funding can be found via the following link:

https://www.british-business-bank.co.uk/ourpartners/supporting-business-loans-enterprise-finance-guarantee/

Small Business Grant

In addition there is no update from the government on the £3,000 grant available to small businesses who let premises with a rateable value of less than £12,000.

When the CBILS and grant funds become available we can discuss your requirements and assist you and your business with the application for these funds.

Tax helpline for businesses affected by COVID-19

HMRC have set up a helpline for businesses and the self employed who are concerned by / cannot pay their tax liabilities as a result of COVID-19. Further details can be found via the following link:

https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

Due to this government initiative being in the early stages, it’s unclear at this point what HMRC will be able to offer to you in respect of setting up an instalment arrangement or the suspension of debt collection proceedings. We are happy to discuss this and the potential merits of your case.

We will continue to provide key updates as they happen. Should you wish to discuss any of the above please do not hesitate to contact either of us.

Rebecca and Martin

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