We are here to offer practical and professional advice to help you navigate the options available. Below are some Government support measures for Businesses and Individuals and how we believe we can help.
Information | How we can help |
Grants to cover 80% of the salary of PAYE employees not working but furloughed and kept on payroll, up to £2,500 a month. This is backdated to 1 March 2020 and will be open before the end of April, for at least 3 months. | If we process your payroll, we can guide you through the process from advice on the Coronavirus Job Retention Scheme to making the claim for furloughed employees. Please click below for more details |
We have checked with our professional indemnity providers. We cannot review your staff employment contracts and advise you whether you can ‘furlough’ somebody. However, a pragmatic solution could be to ‘negotiate’ the furlough terms with individual employees (as stated by the government), in writing, as we believe that should suffice. | For absolute certainty, please contact an employment lawyer. Or, we have negotiated a special rate with HR Dept who have offices across the UK. Contact Olivia (olivia.flattery@hrdept.co.uk), include your contact details (name, address, phone number) and you will receive a call from your local HR Representative. |
For Directors on minimum salary the same principle will apply. If you are a director and take minimum salary and maximum dividends you are an employee and, if you draw your salary through a PAYE scheme, you can be furloughed from the date you were unable to work. The salary must go through a PAYE scheme, and had to be being paid and in operation before 28.02.2020. | Use the Corona Virus Business Interruption Loan to help finance the shortfall between the normal remuneration and the grant. |
Information | How we can help |
Self-Employed Income Support Scheme
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For Directors | |
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Universal Credit If you are on low income or unemployed, you can now more easily make a claim for Universal Credit or Contributory Employment and Support Allowance | For a guide on how to claim click here. Click below to know more |
Contributory Employment and Support Allowance will be payable, at a rate of £73.10 a week if you are over 25, for eligible people affected by COVID-19 or self-isolating in line with advice from Day 1 of sickness, rather than Day 8 | |
You may be able to claim New Style Jobseeker’s Allowance (JSA) with, or instead of, Universal Credit, depending on your National Insurance record. | Click here for more information |
What other support is available? | |
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VAT deferment | How we can help |
Deferral of VAT payments due between 20 March 2020 and 30 June 2020 until 31 March 2021. This effectively means an interest free loan from HMRC for one quarter’s VAT.The next quarter of VAT payments will be deferred, so no payments until the end of June. Businesses have until the end of the financial year to repay the payments deferred. | Deferment is automatic and we can model in the forecast cashflow as above to see the impact on your business |
Information | What can we do |
Mortgage lenders have agreed they will support customers through payment holiday of up to 3 months. | We can assist in liaising with your bank |
Many banks providing further support on mortgages through reduced or deferred payments, longer term support extending term of their mortgage, switching part/all to interest-only mortgage arrangements |
Information | What can we do |
The Government is making changes to the insolvency legislation. These amendments seek to protect businesses, give them breathing space to survive and ensure that, where appropriate, insolvency can be avoided | If you would like information please contact our Insolvency team carrie.james@benemack.com |
Suspension of Wrongful Trading Action from 1 March 2020The Government has announced that Wrongful Trading provisions will be suspended from 1 March 2020 for an initial period of 3 months in order for businesses to keep going without the threat of personal liability. |
Key relief areas in England (slight differences for rest of UK) | Criteria | Relief | What can we do |
Small Business Rate Relief (retail, hospitality and leisure businesses operating from smaller premises) | Properties with a Rateable Value over £15,000 and less than £51,000 | Small Businesses eligible for 100% relief under SBBR will be eligible for a £25,000 cash grant. | Let us know if your local authority has not contacted you by end of April |
Small Business Rate Relief | Properties with a Rateable Value of less than £51,000, only occupying one property | Grants of £10,000 to small businesses eligible for Small Business Rate Relief (up from £3,000) | You will be contacted by your local authority, they will not take calls, this may change. |
Rural Rate Relief | Properties in eligible areas (population less than 3,000) that are the only village shop or post office with a Rateable Value of less than £8,500; or the only pub or petrol station with Rateable Value of less than £12,500 | ||
Retail Discount (Retail, leisure and hospitality businesses) | 100% discount for one year beginning April 1 2020 (applied to all rateable values) | Not required | |
Hardship Relief | Ratepayers experiencing financial difficulties may apply to their local authority for hardship relief which may grant a discount or exemption to the ratepayer at their discretion. |
Updated guidance for employers, businesses and employees is available at:
New UK GOV Schemes:
Other useful links:
Disclaimer: While care has been taken to ensure the accuracy of the contents of this e-mail, no responsibility for loss occasioned to any person acting or refraining from action as a result of any statement in it can be accepted by the authors. Readers should take specialist advice before entering into any specific transactions.