DHCO
 

Coronavirus Financial Assistance – 22.4.2020

Coronavirus Financial Assistance – 22.4.2020

Update 22.04.2020

Please click here to see a summary of the various Support Packages.

Please see below for some tips & links for the main Covid-19 Business Support Packages:

1 – Self-employment Income Support Scheme  

For those who submitted 2019 Tax Returns showing self-employment profits of less than £50,000 (or an average of less than £50,000 from 2017-2019), grants may be payable.

There are however numerous qualifying conditions, so please refer to the following link to assess whether or not you’ll receive a grant: https://bit.ly/2xDwBGV.

Grants are unlikely to be paid before June, so if this delay will cause financial hardship, you should immediately investigate making a claim for:

If you haven’t heard from HMRC by 5th June, please contact us for an update on your position.

If you started trading after 5th April 2019, the grant is not available to you, but further support is to be made available for those resident in Scotland. We don’t have any further information on this yet, but will update you when it becomes available (https://news.gov.scot/news/additional-support-for-business).

Please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk to discuss any assistance you might require.

2 – Coronavirus Job Retention Scheme

  • The Scheme has now been extended to 30th June.
  • Online applications opened on 20th April.

See the following links for additional information:
https://bit.ly/3eGriai (a summary of the furlough rules);
and
https://bit.ly/2wXiNXe (how to make a claim and what information is needed).

Please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk to discuss any assistance you might require.

3 – Coronavirus Business Interruption Loan Scheme (CBILS)

Loan qualification conditions were relaxed on 3rd April, so if you initially contacted your bank before this date and were told you wouldn’t qualify, please try again.

See the following links for additional information:
https://bit.ly/3ama8eE (a summary of the scheme);
and
https://bit.ly/3atItIO (the available lenders).

If you require assistance to prepare financial information, projections and/or a borrowing proposal, please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk.

4 – Cash Grants

The Scheme has recently been extended, to allow multiple claims by the same entity for different qualifying properties. Claims for additional qualifying properties can be made as of 5th May 2020.

If you have more than one business property, and have already made a single claim, please refer to the links below and consider making applications for other properties, if you qualify, and if you consider this necessary.

Scotland
https://bit.ly/2VSEYpU
England
https://bit.ly/3cyFsrW

Please also note that grant claims can now potentially be made for self-catering accommodation & caravans (as shown in the Scotland link above), if:

  • They are a primary source of income for the ratepayer (1/3 of their income or more); and
  • The accommodation was let out for 140 days or more in 2019/20.

If you have any queries regarding eligibility, or need help completing forms, please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk

5 – Other 

A – Rates Reductions & Holidays
Scotland
https://www.mygov.scot/non-domestic-rates-coronavirus/
England
https://bit.ly/3arOoOG

B – Tax Time-to-Pay
https://bit.ly/2RZQAq5

C – VAT Deferment
https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

D – Income Tax Deferment
https://www.gov.uk/pay-self-assessment-tax-bill

E – Statutory Sick Pay
https://bit.ly/2zn0snt

Please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk to discuss any assistance you might require.

All our offices are now closed, but we are still working from home, and our phone lines are still operational, therefore please call 01573 225 082 to discuss suitable arrangements for the transfer of any necessary business information, or to discuss any queries you may have.



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