DHCO
 

Coronavirus Financial Assistance – Daily Update – 24.3.2020

Coronavirus Financial Assistance – Daily Update – 24.3.2020

Update 24.03.2020

Our previous updates can be accessed here:
Update 19.03.2020
Update 20.03.2020-1
Update 20.03.2020-2
Update 22.03.2020
Please see below, information & links regarding the government’s Covid-19 support packages. If you require any further guidance on the information below, please email mail@dhco.co.uk and we will do all we can to help you.

Overviews of the available schemes and further links can be found here:
https://www.businesssupport.gov.uk/coronavirus-business-support/
and
https://www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-scotland

Coronavirus Job Retention Scheme
Please see government guidance here:
https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/
A new online portal will be set up by HMRC through which information on furloughed workers should be submitted and an application for the grant made. Because of the time it will take to establish, employers should not expect to receive any monies for at least a month, but realistically it could be May before any monies are received.

We will continue to bring you updates when the information becomes available, but in the meantime, in preparation of being ready to make a claim, you should:

  • Prepare details of which employees may need to be furloughed and your reasoning behind this decision
  • Review your cash flow situation
  • If an employee needs to be furloughed, their employment terms & conditions will need to be varied, and as the Government will only pay 80% of wage costs, contract changes will be required if you are not going to make up the difference
  • The grant can only start once the employee ceases to work and therefore prompt action will need to be taken to obtain the workers agreement

You should keep channels of communication as open as possible with your employees during this unsettling time, as the health and wellbeing of your employees will be your first concern.

Support for Payers of Business Rates
Please see government guidance here:
Scotland
Business Rates Relief & Cash Grants
https://www.mygov.scot/non-domestic-rates-coronavirus/
England
Business Rates Holiday
https://www.businesssupport.gov.uk/business-rates-holiday-for-retail-hospitality-and-leisure/
Cash Grants
https://www.businesssupport.gov.uk/cash-grant-for-retail-hospitality-and-leisure/

Support for (some) Businesses that Pay No Business Rates
Please see government guidance here:
Scotland
Business Rates Relief & Cash Grants
https://www.mygov.scot/non-domestic-rates-coronavirus/
England
Cash Grants
https://www.businesssupport.gov.uk/cash-grant-for-retail-hospitality-and-leisure/

Tax Time-to-Pay
Please see government guidance here:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-paying-tax-time-to-pay-service
If you have missed a tax payment, or you might miss your next payment due to Covid-19, please call HMRC’s dedicated helpline: 0800 0159 559.

VAT & Income Tax Deferment
Please see government guidance here:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-deferring-vat-and-income-tax-payments
VAT
The deferral will apply from 20 March 2020 until 30 June 2020 and all UK businesses are eligible.
How to access the scheme

  • This is an automatic offer with no applications required.
  • Businesses will not need to make a VAT payment during this period.
  • Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.
  • VAT refunds and reclaims will be paid by the government as normal.

Income Tax
For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021 and all self-employed individuals are eligible.
How to access the scheme

  • This is an automatic offer with no applications required.
  • No penalties or interest for late payment will be charged in the deferral period.

Coronavirus Business Interruption Loan Scheme (CBILS)
Applications are now open and additional information can be found here:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
Please contact your own bank to discuss this further, or one of the other potential lenders:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-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

Insurance Cover
Please see government guidance here:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#insurance

Statutory sick pay (including self-employed claims)
Please see government guidance here:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-who-are-paying-sick-pay-to-employees

Covid-19 Corporate Financing Facility (for Larger Companies)
Please see government guidance here:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-larger-firms-through-the-covid-19-corporate-financing-facility

Please note that Douglas Home & Co are now working entirely from home and therefore all our offices are closed.
If you need to send us records, please scan them or take a photograph and send them to us. You can call our Main Office on 01573 225 082 if you require any further assistance to get documents to the team.

Kind regards,

The Douglas Home & Co Team



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