Hi All, we’re getting a lot of queries on available support. Please see below a summary and if you want to know any additional details of what may be applicable then please reach out.

Small Businesses

Coronavirus Job Retention Scheme

Government to pay 80% of employees usual wages for hours they do not work, up to a maximum of £2,500 per month.

Scheme is open until 30/04/2021

Claim Deadlines

14/01/2021 – For eligible employees on furlough in December 2020

15/02/2021 – For eligible employees on furlough in January 2021

15/03/2021 – For eligible employees on furlough in February 2021

14/04/2021 – For eligible employees on furlough in March 2021

14/05/2021 – For eligible employees on furlough in April 2021

Coronavirus Business Interruption Loan Scheme (CBILS)

Business loan up to £5 million

Government will usually guarantee up to a certain level, but banks will look at personal guarantees as well

Scheme is currently open until 31/01/2021

Bounce Back Loan Scheme

• Borrow between £2k and £50k
• No personal guarantees
• No interest or repayments for the first 12 months
• Business was established before 1 March 2020
• Business based in the UK

If you already have a bounce back loan and didn’t borrow your full entitlement, you can go back to top this up up to a maximum of 25% total turnover or £50k (whichever is lower).

Scheme is currently open until 31/01/2021

Time To Pay Service

If you owe UK taxes (Self Assessment, Corporation Tax) and are having difficulty paying, speaking with HMRC is absolutely necessary and they are being very helpful in assisting with “Time to Pay” arrangements. Payment support service number is 0300 200 3835

Grants Available

It is worth keeping a very close eye on your local authority website as they are responsible for issuing grants. The most recent in reference to the lock down 05/01/2021 relates to businesses that have had to close in the retail, hospitality and leisure sectors to receive a one-off grant per business rated property as follows:

• £4k for businesses with a rateable value of £15k
• £6k for businesses with a rateable value of between £15k and £51k
• £9k for businesses with a rateable value of over £51k

Other Grants that we know might be available depending on eligibility are:

• Local Restrictions Support Grant – Closed Businesses
• Local Restrictions Support Grant – Open Businesses
• Additional Restrictions Grant

If you would like any further info on the above, please drop us a message and we can send a link for you to check your business eligibility.

Self Employed and Individuals

Self Employed Income Support Scheme

Third Grant Deadline 29/01/2021 – 80% of your average monthly trading profits as calculated by HMRC (Capped at £7,500) – Covers the period November to January

Fourth Grant – There will be a grant covering the months February to April 2021 but at present we are awaiting further information – Claim will likely be available early February

Please note, and this is important. With regards to the claim, you will need to be affected by COVID, so if with these grants, you make a claim on the first day they open, then are working having not been affected, then the likelihood is these will need to be repaid with interest and probably surcharges. If you are unsure of your circumstances then it might be worth holding off for a little while. The third grant, if you are yet to make a claim, I would anticipate you are now in a position to know whether you have been affected over the period November to January

Reasons to claim due to reduction in profits:

• Cannot Work – Lockdown/Shielding/Looking after kids
• Reduced Income – Breakdown in supply chain/cannot complete contracts

Please speak to us if anything is unclear or you are unsure.

What we must make clear though is the grants are subject to Tax and NI, so if your year end 05/04/2021 tax return shows an increase (with the grants) in your usual figures, then it is likely that HMRC will ask a question as to how you were affected.

Eligibility for Third grant remains unchanged, so if you weren’t eligible for the first 2 then, you aren’t eligible for the third. We are holding out some hope that there might be a slight change on the fourth grant as we are fully aware that there are a group of newly self employed people without a 3 year trading history who are suffering.

Universal Credit

For those not eligible for SEISS or any other help, this option is available for self employed and also low salaried directors.

Please speak to us if you need pointing in the right direction.

Time To Pay for Self Assessment

For those who owe tax under self assessment, HMRC have made it easy to set up a payment plan online if you have your own government gateway. Or there is a number to call 0300 200 3835 to speak to someone and get it set up.

The following must apply:

• You owe £30k or less
• You don’t have any other payment plans or debts with HMRC
• Your tax returns are up to date
• It’s less than 60 days after the payment deadline

Useful Links

HMRC Support Summary https://www.gov.uk/coronavirus/business-support

SEISS Claim – https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme?priority-taxon=09944b84-02ba-4742-a696-9e562fc9b29d

Self Employment and Universal Credit – https://www.gov.uk/self-employment-and-universal-credit?priority-taxon=09944b84-02ba-4742-a696-9e562fc9b29d

Self Assessment Time to Pay – https://www.gov.uk/difficulties-paying-hmrc?priority-taxon=09944b84-02ba-4742-a696-9e562fc9b29d

Hereford Local Authority – https://www.herefordshire.gov.uk/business-1/business-advice-support/9

Bristol Local Authority – https://www.bristol.gov.uk/business-support-advice/covid-19-information-for-businesses

Bounce Back Loan – https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

CBILS Loan – https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme