- 20/03: The Hut Group has announced that it is creating 500 jobs
- 19/03: Interest rates cut to historic low
- 19/03: Schools to close from Friday
- 18/03: Confirmed cases worldwide pass 200,000, more than 8,000 people have died
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Will there be a business rates holiday?
There will be a business rates holiday for leisure, hospitality and retail businesses.
Who can I contact?
When will the funds be available?
Guidance for local authorities on the business rates holiday will be available shortly.
Disruption has hit my business’ cash flow. What financial support is available to keep my business open?
£330 billion has been made available for businesses to claim in to access government-backed Business Interruption Loans to ensure day-to-day running costs can met, such as paying staff salaries, paying suppliers and rent, which will be interest free for the first 6 months. Local authorities nationwide are also providing additional support packages.
For businesses with a turnover under £41 million, these can be accessed through banks from week commencing 25th March, up to a maximum of £5 million. For larger organisations, a lending facility has been set up directly with the Bank of England.
I’m worried that I will be unable to pay suppliers, lenders and other bills. What advice is being given?
Government has asked banks to be understanding to both businesses and individuals in light of these issues and are by and large following that advice. While only repayment holidays are being offered for mortgages at present, this may extend to other debts in the future, but it is advisable to discuss repayment plans with creditors as soon as possible.
Similarly, liaise with suppliers and utility providers to agree more favourable payment terms.
HMRC has also set up a special helpline for businesses concerned they may be unable to make payments and is deferring tax payments. The number is: 0800 0159 559
Failing those measures, financial support is available through government backed finance, and grants for small businesses.
Some large organisations, including some supermarkets, have announced that they are taking steps to pay suppliers as soon as possible as they appreciate the pressures many companies are facing. It may also be worth speaking with debtors who may be able to pay early, or indeed could be in the same situation and to coordinate a mutually beneficial plan.
My business is in the hospitality/retail/leisure business. Is further support is available?
The Chancellor has announced a business rates holiday for all businesses in these sectors who are most affected by the public being advice to avoid social spaces.
If your business’ rateable value is below £51,000, a cash grant of up to £25,000 is also available to ensure liquidity. You should contact your local authority to apply for the grant and rates holiday.
The government has clarified that its advice to the public would allow businesses mentioned to avoid can to claim on insurance if policies provide sufficient cover
I’m a small business that doesn’t pay business rates – what can I claim and how?
Businesses currently receiving Small Business Rates Relief can access grants of £10,000 to see them through any financial difficulties. If you are in the retail, hospitality or leisure sector, the grant available increases to £25,000.
What is the Job Retention Scheme?
Employers can access the Job Retention Scheme to continue paying 80% of the salary for employees that would have been laid off. HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. For more information see Government website
Are employers legally bound to pay the additional 20% on the Job Retention Scheme?
A : Employers do not need to pay or top up the additional 20% and is purely discretionary by the company.
Please check this page regularly as we will be updating with fresh news as it arrives.