Covid-19 Business Support
We summarise the key measures from central government’s response to the Coronavirus (Covid-19) crisis so far:
- Giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months;
- Increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000;
- Providing further grants of £25,000 to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000;
- Government to pay 80% of salary of “furloughed worker”;
- Six months deferral on Self Assessment payments;
- Companies House extends accounts reporting deadline where the virus has prevented the directors from filing on time;
- VAT payments deferred for three months;
- The availability of Coronavirus Business Interruption loans and
- People unable to work for more than seven days because of coronavirus can obtain an isolation note through a new online service
The above package of support measures is very welcome in these challenging times but much of the detail is still being worked upon and we expect more information to follow (for example, concerning the self-employed). The Coronavirus Job Retention Scheme could, for instance, take many more weeks to implement although we understand that the assistance can be backdated to 1 March 2020.
This is clearly a rapidly changing situation and keeping pace with the flow of new information will be a challenge. We propose to now regularly update our website with matters of significance to you and to signpost any changes via our social media outlets (i.e. Facebook and Twitter).
We want to reassure you of our commitment to helping you all throughout this crisis. The situation and the information available continue to change rapidly. We will do what we can to keep you as well informed as possible.
Johnstone Howell & Co.
23 March 2020