Lots of information is being released all the time, by us and others, about the various initiatives and support available and it can be difficult to keep track of the latest guidance. The Government have now organised all of their guidance relating to Covid-19 support for businesses on an easy to follow webpage and the latest guidance can now be found here.
Also, new sector specific guidance for employers on social distancing is now available and can be found here.
We would like to share with you some of the practical experiences encountered and learned so far:
- The Small Business and Retail, Hospitality and Leisure Grants are being paid more quickly by some local authorities than others. In most cases you have to apply to them. Make sure you do so asap and check your category carefully to see if you qualify for the enhanced £25,000 grant. Grants are taxable and are regarded as State Aid.
- Coronavirus Business Interruption Loans are being processed and paid by banks. We have seen some approved in under 2 weeks. We are here to help you with the application process if needed.
- Furlough claims will be possible from Monday 20 April and we expect a deluge of applications that day. You can apply for your April furlough payments before you have paid your April payroll. We suggest you do everything you can to prepare in advance (see our previous e-shot and website for further details)
- VAT liabilities due between 20 March and 30 June can be deferred until 31 March 2021. Although deferment is an automatic entitlement you do not have to take advantage of it. However if you wish to defer your VAT you must ensure that you cancel your Direct Debit to HMRC before payment is due and then reinstate it before the first VAT payment due after 30 June 2020.
- It may be possible to defer other tax liabilities such as PAYE and Corporation tax under a time to pay arrangement with HMRC. However this is not automatic and needs to be agreed in advance with HMRC. Their dedicated number for this is 0800 024 1222
At Fiander Tovell we are working hard to ensure we all keep abreast of the very latest developments so that we can guide you to the relevant solutions quickly.
We remain fully operational and our Client Directors and staff remain contactable by email and phone. Please get in touch if we can help.