COVID-19 Update

Thursday 26th March

Marches Growth Hub Update 26.03.2020 Self-Employed Income Support Scheme

The Government will pay self-employed individuals who have been adversely affected a taxable grant worth 80% of average of monthly profits over the last three years

This will be worth up to £2,500 a month and open to people across the UK. It will be backdated to March 1 2020 and last for three months initially.
The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.

To minimise fraud, only those already in self employment with a tax return for 2019 will be able eligible

HMRC working on scheme and people will be able to access by the beginning of June

HMRC will contact eligible businesses, they will be asked to fill in an online form and it will be paid direct into bank account

To make sure that no-one who needs it misses out on support, anyone who missed the filing deadline in January has four weeks from today to submit their tax return

MORE INFORMATION CAN BE FOUND ON THE GOVERNMENT'S BUSINESS SUPPORT WEBSITE HERE

Wednesday 25th March

Small Business Grant Fund (SBGF)

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Friday 20th March

Marches Growth Hub Update 20.03.2020

The Chancellor this afternoon announced new job protection measures as the Government took steps to further strengthen the UK's response to the coronavirus crisis. Restaurants, pubs and bars have been told to close. Chancellor Rishi Sunak said the Government recognises the economic impact the crisis is having on businesses and said the Government has a responsibility to protect British jobs and incomes.

Key points are below and more details will be available on the dedicated support page

New coronavirus job retention scheme

Any employer in the country, small or large, will be eligible for the scheme. Grants via HMRC to cover most of the wages of staff who are not working but kept on payroll
Government will cover 80% of a wage, up to £2,500 a month, but employers can top up salaries. It will mean workers can retain jobs even if employer can't afford to pay in the meantime.
Commitment to cover the cost of wages, backdated to March 1 and measure open for at least 3 months and can be extended for longer if necessary.
Government will place no limit on this scheme and pay grants to support as many jobs as necessary.
Scheme is unprecedented and HMRC having to build systems from scratch. First grants expected to be paid in weeks and will be delivering before the end April.

Loans

Interest free period for the new Coronavirus Business Interruption Loan extended from six months to 12 months.

Further measures expected next week to ensure medium and larger business can access credit following meetings with Chancellor and Bank of England.

Cashflow

Deferring next quarter of VAT payment, no business will pay VAT until end of June and have until the end of financial year to pay those bills.

Self-employed

Increased tax credits to help with hardship.
Employment Support Allowance at the rate of statutory sick pay.
Self-assessment payments for the self-employed deferred until 2021.

Friday 20th March

Herefordshire Council COVID-19 Support and response 19.03.2020

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Thursday 19th March

Offer To Businesses Impacted By The Spread Of Covid-19

Business Support And Covid-19 Advice

Offering FREE one to one support services for businesses, in partnership with Herefordshire Council the Marches Growth Hub - Herefordshire is a place where businesses can find out more about funding and finance and wider business support available to local Herefordshire businesses, regardless of size or sector, from pre-start to established businesses.

The Marches Growth Hub would like to share the following information with businesses who are concerned about the impact that COVID-19 will have on our business community.
https://www.marchesgrowthhub.co.uk/advice-and-support/coronavirus-information-for-businesses/

Government And Council Support

Updated 18th March 2020 - The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by Covid-19.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses?utm_source=Twitter&utm_medium=social&utm_campaign=SocialSignIn&utm_content=Corona

Coronavirus (Covid-19) : UK government response

https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response

Coronavirus business interruption loan scheme

https://www.british-business-bank.co.uk/ourpartners/supporting-business-loans-enterprise-finance-guarantee/

NEW: For individual businesses, the first port of call for advice and support is gov.uk. However, government is also scaling up its Business Support Helpline so businesses in England, of all sizes, can pick up the phone and speak directly to an advisor. The number to call is: 0300 456 3565

NEW: HMRC have launched a tax helpline to help businesses concerned about paying their tax due to coronavirus (COVID-19). Find all the information here. The number is 0800 0159 559.

NEW: Companies House has produced guidance if coronavirus (COVID-19) has affected your company and you need more time to file your accounts. Find all the information here.

Business rate relief

The Government has announced that it is temporarily increasing the business rates relief discount in England to 100% for 2020-2021 for properties below £51,000 rateable value. As soon as the details have been passed through parliament any changes will be applied and you will be notified accordingly.

https://www.herefordshire.gov.uk/info/200145/business/358/how_your_business_rates_bill_is_calculated