With the recent government announcements regarding COVID-19, Branston Adams understand that you require the latest information in order to make sound business decisions. Their website includes information on the package of temporary, targeted measures to support businesses through this period of disruption caused by COVID-19. The package includes:
extended access to Statutory Sick Pay
Business Rate Relief for small businesses and pubs
grant funding of £10,000 for small firms in receipt of Small Business Rate Relief (SBRR) and Rural Rates Relief
a temporary Coronavirus Business Interruption Loan Scheme to support businesses in accessing bank lending and overdrafts
expanded access to HMRC's Time to Pay scheme.
More information on these measures announced by the government on 17 March 2020 can be found on their website.
The latest government guidance can be found by accessing the GOV.UK coronavirus webpage.
Government Funding Schemes - Update 24 March 2020
The government have announced that there are to be 2 funding schemes put in place for small businesses, retail, hospitality and leisure businesses. Below are two documents that you can access below that should hopefully provide you with some more clarity on how to access the grants and if you are eligible. If you still have questions after reading this or about anything else, then please contact Branston Adams.
To download a letter detailing the 2 funding schemes that have been created to help small businesses, retail, hospitality and leisure businesses, CLICK HERE
To download a full document setting out the wider details of the funding for small businesses, retail, hospitality and leisure businesses, CLICK HERE
Self-Employment Grants – Update 27 March 2020
It has finally been announced that a Coronavirus Self-employment Income Support Scheme (CSEISS) will be launched.
Here is what our Senior Partner at Branston Adams, Paul Adams, had to say about the scheme;
"The Self-employment measure does not currently cover people who work through a personal service companies (who may consider themselves self-employed, even if this technically isn’t the case), or directors of some small companies, who receive most of their income through dividends. A large proportion of my clients fall into this category. I and the IoD have been pursuing this point with the Treasury, frankly I don’t expect any latitude at this time. There was a rather sobering quote at the end of the Chancellor’s speech: “despite these extraordinary steps, there will be challenging times ahead. We will not be able to protect every single job or save every single business”."
Coronavirus Business Interruption Loan Scheme (CBILS) – Update 3 April 2020
Find out more about the Coronavirus Business Interruption Loan Scheme and some of the qualifying factors. You can download the Branston Adams document HERE.
Don't forget to check your own local council website to find out the details for your specific area on grants and rate reliefs.
Branston Adams, Accountants and Business Advisors, based in central Farnham offer FREE initial consultations, specialist Tax Advice, Company Formations, Auditing along with all the normal accountancy services you would expect.