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Coronavirus- Business Overview

Updates on the Coronavirus (COVID-19) pandemic, measures that are being put in place and how they will affect you and your business.

Take a look at our free PDF, Coronavirus (COVID-19) and

Support for Businesses, which explains what financial help is available to businesses and their employees.

Coronavirus (COVID-19) and

Support for Businesses

PDF

The Government also detailed its ongoing plan to handle the current situation in the document OUR PLAN TO REBUILD: The UK Government's COVID-19 recovery strategy.

Published May 2020.

OUR PLAN TO REBUILD:

The UK Government’s

COVID-19 recovery strategy

PDF

Latest

As of 4th July, the UK is now in step 3 of the process to lift restriction measures. This means that most non-essential businesses, including leisure and hospitality businesses,  have now re-opened.

The government has released updated information on a number of its schemes to help businesses deal with the affects of coronavirus.


On this page you will find information about:

Our Services

Self-Employed Income Support Scheme (SEISS)

Coronavirus Job Retention Scheme
Business Loans

Our Services

At this time, we're working hard to support our clients in the best way we can. We're doing this in the following three ways:

1

Social Distancing

Please note that we are currently not arranging any face-to-face meetings. Our team and Subcontractors are working from home and maintaining contact in other ways.


We can stay connected over the phone or arrange a video meeting using Skype or Zoom.


We have also added a booking feature on our website allowing you to book a virtual meeting or conversation with us.

2

Keeping You Updated

We are working hard to contact our clients to inform them of new government measures or direction that specifically applies to them, such as the Coronavirus Job Retention Scheme or Self-employment Income Support Scheme (SEISS).


We are also ensuring that helpful advice can be found on our website and by logging in to your online portal.


Sign in to your online portal here

3

Supporting You

Many of our clients will be able to apply for financial support as part of new government measures.


We are working hard to guide our clients through the process and help to access the help you're entitled to. Our clients can speak with us to discuss the Job Retention Scheme and its affects to your business.

Please Note: If you are self-employed, we cannot calculate what you are entitled to as part of the Self- employment Income Support Scheme. Your eligibility for this scheme and the amount you receive are determined by HMRC. On request, we can provide your figures from previous financial years and guidance on applying for Universal Credit. 

Find out more about our online services

Self-Employed Income Support Scheme (SEISS)

The government's income support scheme has already issued an initial grant to sole traders and partnerships that have been adversely affected by coronavirus. The government is now extending this scheme, in an amended form, to supply a second and final grant.

If you’re eligible and your business has been adversely affected you must make your claim for the first grant on or before 13 July 2020.


Additionally, this scheme is being extended, and you’ll be able to claim a second and final grant in August 2020.

Your eligibility will be determined in the same way as the first grant. If you make a claim for the second grant you will have to confirm that your business has been adversely affected on or after 14 July 2020.

This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.

You can claim for the second and final grant even if you did not make a claim for the first grant.


You can claim if you’re a self-employed individual or a member of a partnership and all of the following apply:

  • you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • you traded in the tax year 2019 to 2020
  • you intend to continue to trade in the tax year 2020 to 2021 
  • you carry on a trade which has been adversely affected by coronavirus


The online portal for claiming the second grant is not open yet but you can sign up to receive updates from HMRC.

Claim you first grant

Sign up to receive HMRC updates

Please note: If you make a claim, you must process the claim for yourself- your accountant cannot make a claim for you.

Coronavirus Job Retention Scheme

The provision for businesses to furlough employees is being gradually phased out as lockdown restrictions are eased over the next few months. Employers can now bring staff back to work gradually whilst furloughing staff on a flexible basis.

From 1 July, employers can bring furloughed employees back to work for any amount of time and any shift pattern, while still being able to claim CJRS grant for the hours not worked.


The timetable for changes to the scheme is set out below:

  • There are no changes to grant levels in June.
  • For June and July, the government will pay 80% of wages up to a cap of £2,500 for the hours the employee is on furlough, as well as employer National Insurance Contributions (ER NICS) and pension contributions for the hours the employee is on furlough. Employers will have to pay employees for the hours they work.
  • For August, the government will pay 80% of wages up to a cap of £2,500 for the hours an employee is on furlough and employers will pay ER NICs and pension contributions for the hours the employee is on furlough.
  • For September, the government will pay 70% of wages up to a cap of £2,187.50 for the hours the employee is on furlough. Employers will pay ER NICs and pension contributions and top up employees’ wages to ensure they receive 80% of their wages up to a cap of £2,500, for time they are furloughed.
  • For October, the government will pay 60% of wages up to a cap of £1,875 for the hours the employee is on furlough. Employers will pay ER NICs and pension contributions and top up employees’ wages to ensure they receive 80% of their wages up to a cap of £2,500, for time they are furloughed.

The Coronavirus Job Retention Scheme will close on 31 October 2020.

Find out more about the Coronavirus Job Retention Scheme

Business Loans

Businesses that require further financial support to deal with the affects of coronavirus may be eligible to apply for a loan. The British Business Bank is now making business loans available as part of the government's plan to support businesses.

Future Fund

  • Convertible loans from £250,000
  • From £125,000 to £5m in government support
  • Third-party investors must at least match government support, with no maximum investment limit
  • Companies need to have previously raised £250,000+ in equity investment

Bounce Back Loan Scheme (BBLS)

  • For small to medium businesses, micro businesses and other businesses requiring smaller loans
  • Looking for between £2,000 and £50,000
  • Term loan repaid over six years
  • No set-up fees and first 12 months of interest payments covered by government
  • No repayments during the first 12 months

Coronavirus Business Interruption Loan Scheme (CBILS)

  • For smaller businesses with a turnover of less than £45m

  • Looking for up to £5m in finance
  • Business loans, overdrafts, invoice finance & asset finance available
  • First 12 months of interest and lender-levied fees covered
  • More than 50 accredited lenders

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

  • For larger businesses with a group turnover of more than £45m
  • Looking for up to £200m in finance
  • Business loans, overdrafts, invoice finance & asset finance available
  • Repayment terms of up to three years
  • Delivered by lenders accredited by the British Business Bank

Find out more about these schemes

Get More Info

Get more information by following the links below

Sign up for Coronavirus email updates from Gov.uk

Sign Up

Other Useful Links

Article form MoneySavingExpert

Article from Citizens Advice

Homepage for government advice about Coronavirus

View latest Coronavirus news from the BBC

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