COVID-19 and your business
Welcome to Wilson Partners’ COVID-19 Business Support Hub. This page is dedicated to business owners and entrepreneurs looking for solutions to the current crisis. For many of you, particularly younger businesses, this will be the first big economic shock you’ve experienced – but for even the most seasoned of us, the business world at large finds itself in the most extraordinary and uncharted territory.
Understand the financial support and plan, plan, plan
For many businesses the impact has been immediate, for others it is not quite business as usual, but they are at least continuing with their workload, but for all of us we are united in uncertainty. The most important thing to do is to make sure you understand what support is available and plan according to your current situation, the financial support you can get and for differing scenarios – and keep revisiting these scenarios to align them with the reality.
“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”
Information to help get you and your business through the crisis
With so much information around, we’ve consolidated what we can onto our blog and you can find it in one place here.
Don’t feel isolated – 10 considerations for your business in the wake of Coronavirus (Covid-19)
We’re all in uncharted territory but we are in it together. Here are 10 things for you to be thinking about right now
How can Wilson Partners help you?
Right now, it’s all about the decisions you make and the information you have to inform those decisions. At Wilson Partners, our sole purpose is to provide first-class information, analysis and advice that deliver exceptional value for our clients, aiding better business decisions whilst ensuring greater financial freedom and reduced risk and stress.
Should you consider cocooning your business during the COVID-19 crisis??
If your business has seen a huge drop in revenues in recent weeks due to the COVID-19 crisis, we’ve produced this blog to give you an idea of what cocooning (or mothballing) a business might look like and why and how you might do it.
Avoid relaxing your IT Security to enable working from home during the COVID-19 crisis
With the world in the grip of an unprecedented mobility lockdown due to COVID-19, IT and its use has been brought into sharp relief and what might previously have been a casual work-from-home affair has become the norm for great swathes of business…
COVID-19 and my business FAQ’s
If you’ve seen a dramatic fall in revenues for your business, then by now you have hopefully taken full advantage of the Coronavirus Job Retention Scheme as well as looked at the other financial support measures in place. If however revenues are zero then you could consider cocooning or mothballing the business, but there’s a lot to consider before taking this into account. Read our blog..
The next quarter of VAT payments will be deferred. The deferral will apply from 20 March 2020 until 30 June 2020, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period.
The deferral applies automatically and businesses do not need to apply for it. VAT refunds and reclaims will be paid by the government as normal. If you pay by Direct Debit, be sure to cancel it before it is taken automatically.
Unfortunately not! However you do get an extra 6 months to pay it. Income Tax Self-Assessment payments due on the 31 July 2020 will be deferred until the 31 January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.
HMRC’s Time to Pay scheme can enable firms and individuals in temporary financial distress as a result of Covid-19 to delay payment of outstanding tax liabilities. HMRC’s dedicated Covid-19 helpline provides practical help and advice on 0800 0159 559. Be prepared with as much information as possible and an idea of when you will be able to make a payment or set up a payment plan.
It depends which sector you are in and certain other criteria. Currently there are no rates payable for the 2020-2021 tax year for any business in the retail, hospitality or leisure sectors.
In those sectors, if your rateable value is between £15K and £51k, you’ll also receive a cash grant of up to £25,000 per property.
Any business which gets small business rates relief, including those in the retail, hospitality or leisure sectors, will receive a cash grant of £10,000 (increased from £3,000 announced in the 11 March Budget).
The rates holiday and cash grants will be administered by local authorities and should be delivered automatically, without businesses needing to claim.
CBILS were made available from Monday 23 March and are delivered by lenders that partner with the British Business Bank, including all the major banks. The lender receives a guarantee of 80% of the loan amount from the government.
They are available for UK-based businesses with turnover of no more than £45 million and can provide for a facility up to £5 million. The borrower remains liable for 100% of the debt.
No interest will be charged for the first 12 months.
A furlough is a temporary leave of employees due to special needs of a company or employer, which may be due to economic conditions at the specific employer or in the economy as a whole. In the case of COVID-19, if you furlough an employee, the government will fund 80% of their wages (up to £2,500 per month) and it is at your discretion whether you fund the remaining 20%. It’s important to be aware of the rules, so read our blog for full details.