Here is your Covid Action Plan to do list right now!
Action 1: Grants
One of our clients confirmed that she received her £10,000 grant today. If you haven’t applied yet and believe you are an eligible business complete the application form and follow the processes outlined.
The hospitality businesses in Wales with one year business rates relief and a grant of £25,000 for retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000.
It also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or below.
For further information on other Welsh Government Support
Action 2: Payroll Furloughs
If you have furloughed staff, have you completed our Spreadsheet and returned it? Please complete it as fully as you can so we can do the calculations as quickly as possible for everyone.
Please send them to Payroll@lewisballard.co.uk
Action 3: PAYE Time to Pay
Have you requested Time to Pay for your PAYE?
We will be ringing HMRC with a list of our clients who need time to pay tomorrow. If you want to be on the list please Click to email CharlotteM@lewisballard.co.uk
Action 4: Bank Accounts
The Government will only guarantee £85,000 if the banking system fails. If you have a bank balance of more than this it would be wise to open several accounts in different banks (make sure they are different banking groups) to spread the risk and protect your money.
Action 5: Bank Loans
Although you may not like the thought of a bank loan. Please think carefully about this. It’s your call….
But just imagine driving your car and the road ahead is bumpy and long. You don’t want to wait too long and run out of petrol, just when all the pumps are dry!
The banks have money to lend now and with no interest for a year- if you don’t spend it you can repay it early without penalties.
Your client manager can help you talk through the Pros and Cons and help provide the figures you need for applications.
Action 6: Respond quickly to our info requests
We are sending out requests for information on a variety of things, including Furlough information, Accounts and Personal Tax Returns. If we can turn these around quickly you will have the information you need to plan your cash-flow, manage your liabilities and access available support.
Everyone needs help at the same time and we are operating remotely, with a reduced staff, so if you want our help please respond quickly. Our work plan will fill up and you may have to wait.
Finally please be patient with our lovely team… they’re working their socks off to help every one under very pressured circumstances.
We’ll send out further details as we get them.
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