We’re sending you information as we get it, however people have asked for details of the whole range of help available. This is a collection of the current support available.
Don’t forget your Client Manager is available to discuss your options, so please give us a ring.
Here’s the basics;
Business Rate Relief
- Retail, Leisure and Hospitality Businesses with a rate-able value (restricted to £50,000 or less in Wales) – Business Rate holiday 2020-21 Click Here for Welsh Critera Click Here for English Criteria
- If you are eligible your local authority will either not raise a bill or will issue an amended bill.
- Grant 1 : For retail, leisure and hospitality businesses in England and Wales, a grant of £25,000 will be offered for businesses in these sectors with a rateable value of between £12,001 and £51,000.
- Grant 2 : For all other sectors the Welsh Government package also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less for Cardiff complete the application form
- In Wales-. You can apply on line with some local authorities Check your Local Authority websites for guidance.
- In England- Local Authorities are to contact eligible businesses- Check your Local Authority website
- Grants do not need to be repaid
Business Interruption Loans
- Available to all businesses subject to lending criteria
- Available via most high street banks, however lending criteria varies per bank
- Interest free for 12 months
- Early repayment no charges
Development Bank of Wales
- Turning Loan applications around in a week.
- 12 month Interest free
- 2% Interest and requires 20% personal guarantee .
- No early repayment charges
Apply here Click Developmentbank
Job retention scheme
- Supports employers whose operations have been severely affected by coronavirus (COVID-19).
- Open to all UK employers that had started a PAYE payroll scheme before 28 February 2020
- Employer to furlough staff (temporarily lay off ) instead of ceasing their employment
- Can claim for 80% of furloughed employees’ wages up to £2,500pm plus the associated Employer NI and minimum AE employer pension contributions
- To last for at least 3 months starting from 1 March 2020. May extend
- Employers can use this scheme anytime during this period, minimum furlough 3 weeks
- Employees stay on the payroll and the claim is submitted as part of the payroll
- The payment will go directly in to the Employers bank account
The HMRC Furlough Portal should be operational by 21st April, so to submit claims then
Support for the Self Employed
Those who pay themselves salary & dividends through their own company are not covered by this scheme – their salary will be covered by the Coronavirus Job Retention Scheme if they operate PAYE schemes.
- Only those already self-employment and meet who these conditions will be eligible to apply;
- Scheme to cover the 3 months to May in single lump sum.
- Grants of up to £2500 per month to start paying at the beginning of June.
- The grant will be treated as taxable income
- HMRC to contact eligible taxpayers directly, asking them to apply using a simple online form with cash paid directly into bank account.
- Those eligible will receive a cash grant worth 80% of their average monthly trading profit over the last three years.
- Open to those with a trading profit less than £50,000 in 2018-19 or an average trading profit less than £50,000 from 2016-17, 2017-18 & 2018-19.
- To qualify, more than half of your income in these periods must come from self-employment.
Prior to this the self-employed will still be able to access other available government support for those affected by coronavirus including more generous universal credit and business continuity loans where they have a business bank account.
For further information on the Self Employment Support Scheme follow this link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
Small Business Resilience Grants
The Welsh Government will soon be making Economic Resilience grants to small businesses that don’t have a rateable value available through the development bank of Wales and should be available mid April. We hope these will help all the small director only limited companies and are awaiting clarification
Criteria yet to be established but aimed at businesses in Wales which don’t qualify for the above schemes.will be able to benefit from a £400m emergency pot providing:
- Grants of £10,000 for micro-businesses employing up to nine people.
- Grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees.
- Support for larger Welsh companies, which are of critical social or economic importance to Wales.
The £500 million Economic Resilience Fund will support businesses forced to go into “hibernation” – or which need cash-flow support to adapt to a remote way of working.
PAYE Time to Pay
We managed to speak to HMRC today and they explained we have to request time each time to pay individually.
- Only request a 3 month deferment when you have have a liability outstanding. Ring 08000159559.
- You can also use this number to defer Corporation tax payments for 3 months if you need to.
However if you need to agree a time to pay arrangement please contact your client manager and we will use the dedicated agent line which will be quicker.
Director Only Payroll
Despite Coronavirus distractions normal life rolls on and the new Payoll year is upon us!
If we process your director only payroll you’ll get a invitation to Brightpay Connect next week. Please look out for an email invitation to set this up.
You’ll get easy access to an employer portal, with access to bespoke reports and your payslips as and when required.
Any queries please email firstname.lastname@example.org
If you haven’t completed your furlough spreadsheet pleaseDownload here complete all sections and email to Payroll@lewisballard.co.uk
This is a new and complex process we’ll charge an additional monthly payroll fee to cover the extra time, by separate DD on 15th April to cover the first furlough period.
Please also confirm what standard full-time hours your full-time staff work e.g 37.5 hrs pw, 40 hrs pw
Please only complete the hourly/weekly breakdownif you have staff on contracted hours and days per week that are not full timeand we will be required to undertake pro rata calculations in order to work out pay.
Never one to rest on her laurels as well and being an ACCA chartered accountant Sian is now an ICAEW member too!
Unfortunately this means that we have to amend our engagements letters. We’ll be sending them via our secure portal over the next weeks.
All you need to do is use the link to login, authorise your letter and it will come back to us. No post no, chance of infection!
Just simple safe and fast. You’ll do that favour for us won’t you please?
A little help for friends?
Thank you for so many lovely comments about our news letter and the quality of our teams support.
Sadly we’ve also heard about lots of other businesses that aren’t getting any help or advice at all.
So we just want to say, if you want share or forward our newsletters please go ahead!
The more businesses we help to survive the better for us all. They don’t have to be clients or prospects, if you think it could help them, just go ahead.
As many of you know we are proud Fundraising Ambassadors of Velindre Cancer Care Hospital and despite this crisis their work goes on.
However as all of their fund raising events have been cancelled they are struggling to maintain even vital front-line services, as so much is funded by donations.
Our clients Alan R Jones Transport have already donated £3000 that they have raised throughout the year and we thank them sincerely for this.
We know everyone is struggling at the moment, but even a small donation would help. So if you can please go to www.justgiving.com/velindrefrontlineappeal
NHS Grand National
Although we don’t advocate gambling why not have a little flutter this Saturday on the NHS Virtual Grand National. Have some fun and raise money for the NHS. Goodness Knows it needs our support right now. Find out more here http://www.bbc.co.uk/sport/horse-racing/52066925
Have a good evening
Stay Safe and Stay HealthyReturn to newsletters