Posted 18/03/2020 In Advice, Blog, News 2020-03-182020-04-02https://www.wrightvigar.co.uk/wp-content/uploads/2017/01/wright-vigar-logo.pngWright Vigarhttps://www.wrightvigar.co.uk/wp-content/uploads/2017/01/wright-vigar-logo.png200px200px 0 0 In this time of great uncertainty we wanted to let you know we are here if you need advice and guidance. Please speak to your usual contact at Wright Vigar if we can help. Whilst most of our team will be working at home they will be available by telephone or email. Our offices will be closed but you will be able to drop off or collect records and documents by arranging a convenient time with us. We also thought it would be useful at this point to share some guidance and recommendations: Liquidity Clearly some sectors will be affected more than others but most will see some level of impact. In these difficult times, having cash or credit facilities available will be important to see businesses through the crisis period. Now is the time to approach your bank if you feel you may need to extend your facilities. Most of the High Street banks have the benefit of a government 80% guarantee and have all put out supportive messages. In addition the government has just announced £330bn of funding support to help businesses to pay for supplies, rent and salaries. We await full details of this. As well as the banks there are of course other funders available such as Funding Circle who will provide a quick response and have an on-line application process through the website www.fundingcircle.com. Keeping your records up to date If we prepare your annual accounts or other financial information it would be useful if you could drop in any books or records we will need to complete this work. Even if this is well in advance it may get to a stage where it is not possible to come to our office to drop off information. Working at home arrangements This is now recommended for all businesses and if you have employees who can work from home we suggest you check the IT to ensure it will function properly and ensure you have some form of video conferencing so that you can keep in touch face to face e.g. Skype for business. Statutory sick pay The temporary changes to SSP are aimed to help employees financially, while also supporting businesses who are experiencing increased costs. SSP has been extended on a temporary basis and will be payable from day 1 instead of day 4. SME’s and employers (fewer than 250 employees – based on the number employed as of 28 February) can reclaim eligible SSP costs for up to two weeks for each employee. Employers should maintain records of staff absences but will not require a GP fit note. Unfortunately, existing systems are not designed to facilitate these refunds but the government say they will work with employers over the coming months. Those not eligible for SSP e.g. the self-employed or people earning below the Lower Earnings Limit will be able to more easily make a claim for Universal Credit or Contributory Employment and Support Allowance. HMRC You may be eligible to receive support with your tax affairs through HMRC’s Time To Pay service. Arrangements are agreed on a case-by-case basis and tailored to your circumstances. If you cannot pay your tax bill on time contact HMRC as soon as possible on 0800 0159 559. They may agree to an instalment arrangement, suspend debt collection proceedings or cancel interest and penalties. Business rate discount Business rates relief is available for the retail and the leisure and hospitality sectors of 100% for one year (in 2020/21). Eligible pubs will also be entitled to a business rate discount of £5,000 and all businesses currently eligible for Small Business Rate Relief or Rural Rate Relief would be eligible for a grant of £10,000 and up to £25k grant for those in those sectors with rateable value less than £51k, in 2020-21. Full details to be confirmed, keep refer to the gov.uk website for more information. Government support For full details of what is available following the budget and for other guidance here are some useful links. Budget 2020 Support for those affected by COVID-19 Tax helpline to support businesses affected by coronavirus (COVID-19) Coronavirus: if your company cannot file accounts with Companies House on time Filing charity annual returns during the coronavirus pandemic Payroll If the government imposes a closure policy for non-essential business it is not clear if there will be any financial support available and these links provide some useful guidance. COVID-19: guidance for employees, employers and businesses ACAS guidance on asking employees to work at home If a business has no work for employees a short term lay off may be an option. Changes for 2020/21 tax year In light of everything that is going on we wanted to remind you not to forget about the important changes that come into effect as of April 2020. Use the links below to find our more. Important changes to payroll and pensions Tax Rates and Allowances Budget booklet 2020 Off payroll working in private sector delayed by a year to 6 April 2021 Happy to help. Please get in touch with your usual contact if you need any support through these difficult times. Recent PostsWright Vigar National Three Peaks ChallengeCharity BankingResidential Properties – Company or personal ownership?