Business Information from Saffron Walden Business Improvement District
Update as at 20 April 2020.
Saffron Walden Business Improvement District Ltd is not able to offer advice on any of the issues listed below. What we are trying to do is “sign post” information in an environment which is changing very quickly. If you need specific advice you should contact your own professional advisors (e.g. accountant).
Some of the Government advice is updated regularly, we will do our best to notify updates on this page, however, without checking line by line (sometimes) we will not be able to highlight what has changed. If you think an update may affect you, please check the updated guidance.
The best place to find out what is available remains the government webpage (updated this week in respect of business grant funding guidance and the expanded retail discount for local authorities).
https://www.businesssupport.gov.uk/coronavirus-business-support/
Specifics:
- Business Closures
- Self-employed Income Support Scheme
“Support for businesses” was updated with the announcement of support for the self employed. This scheme is not in place and there are a number of exemptions listed in the guidance. We will try to get more detailed guidance as it emerges but it is important that….. “If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.”
- Coronavirus Job Retention Scheme
This week the Government have opened the online portal, produced a step by step guide and confirmed the scheme will be extended by one month.
https://www.gov.uk/government/news/chancellor-extends-furlough-scheme-to-end-of-june
- VAT
Self explanatory
- Income Tax
Self explanatory
- SSP
Rebate scheme “is being developed”
- Annual leave
“Workers who have not taken all of their statutory annual leave entitlement due to COVID-19 will now be able to carry it over into the next 2 leave years.”
- Business rates holiday
UDC has received the Government advice and are now urgently working on how to update systems to cope. UDC will publish details on its website and we will link when it does.
- Cash grants
These can now be applied for online at https://www.uttlesford.gov.uk/covid19-business-grants-fund
Uttlesford District Council have had applications for roughly 50% of the available grant. If you have not applied yet and need some help, please contact us saffronwaldenbid@gmail.com
There is a link to local authority guidance which confirms Uttlesford’s allocation of £20,690,000:
- Coronavirus Business Interruption Loan Scheme
This week the Chancellor moved to prevent banks demanding personal guarantees for loads under £250,000.
The Coronavirus Business Interruption Loan scheme will be administered by your existing bank, however you can find the eligibility criteria here:
says that “The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees…….”
- Time to Pay service
“If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559.”
- Insurance
“Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19.
However, those businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim (subject to the terms and conditions of their policy).
Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers.”
If you are closed, check to see if your policy requires you to (for example) drain the water system.
- Protection from Eviction
Commercial tenants who cannot pay their rent because of Coronavirus will be protected from eviction.
- Support for UK businesses trading internationally
“This advice is for UK businesses that export or deliver goods and services abroad and have been impacted by the spread of coronavirus (COVID-19). It includes:
DIT support for UK business trading internationally
financial support for business trading internationally”
- Extension to file company accounts
“Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.”
- Letter from Business secretary (Alok Sharma) to retail sector confirming (amongst other things) online retail can continue.
- Guidance in respect of apprenticeship schemes issued
