petercoulson Posted March 21, 2020 Report Share Posted March 21, 2020 There are a couple of posts about the current situation, thought it might be useful to have just one where we can gather information and experiences about use of this information so that we can help each other get through this so for a starter: Link to comment Share on other sites More sharing options...
petercoulson Posted March 21, 2020 Author Report Share Posted March 21, 2020 Well the world has changed for ever the last few weeks and no one knows where this will take us but one thing is certain small businesses are going to suffer. Fortunately HM Government are now considering this a war like economic state and many help packages are announced daily. The biggies I have noticed are those in receipt of Small Business Rate Relief will be eligible for a grant from their local council (who the rates would be paid to) of £10000 and you don't need to claim your council will contact you. This package also includes help for those that pay rates (at the moment England only but Wales/Scotland set to match) - Providing £20 billion of business rates support and grant funding to help the most-affected firms manage their cashflow through this period by: - giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months - increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000 - providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000 In addition funds are to be available as guaranteed loans for businesses with a 6 month interest free period, the ins and outs of this I am exploring and will update, how to claim and if you can pay back after 6 months are there penalties etc etc. WE ARE ALL IN THE SAME POSITION WITH THIS. IF YOU ARE WORRIED TALK TO SOMEONE PERHAPS YOUR ACCOUNTANT, A COLLEAGUE OR DROP US A LINE info@somsr.com if we can help we will. https://www.businessinsider.com/coronavirus-uk-offers-330-billion-loans-to-businesses-to-survive-crisis-2020-3 If you are unsure of your rateable value use this search https://www.tax.service.gov.uk/business-rates-find/search?_ga=2.185976681.1128529960.1584709100-2119947897.1584709100 Mike at Vauxhall and kobblers 1 1 Link to comment Share on other sites More sharing options...
petercoulson Posted March 21, 2020 Author Report Share Posted March 21, 2020 Some more announcements Chancellor Rishi Sunak says the government will step in to help pay people's wages through a coronavirus job retention scheme. Read more here Businesses can apply for a grant of up to £2,500 a month to cover 80% of salary for those retained but not working He also says VAT for all businesses is being deferred until the end of June and the business loan scheme will now be interest free for 12 months Universal Credit allowance increases £1,000 a year and the next tax self assessments will be deferred until the start of next year He also announces the self-employed will get full Universal Credit at a rate equivalent to statutory sick pay, and a further £1bn to cover 30% of house rental costs Mr Sunak promises further measures next week to ensure larger and medium sized businesses will be able to access the credit they need Cafes, pubs, bars and restaurants across the UK have been told to close on Friday night and not reopen - although they can offer takeaway services. Read more here Nightclubs, theatres, cinemas and gyms have also been told to shut their doors Prime Minister Boris Johnson says people should not go out on Friday night to such venues. He says people should stay at home "to protect the NHS and save lives" He also rules out shutting down major transport networks, saying it's "too important for the delivery of crucial public services" kobblers and Mike at Vauxhall 2 Link to comment Share on other sites More sharing options...
petercoulson Posted March 21, 2020 Author Report Share Posted March 21, 2020 If your company or any you know of laid staff off already the news about 80% of wages being government paid counts back to 28 Feb so reinstatement can happen - Rain Newton-Smith, chief economist at the CBI business group says this is a "huge moment", and that the government, businesses and the trade unions are "standing together to make sure our economy comes out the other side". Asked how the government's promise to cover workers' salary will help those who have already been let go due to coronavirus, she says: "If you were on the payroll as of the 28 February but have since been let go then the company can apply for you on your behalf. "I think they have really worked hard to make sure they are protecting people who are already facing challenging times." Mike at Vauxhall and kobblers 2 Link to comment Share on other sites More sharing options...
petercoulson Posted March 21, 2020 Author Report Share Posted March 21, 2020 SELF EMPLOYED The current situation is a little different for the many of you who are self employed with some of the announcements unavailable to you particularly the 80% wage help of course. Main points I can see are the rates grant will still apply, SSP is available to you, the Universal Credit scheme will now be open to you, Self Assessment next July has been deferred until September. Further guidance can be found here - https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19 kobblers and St.Am92 2 Link to comment Share on other sites More sharing options...
rapidlocks Posted March 21, 2020 Report Share Posted March 21, 2020 for the self employed there isnt really any help and i fear alot will be lost , their advance on account payments are deferred till september , this frees up the tax money they have saved to spend if needed , however , if they spend this to eat then where do they find the money to pay in september if there work has dried up or slowed down or stopped , they are arguably better off signing on now and paying their tax money as planed in july . there is no real safety net for the 5 million self employed . the mobile set ups without ratable premises have less to be optimistic about , even the prepared with business interuption insurance are finding their providers dont cover this . also much help isnt available all the time you can work , if the government dont order locksmiths to stop working then some of the help may not be available. i know a few trades where guys have shut up shop and are stocking shelves at supermarkets on temp contracts to bring money in . its also a worry that when this is finally over , there will be significant amounts in severe debt , and it will take far longer to get out of this , also the government will be broke and the economy shattered , one has to wonder if this means a return to austerity but on a larger scale , for now its get through this and survive it and worry about what comes next later . Link to comment Share on other sites More sharing options...
petercoulson Posted March 21, 2020 Author Report Share Posted March 21, 2020 That's it @rapidlocks each day at a time as for austerity the whole world is the same - this is not much different to being at war. It will take years to recover. It's not much comfort but most supermarkets are recruiting temp staff worth considering. kobblers 1 Link to comment Share on other sites More sharing options...
rapidlocks Posted March 21, 2020 Report Share Posted March 21, 2020 im not technically self employed as went LTD 10 years ago , so im technically an employee on paye , so more options for me , and of course im still working at present all be it slower than normal , so i have more options going forward than if self employed currently , plus i have business interuption and keyman insurance in place , i can also get through by raiding the savings in the retirement pot , so in a better place than many will be. i feel for all small self employed trades , this will devistate many of them Link to comment Share on other sites More sharing options...
grahamparker Posted March 21, 2020 Report Share Posted March 21, 2020 I believe the Business interuption insurance does not cover you for this as my mate rang his company yesterday to be told he is not covered. Link to comment Share on other sites More sharing options...
mrelf Posted March 21, 2020 Report Share Posted March 21, 2020 I called my insurance last week, first they said I was covered, then they phoned back and said I wasn't covered as it was an un known virus, Link to comment Share on other sites More sharing options...
Youngcobbler Posted March 21, 2020 Report Share Posted March 21, 2020 @rapidlocks i have Ltd company for which I am a full time employee. I have no insurance. i pay zero business rates i have two shop ( one is just verbal contract with my mate in his shop) like subletting. one shop I just bloody opened in London tube station. what are my options? Link to comment Share on other sites More sharing options...
rapidlocks Posted March 21, 2020 Report Share Posted March 21, 2020 if ltd you are not self employed , so in the event of lock down you should be able to get 80% of what ever annual salary you pay yourself from the company , if vat registered then this quarter vat is defered till june , if you have a mortgage you can get a 3 month mortgage holiday so no mortgage to pay , also you have access to a loan on 12 months interest free . if you have staff that you send home but retain you can get them 80% of their salary from the government . or thats my understanding , but best to get advice from your accountant on what you can get and how to get it . dont worry about insurance , most are not covering it kobblers 1 Link to comment Share on other sites More sharing options...
JamesST Posted March 22, 2020 Report Share Posted March 22, 2020 It's all up in the air. Self-employed are most at risk, I have lost 99% of my business (mainly trophies and engraving to sports clubs and schools) but am eligible for the small business grant that will keep me open hopefully for the next 3 months. But as said, supermarkets are employing, aid is there for sick pay for self employed, and most will feel the pinch. We just need the population to stay at home and minimise the length of time this runs for. Tough times for all. Good Luck Mike at Vauxhall 1 Link to comment Share on other sites More sharing options...
x minit uk Posted March 22, 2020 Report Share Posted March 22, 2020 Thanks for taking the time to put that together Pete. grahamparker, Patsy and Mike at Vauxhall 3 Link to comment Share on other sites More sharing options...
Youngcobbler Posted March 22, 2020 Report Share Posted March 22, 2020 @rapidlocks @petercoulson thank you for breaking it down to us. all support is appropriate in this hard times. Link to comment Share on other sites More sharing options...
Youngcobbler Posted March 22, 2020 Report Share Posted March 22, 2020 Just discussing this with my wife, she is saying the lockdown have not started yet. But I have close both shops as they were not making money atall. So would I e getting paid for this time as I am closed? There is no official lockdown in London yet. Thank you Link to comment Share on other sites More sharing options...
petercoulson Posted March 22, 2020 Author Report Share Posted March 22, 2020 43 minutes ago, Youngcobbler said: Just discussing this with my wife, she is saying the lockdown have not started yet. But I have close both shops as they were not making money atall. So would I e getting paid for this time as I am closed? There is no official lockdown in London yet. Thank you If you're employed and take a wage in theory I think you will get 80% but there's nor real info yet about how this will work. If you're self employed it's a different matter although you should be eligible for the grant Link to comment Share on other sites More sharing options...
petercoulson Posted March 22, 2020 Author Report Share Posted March 22, 2020 IMPORTANT **** HMRC have set up a page with benefits showing and how to claim updates fairly simple to follow even though not everything is known yet it has made everything a little clearer https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses Link to comment Share on other sites More sharing options...
mrelf Posted March 22, 2020 Report Share Posted March 22, 2020 my rateable value on the shop is £15,250, so just over, in the first part it says a grant of up to £25,000 , then the next part it says if your property is over £15,001 then you will receive a grant of £25,000 , so still a bit confusing Link to comment Share on other sites More sharing options...
petercoulson Posted March 22, 2020 Author Report Share Posted March 22, 2020 26 minutes ago, mrelf said: my rateable value on the shop is £15,250, so just over, in the first part it says a grant of up to £25,000 , then the next part it says if your property is over £15,001 then you will receive a grant of £25,000 , so still a bit confusing I believe you will receive £25000 from latest mrelf 1 Link to comment Share on other sites More sharing options...
lock&quay Posted March 23, 2020 Report Share Posted March 23, 2020 I'd be interested to know how many of you guys are closing your shops ...I'm a member of the FSB & it's not clear if any grants will have to paid back but we do get daily updates. Stay safe everyone. Link to comment Share on other sites More sharing options...
grahamparker Posted March 23, 2020 Report Share Posted March 23, 2020 2 minutes ago, lock&quay said: I'd be interested to know how many of you guys are closing your shops ...I'm a member of the FSB & it's not clear if any grants will have to paid back but we do get daily updates. Stay safe everyone. My accountant says they do not have to be repaid. Although once we are through this we are all going to have to pay it back in some way so expect larger bills for council tax and so on in the future. lock&quay 1 Link to comment Share on other sites More sharing options...
petercoulson Posted March 23, 2020 Author Report Share Posted March 23, 2020 It's a grant not a loan so no repayment Link to comment Share on other sites More sharing options...
marky111 Posted March 23, 2020 Report Share Posted March 23, 2020 Would like to know when we can expect this 10k they talk about Link to comment Share on other sites More sharing options...
Youngcobbler Posted March 23, 2020 Report Share Posted March 23, 2020 There no date when it will be given to us but it will be your local council and there is not need to apply. They will write to you Link to comment Share on other sites More sharing options...
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