Coronavirus Outbreak: help and support for our clients

Help and support for our clients

The UK Government’s response to coronavirus (COVID-19) was initially announced in the Chancellor’s Budget 2020 speech recently and has been subsequently added to in recent briefings and press conferences. It includes measures looking to protect businesses from the economic impact of the pandemic. With all small and medium-sized businesses (SMEs) in the UK now facing a much more challenging year we have compiled some of the key details below to help. You can read more on the recent budget in our Budget Report 2020 by clicking here.

Support for Businesses:

An overview of the support currently available:

Support for Individuals

Other Measures

  • It’s been confirmed that government advice to avoid pubs, clubs and theatres etc is sufficient for businesses to claim on their insurance where they have appropriate business interruption cover in place for pandemics
  • To support the food industry and help provide meals for people who need to self-isolate, planning regulations will be relaxed to allow pubs and restaurants to start providing takeaways without a planning application

Please check the following link on the HM Treasury site for all the latest announcements and details: COVID-19: support for businesses.

HMRC and Time To Pay

For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:

  • Agreeing an instalment arrangement
  • Suspending debt collection proceedings
  • Cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately

For more details please refer to the following page on the Gov.uk website: If you cannot pay your tax bill on time

If you are the subject of a tax investigation then our helpful and experienced team can help, please refer to our Tax Investigation page by clicking here.

For our clients we offer a Tax Protection Insurance which helps your peace of mind in the event of any tax investigation. Please ask out dedicated Team for more details – click here.

Monitoring Your Cashflow

Over the coming months, many SMEs will be paying closer attention to their business cashflow and the processes related to it. Our suggestion to clients would be to use what may be a quieter time to talk to us about this and get on top of your bookkeeping, so that you have the numbers to monitor their cashflow and provide them to lenders, including HMRC when agreeing Time To Pay or loans.

Non-Government Support

High street banks are currently offering various degrees of support including:

  • Lloyds Banking Group
  • NatWest
  • Barclays
  • HSBC

If you have any worries or concerns click below to arrange a no obligation call with one of our experts

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