18 Mar COVID-19 – What’s Currently Available For Small Businesses
COVID-19 – What’s Currently Available To Small Businesses
We’ve had a few questions today regarding what’s currently available to small businesses. To make sense of things, we’ve have put together our top information from the last couple of days!
Support for businesses in terms of business rates
First of all, there will be a £10,000 grant available to businesses that currently pay either no or little business rates. This is because they already claim small business rates relief. This is designed to cover other business costs.
Similarly, there will be a £25,000 grant available to retail, hospitality and leisure businesses. This is for businesses that operate from premises with a rateable value between £15,000 and £51,000.
The mechanism for this will be released in the coming weeks, and it will be administered by your local authority (District/Borough Council).
Support for businesses who are paying statutory sick pay to employees
Most noteworthy, if an employee is off sick due to COVID-19 (or is self isolating) then they are entitled to statutory sick pay (SSP) from day one. You, the employer, can reclaim this for up to 14 days.
Xero is currently building this into the software so that the SSP can be processed & recovered from day one. HMRC have not revealed details of the recovery mechanism yet.
Other HMRC taxes
In terms of paying HMRC taxes, nothing has really changed. There is still the “HMRC time to pay” in situ and is a case of contacting HMRC to agree payment terms on unpaid tax, PAYE and VAT.
If there are any other changes, we will keep you up to date as they arise.
Hoping that you are ok, and stay safe 🙂