Financial Business Continuity

HOW CAN I FORECAST POTENTIAL CASH IMPLICATIONS AND STAY UP TO DATE ON CREDIT CONTROL?
WHAT’S THE FULL SCOPE OF SUPPORT AVAILABLE FROM UK GOVERNMENT?
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Government have just launched a new ‘support finder’ tool will help businesses and self-employed people to quickly and easily determine what financial support is available to them during the coronavirus pandemic.

Business owners fill out a simple online questionnaire, which can take minutes to complete, and they will then be directed to a list of all the financial support they may be eligible for.

 

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WHAT SUPPORT IS AVAILABLE FROM MY EXISTING BANK?
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On 16/3/20 UK Banks pledged support for British SMEs. Liaise with your bank to understand what overdraft/payment holiday or additional support options may be available.

 

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STATUTORY SICK PAY
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For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full. Details on how this scheme will work are due to be published shortly. An information update will be posted here as soon as it becomes available.

 

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BUSINESSES & SELF EMPLOYED HMRC HELPLINE
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A dedicated Government helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities. Through this, businesses may be able to agree a bespoke Time to Pay arrangement.

 

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RATE RELIEF
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There will be a £10,000 cash grant to the smallest businesses, delivered by local authorities. Small businesses that pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief will be contacted by their local authority – they do not need to apply. The funding will be provided to local authorities in early April. Guidance for local authorities on the scheme will be provided shortly.

 

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RETAIL, HOSPITALITY & LEISURE SMALL PREMISES GRANT
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A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.

 

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FILING OF COMPANY ACCOUNTS DELAY
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If Coronavirus (COVID-19) has affected your company and you need more time to file your accounts, you should act before your filing deadline.

 

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HAVE YOU LOOKED INTO THE POSSIBILITY OF CLAIMING R&D TAX CREDITS?
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If your accounting year-end is 31 March your deadline for claiming an R&D tax credit for your 2017/18 accounting period. Many companies are surprised to learn that they qualify for this valuable source of funding, so it could pay to double-check.

 

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WHAT DO YOUR CURRENT EMPLOYMENT CONTRACTS OFFER IN TERMS OF STATUTORY SICK PAY AND EXTENDED PERIODS WHERE INDIVIDUALS CANNOT WORK?
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It was announced in the Budget that Government would meet the cost of coronavirus statutory sick pay (SSP) for small businesses with up to 250 employees for 14 days processes to support this are currently being developed in the meantime you are encourage to maintain records

 

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WHAT SUPPORT IS AVAILABLE FOR SOCIAL ENTERPRISES?
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Selnet is the recognised lead for social enterprise in Lancashire.

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