BBCA ADVICE LINE
If you require any help or advice, please call or message us, we are here to help:
Salim Chowdhury, President – 07946658611
Tofozzul Miah, General Secretary – 07863129414
Motin Miah, Treasurer – 07956302139
MEASURES ANNOUNCED IN THE BUDGET AND ON 17TH MARCH
Statutory Sick Pay from day 1 for 2 weeks if having to self-isolate due to having symptoms or following government guidance where another member of the household has symptoms, there is no need for a doctors certificate or the employer to verify illness. An isolation note (https://111.nhs.uk/isolation-note) can be used instead of the normal “fit note” . Employers will be reimbursed in full; the Government are working out how to do this. SSP is paid at the rate of £94.25 per week. This will apply retrospectively from 13th March.
To all businesses who are exempt from business rates or partial business rate (i.e. you have business premises but have notified your Local Authority that you are exempt or fall under the small business rates relief scheme). Grants will be given through local authorities who will write to those eligible, there is no need to claim.
Find your local authority: https://www.gov.uk/find-local-council
As above, but for retail, hospitality and leisure businesses
operating from premises with rateable value between £15,000 and £51,000. Contact your local Authority from 23rd March. Some Local Authority are fully up to speed and know what they are doing, and others are stilling getting to grips with it. Please show patience and work with your local authority, showing your frustration isn’t going to speed anything up.
business rates calculator: https://www.gov.uk/calculate-your-business-rates
Coronavirus Business Interruption Loan Scheme for small and medium businesses
Most banks will be able to offer this – the loans are 80% guaranteed by government and so the lending criteria should be more relaxed. Interest free for 12 months. Application process should be simpler than normal loans. Your bank should be able to assist from 23rd March. Up to £5m available.
British Business Bank website:
Self-Assessment Tax 2nd Advance instalment due by 31 July 2020 can be deferred until March 2021. You don’t have to do anything. HMRC’s dedicated helpline: 0800 0159 559.
Outstanding previous tax deferral
Call HMRC’s dedicated helpline: 0800 0159 559 and explain your hardship.
Vat payable payable from now until 30 June 2020 can be deferred until 31 March 2021. Any VAT due after June 2020, will need to be paid as normal unless new measures are announced. However, you must submit your VAT returns on time.
Mortgage holiday of up to 3 months for people affected. You would need to contact your mortgage lender for the terms of this, some are lengthening the period of the mortgage and others are increasing the payments for the remaining term.
Business rate relief holiday
Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as possible, you do not need to contact anyone. Please don’t flood the local office with call regarding this, as it hinders rather than helps.
MEASURES ANNOUNCED ON 20TH MARCH and After
The Coronavirus Job Retention Scheme – All business can be able to access this support to continue to pay part of their employee’s salary, for those that would otherwise be laid off. Employees would need to be notified that they are designated as furloughed (granted leave of absence) workers, the employer then needs to submit information (details not yet released) through a new online portal. HMRC will then reimburse 80% of those worker’s wage costs up to £2500 per month. HMRC are working urgently to set up a system to reimburse employers.
VAT liabilities between now and the end of June 2020 can be deferred until 5/4/21.
Income Tax self-assessment 2nd instalment due 31/7/20 will be deferred until 31/1/21.
The advice to avoid pubs, clubs and theatres are sufficient to trigger a claim under business interruption insurance. We are looking into this. But please contact your insurance company/broker immediately to see if you can claim.
Confirm with your insurance company/broker if Business Interruption cover in your commercial insurance policy. Business Interruption insurance covers the income that you lose after a disaster. Then check whether you have an extension for “notifiable diseases”, speak with your broker to find out if coronavirus is covered. The UK Government has declared COVID-19 a notifiable disease.
The government advising people to stay away from restaurants, pubs, etc rather than ordering businesses to shut down, was sufficient to make a claim on business interruption insurance. Insurance policy that covers both pandemics and government ordered closure is sufficient to make a claim provide all other term of your policy is met.
Pubs and restaurants are able to provide a takeaway service without a planning application.
Self Employed Income Support Scheme
Announcement by the Chancellor on 26th March 2020.
The Government announced a new Self Employed Income Support Scheme to provide support to self-employed people impacted by COVID-19.
Self-employed people, can receive a grant of up to 80% of their average monthly profits over the last three years – up to a maximum of £2,500 per month. If you have been trading for less than three years your average profits will be based on the last one or two years. You are not eligible for this scheme if you have less than one year of trading profits.
Grants will cover March, April and May, this may be extended. Payment of the grant will be made in one lump sum, to be paid from June 1st. You can continue to trade and still receive the grant.
It does not cover you if you have paid yourself a salary or dividends through your company. In which case, you will be covered by the previously announced Coronavirus Job Retention Scheme.
Available for those with trading profit up to £50,000
HMRC will contact you directly and ask you to fill in a form by June 2020.
Also available to self-employed
• CBILS (Coronavirus Business Interruption Loan Scheme)
• Defer July 2020 SA payment to Jan 2021
• Access Universal credit
We will summarise everything on our website as and when information becomes available.
Up to date government guidelines:
For Loans see below for participating financial institutions. All major banks are on the list.
Conference call Free helpline book below to speak with:
Steve Bradshaw FCCA CTA
Tel: 02072 325320
Wework Southbank Central
30 Stamford Road
Conference Call Advice with Cobra and Lord Karan Billimoria
020 3463 9718
Next one 23/3/2020 at 11:30 am