We would like to reassure all of our clients, that in light of the continued developments of the Coronavirus outbreak, we are still open for business as usual and will continue to do so unless instructed otherwise. In the office, we are carefully following the government guidelines and we are asking all of our clients to also do so. We are more than happy to conduct meetings over the phone, when it is more suitable to do so.

We have outlined below the key points from the government announcements to assist small business’ during this challenging time.

Support for paying HMRC taxes

  • If you are having difficulty paying your HMRC taxes, please contact us and we are more than happy to contact HMRC on your behalf. They are offering support with all taxes including Self-Assessment, Corporation tax, PAYE, CIS and VAT.
  • It has been advised that there will be support with penalties, interest and setting up a time to pay arrangement.
  • A dedicated helpline for self-employed individuals and businesses in financial difficulty due to coronavirus, has been set up by HMRC. The contact number is 0800 0159 559. The helpline opening hours are Monday to Friday 8am to 8pm and Saturday 8am to 4pm.

Business Rates

  • It has been announced that there will be no business rates payable for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
  • 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.
  • Full guidance should be published on this by 20th March 2020.

Support for business that pay little or no business rates

  • There will be additional funding for local authorities to support small business that currently pay little or no business rates, because of small business rates relief. The small business rates relief grant will be enhanced from £3,000 to £10,000.  
  • However, you do not need to apply for this grant, you will be contacted by the local authority and the funding should be provided in early April.

If you have any questions or concerns regarding your business or your circumstances, please call us on 01724 848343.

For advice on SSP in relation to Coronavirus, please visit https://www.ssmith-accountants.co.uk/covid-19-statutory-sick-pay-ssp/.