Covid 19 Resources for Business
In these difficult times we wanted to help share resources that may be useful to business owners. We’ll be adding to them as we find more to share with you. Keep an eye on our Twitter and LinkedIn accounts for the latest resources.
Survive and Thrive
What can you do now to make sure your business is well positioned to thrive going forwards? Here are some practical tips to help you to look after yourself and your business at the current time.
HR, Communications, and Online Support
Blue Rocket Accounting have put together advice on HR, Communications, and Online Support as well as some tips from our own Martin Brown over on their website.
Coronavirus impact by region
- London has lost 28% of its output due to lockdown measures, the lowest of any UK region. The English capital is home to many financial and professional services business, which can be run remotely and haven’t been as affected by falling consumer demand
- London has the largest monetary loss per day of any UK region at £575m
- Restaurants, hotels and retail have all faced lower footfall and consumer spending due to the lockdown restrictions
- Manufacturing regions such as the Midlands and North have been impacted by the lack of demand for products
- Scotland, Wales and Northern Ireland rely more on industries that have been shut down by social distancing, such as accommodation, food and drink, arts, entertainment and leisure
- Scotland, Wales and Northern Ireland have stricter lockdown measures in place, including closing construction sites, so the economies in those regions have fallen more
- More people in the South were already working from home before the crisis, so they’ve been able to continue their usual working patterns
- Residents of Northern cities are likely to have more space in their homes to set up a home office space, which could increase productivity.
Coronavirus Business Interruption Loan Scheme
This scheme (CBILS) went live on Monday 23 March and will initially run for six months. This document contains FAQs for SMEs and has been put together by British Business Bank.
There’s no getting away from the fact that recent events have changed the way we live and do business. As a business owner you will be feeling a range of emotions, with your livelihood and those of many others seemingly on the line. In this time of crisis, the immediate focus is how to survive. And then, how to thrive.
Be sensible, practical and, above all, calm when managing risk and engage an expert who can help you with this.
One of the things you can do right now is to do a policy and check with your insurance broker if you need confirmation of the type of insurance you have purchased
It is highly unlikely that the vast majority of businesses will have any cover for losses following COVID-19.
Businesses who have cover for Trade Credit Insurance will have cover for their customers who owe money for products or services and do not pay their debts or pay them later than the payment terms dictate. This could result from businesses not being able to pay for goods and services delivered as the result of Coronavirus. Be sensible, practical and, above all, calm when managing risk and engage an expert who can help you with this areas, such as Morpheus Insurance Solutions. If you need to know more then please contact, Simon Hammond, Managing Director 01233 712 812.
There’s no doubt that the next few years are going to be tough for businesses moving forward. Those that assess now, take stock and plan-ahead, will be the ones who will be in stronger position than most says Paul Sweeney of Allround Solutions. This is where cost management should be one of the first and integral steps to survive and thrive.
This can help both employers and employees.
For the employers, reduced/monitored overheads, makes for a leaner and better positioned company that can use money saved for better use elsewhere and/or future investment.
But what about the employees? Happy, loyal staff make for a stronger, unified company. So how about we offer a benefit to help them save, an average home, between £500 and £1000 per year on their household bills too? That’s the equivalent of a company giving around £700 to £1250 pay rise without paying for it! Happy, loyal staff make for a stronger, unified company.
It’s not always about the saving, its about the Allround Solution to help companies “create profit from within”. To find out more, call 01883 372 737 or simply upload latest bills to www.freebillscheck.co.uk to help you survive and thrive.
Guidance for businesses from Wilkins Kennedy regarding COVID-19
Financial support for self-employed
On 26 March the Government announced that self-employed workers will be able to apply for taxable grants worth up to 80% of their average monthly profits to combat loss of income due to the coronavirus pandemic, the Chancellor announced today. The grants will be capped at £2,500/month though and not everyone will be able to claim. Find out more about the details here.
Time to Pay
If you think you may be eligible for support from HMRC through Time to Pay, which allows you to pay tax over a longer period, you can call the helpline number on 0800 024 1222. Arrangements are agreed on a case-by-case basis and can be tailored to your circumstances and liabilities. In a further bid to help, HMRC has also deferred VAT for the next quarter and you won’t need to make any VAT payments during this period. You have until the end of the 2020/2021 tax year to pay any liabilities that have accumulated over the period.
Statutory sick pay and Employment Allowance
Small and medium-sized businesses (employing fewer than 250 people on 28 February 2020) can reclaim statutory sick pay (SSP) for absence due to Covid-19. It covers up to two weeks of SSP per eligible employee. You need to maintain a record of staff absences and SSP payments but employees do not need to provide a GP fit note. If you require evidence employees can get an isolation note from NHS 111 online. In addition, small employers with a National Insurance bill of £100,000 or less will continue to qualify for Employment Allowance, which will be expanded to £4,000 per business from this month.
Business rates holidays
A business rates holiday for retail, hospitality and leisure businesses in England has been introduced for the 2020/21 tax year. And if you received the retail discount in the 2019/20 tax year you will be re-billed for this period. Eligible properties include shops, cafes, restaurants, drinking establishments, cinemas, live music venues and those used for assembly and leisure, hotels, guest and boarding premises and self-catering accommodation. This will apply to your April council tax bill and you don’t need to take any action. In addition, Small Business Grant Scheme funding of £10,000 is available to some businesses – your local authority will contact you if you are eligible. The governments of Scotland, Wales and Northern Ireland have launched similar help.
Communication, Equipment, People, and Processes
Cyan Solutions, our IT supplier, have put together this useful checklist of business continuity essentials including Communication, Equipment, People, and Processes
This is their advice to their clients on remote working, security risks and use of personal devices.
9 Tips To Be Productive When Working At Home During COVID-19
Working from home can be a lonely enterprise in this era of social distancing, but it doesn’t have to be. For those who are not used to working at home or who don’t have an organized work station, distractions can disrupt your productivity. Here are some tips to facilitate adjusting to your new situation during the coronavirus outbreak.
Successful video conferences
Detailed tips for successful video conferences when you are working from home
The Department for Business, Energy and Industrial Strategy has launched a dedicated business support helpline, where small business owners in England can get advice on how to minimise the impact of coronavirus. The number is 0300 456 3565 but you can also email firstname.lastname@example.org. The Scottish Government’s helpline number is 0300 303 0660; the number for Wales is 0300 060 3000 and in Northern Ireland it is 0800 181 4422.