Companies affected by COVID 19

Same Day - Initial "FREE" advice -In total Privacy online - Confidentiality Assured

Covid-19 affecting your business? Same-day Rescue & Recovery Options Available.

Free Director Advice & Support TODAY.

Our Licensed Insolvency Practitioners offer Confidential Safe Advice online.

Companies Affected by Coronavirus (COVID-19)?

Book a Virtual Meeting - Free Confidential Advice
If you need help understanding the best way forward for your company, we can provide confidential free initial advice. You can book a free virtual meeting or call us on 0800 612 5448.

Companies Affected by Coronavirus (COVID-19)?

The presence of the pandemic in the UK. Has prompted emergency assistance for Companies Affected By Coronavirus (COVID)19 by the present UK Government.

The shutdown affects hit the UK economy hard.

The long term effect as yet unknown for business in the UK.

Companies Affected by Coronavirus (COVID-19)? – So what has been done?

The UK Government

  • Income Tax due 31 July 2020 deferred to 31 January 2021.
  • Chancellor announces a bonus of £1000 per employee paid to employers that allow furloughed employees back. 
  • The furlough scheme will continue until October, with employees receiving 80% of their monthly wages up to £2,500. From August, employers must pay National Insurance and pension contributions, then 10% of pay from September before this percentage rises to 20% in October. 
  • Since May 26th, 2020, an extension to max loan available through the CBILS ranging £50m to £200m. (Conditions Apply)
  • VAT: reduced rate of 5% for hospitality to January 31st,2021.
  • HMRC’s Time to Pay extended. 
  • Any businesses may apply for a Coronavirus business interruption loan. Companies not required to pay the VAT due until the end of June 2020. Businesses can settle liabilities deferred at the end of the 2020-21 tax year.
  • Loans under £250,000 require no guarantees personally.
  • Bounce-back loans are obtainable https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/for-businesses-and-advisors.Max loan is available for 25% of turnover with a ceiling of £50,000.No Interest chargeable for the first 12 months. 
  • The Coronavirus Job Retention scheme (CJRS) – grants cover 80% of PAYE employees’ salary. The HMGOV pays them to prevent layoffs. 
  • Online scheme set up for CJRS. 
  • Grants available up to £30,000 for small businesses possible. Based on the rateable values of the company. (Companies with a rateable value less than £15,000 increased to £10k). 
  • A tax break, on national insurance contributions. 

Staff motivation: Techniques, during pandemic SMEs

Update as of August 3rd, 2020

  • Since 30 July 2020, changes to the CBILS scheme. The Government declared more small businesses might claim loans up to £5 million. It mainly helps businesses consider ‘undertakings in difficulty’ therefore, access denied due to EU rules. 
  • Discounts allowed of £10 per person on meals out. They need to be between Monday-Wednesday during August 2020 at partaking restaurants.
  • Face masks will become compulsory by law in public indoor environments commencing 8 August. 
  • RE furlough scheme: As of 1 August, companies will need to start paying national insurance and pension contributions. They will also have to pay 20% of furlough costs. Furloughed staff can be brought back to work on a part-time basis, but must be paid by their employers for the days they do. For the days they don’t work, the UK Government will pay 80 per cent of their salary, up to a cap of £2,500 per month. The level of grant reduces every month until the scheme ends.
  • Eat out a discount of £10 per head on all meals out, Monday-Wednesday in August at participating restaurants. (Finished 31/8/20)

For further help with Companies Affected by Coronavirus (COVID-19)?

Winston Churchill once said, ” Never Waste a good crisis.”

For Company Debt Advice Please contact HBG Advisory on:

Support Is Just A Call Away
Seeking support with your under performing business?We can remove all the stress while allowing you to move forward with your business removing the fog for good. Please call us on 0800 612 5448 or Book A Virtual Meeting safe and private. We help directors daily to navigate the complexities of financial difficulty.
Companies affected by COVID 19
Companies affected by COVID 19
Companies affected by COVID 19
Companies affected by COVID 19
We Listen to your needs
FREE Initial Meeting
Understanding Business Rescue

    Get Help Today
    1. Name: (*)
    2. Company Name:
    3. Telephone: (*)
    4. Email:
    5. Message:

    *Required Fields

    CALL TODAY FOR
    EXPERT CONFIDENTIAL ADVICE

    0800 612 5448