Guidance for businesses and employers to plan and respond to the Coronavirus crisis
Guidance for businesses and employers to plan and respond to the Coronavirus crisis £330bn of Government-backed loans. Equivalent to 15% of GDP, the Government has pledged that it will make £330 billion of guaranteed funding available to any business that needs it. The Chancellor has also stated that, if demand is greater than the £330 billion of funding, he will provide additional funds. Coronavirus Business Interruption Loan Scheme for SMEs To support small and medium sized business, the Chancellor is extending the Business Interruption Loan Scheme. This will be administered through the British Business Bank. The limit of funding has increased from the £1.2 million announced on the 11 March to £5 million for companies with a turnover of less than £41 million. No interest will be due for the rst six months. The following link provides a few details with more information promised soon: https://www.british-business-bank.co.uk/?s=covid
The outbreak of Coronavirus is causing disruptions to businesses globally. This guide provides some initial advice on how to plan and respond to the crisis as a business and employer. baldwinsgroup.com wilkinskennedy.com campbelldallas.co.uk Cash grants for retail, hospitality and leisure sectors For businesses with a rateable value of up to £51,000 in the retail, hospitality and leisure sectors, an additional grant of up to £25,000 per business will be made available. The grant is intended to cover the cost of business disruption and, in particular, the payment of rent.
Rates relief All businesses in the retail, hospitality and leisure sector, irrespective of size, will have a 12-month holiday from 1 April and will pay no rates at all. If businesses who qualify for this do not receive a letter from their local council, it is important they contact them directly to claim this relief. Implementation At the time of writing, very little detail has been published on implementation or the precise nature of the new regulations and measures announced by Rishi Sunak on 17 March. As soon as we have more detail, we will publish additional guidance here. Further measures announced by the Chancellor on 17 March 2020
IR35 DEADLINE DELAY
YESTERDAY (17 MARCH) THE GOVERNMENT ANNOUNCED THAT, DUE TO THE CURRENT COVID-19 ARRANGEMENTS BEING PUT IN PLACE, IT WOULD BE POSTPONING THE PROPOSED IR35 RULES CHANGES DUE TO APPLY TO LARGE AND MEDIUM SIZED BUSINESS IN THE PRIVATE SECTOR FROM 6 APRIL 2020.
This means that such businesses who engage with ‘off-payroll’ workers provided through an intermediary, typically the worker’s own personal service company, will not now be responsible for determining the IR35 status of these workers until 6 April 2021. This delay will also apply to the requirement to place workers deemed to be within the scope of IR35 on the ‘fee payers’ payroll.