Our Aberdare Reopening Package
We’re pleased to announce the Our Aberdare Reopening Package is now available for free to all BID levy-paying businesses.
The package includes:
– Social distancing floor stickers
– A4 COVID-19 checklist display posters
These are now available for collection from Rebecca Thomas in Santander.
Government and council measures and funding to support businesses through this crisis are outlined below. As things are fast moving, use the government website for updates as they are announced.
Summaries of the various means of support from the Welsh Government and UK Government are detailed below.
Rhondda Cynon Taf County Borough Council
The council is continuing to administer grant funding and support for businesses. For more guidance with these matters and for more information please see the council website.
Welsh Government Support
The Welsh Government has announced more details on the emergency support they will be providing for businesses affected by the coronavirus. Full details on Welsh Government support can be found here.
Economic Resilience Fund
The Welsh Government has released an additional £100 million into the Economic Resilience Fund due to a massive demand. Applications are currently being processed and some businesses have already received funding. The Development Bank is aiming to process all applications received within the month. You can read more on this here.
Coronavirus Business Interruption Loan Scheme
The government will back businesses loans to small and mediums sized businesses. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) Businesses will receive a 6 month holiday on interest payments on these types of loans. The scheme is now live. More information can be found on the British Business Bank website.
Welsh Government Business Grants
Retail, leisure and hospitality businesses with a rateable value between £12,001-£51,000 are to be offered a £25,000 grant. Those eligible for Small Business Rates Relief with a rateable value of £12,000 or less are to be offered a £10,000 grant.
Local authorities are administering these two grants in Wales. To enable quick and efficient payments, you will need to confirm some details with Rhondda Cynon Taf County Borough Council; please do not try to call. You can apply for these grants here.
Retail, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rate relief. Pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill.
Business Interruption Loan Scheme
The government will back businesses loans to small and mediums sized businesses. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) Businesses will receive a 6 month holiday on interest payments on these types of loans.
The scheme is scheduled to launch next week and will be delivered by the British Business Bank.
Capital Repayment Holidays
The Welsh Government has announced the Development Bank of Wales will be offering all its business customers a three-month capital repayment holiday to help them manage the financial fallout from the virus.
UK Government Support
Details on UK-wide business support. Please use the government website for updates as they are announced.
Coronavirus Job Retention Scheme now live
The government’s Job Retention Scheme is, from today, open for applications so that businesses can claim for up to 80% of furloughed employees’ employment costs.
The government has published a seven-page guide for businesses on eligibility, what can be claimed for, and the information that they need to provide HMRC with to make the claim. Businesses can start a claim on this government website.
The scheme is being extended until the end of June and aims to pay into the bank account of businesses within 6 working days.
Advice to employers and employees:
Read all the available guidance on GOV.UK before applying
Gather all information and precise calculations before starting an application
To receive payment by 30 April, complete the application by 22 April
HMRC expect to be very busy and ask that employers only call the helpline if they can’t find what they need on GOV.UK or through the webchat service – this will leave lines open for those who need urgent assistance
Support for charities
On 8th April the Chancellor announced a new package of funding for charities including:
£750 million pot for frontline charities across the UK – including hospices and those supporting domestic abuse victims
£360 million direct from government departments and £370 million for smaller charities
Statutory Sick Pay from HMRC
Companies with less than 250 employees will be able to recover up to two weeks of Statutory Sick Pay (SSP) paid to employees who are off work due to coronavirus.
Employers should keep records of such absences, but a sick note is not required. SSP is only reclaimable where the employee is earning at least £18,000 per annum.
Support for tax payments
All business, including self-employed individuals, who are struggling to pay their outstanding tax liabilities may be eligible to receive support via HMRCs “Time to Pay” service.
HMRC will review these on a case-by-case basis and the outcomes are tailored to individual circumstances and liabilities. HMRC have set up a dedicated helpline for those affected by COVID-19 who, as a result, are concerned about being able to pay taxes due. The HMRC helpline number is 0800 0159 559.
Deferral of VAT payments
If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer the payment until a later date or pay the VAT due as normal. More information here.
Over 10,000 businesses have already successfully applied for the extension.
Companies will also temporarily be extended greater flexibilities, including holding AGMs online or postponing the meetings.
Deferral of Self-Assessment Payment
The Self- Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until January 2021. More information here.
Self-Employment Income Support Scheme
Those who are self-employed with trading profits of less than £50,000 may be eligible to apply for a taxable grant to compensate up to 80% of profits lost due to coronavirus (up to a maximum of £2,500 per month for the next three months)
HMRC will contact those who are eligible for the scheme.
Tax on expenses incurred from employees working at home
HMRC have produced guidance to help you find out what equipment, services or supplies are taxable if your employees are working from home due to coronavirus.
Information on the government loans and grants available to businesses can be found at above and on the government website.
Doctor’s note for Sick Pay
An online ‘isolation note’ has been launched to help provide employees with evidence that they need to self-isolate, in place of a doctors’ sick note.
Information will be updated in a timely manner.