Weekly Digest – 1 April 2020

Firstly, we sincerely hope you and your family are doing well. We know it is a stressful and confusing time with a lot of uncertainty. Please rest assured we are here to help. If you have any questions please just ask.

As the COVID-19 pandemic deepens its hold across the country, governments and industry leaders are stepping up to help those impacted. To help you make sense of the barrage of information out there, we’ve put together a summary of helpful resources.

Government Support for Businesses

The Chancellor previously announced a support package with a range of measures targeted at helping people and businesses through COVID-19 and it’s impacts. The full details can be found here. The package includes a job retention scheme, self-employment support scheme, cash grants and 12 month business rates holiday for some businesses. Take a browse of the measures and please don’t hesitate to get in touch with us if you have any questions.

Job Retention Scheme and Furloughed Workers

You can find more details on the Job Retention Scheme including details on furloughed workers here.

Statutory Sick Pay (SSP)

The government has announced you can receive £94.25 per week (no less) in Statutory Sick Pay if you’re too sick to work. This is paid by your employer for up to 28 weeks. Details can be found here.

If you’re self-isolation because of coronavirus, you can get SSP with some conditions. You need to be eligible for SSP and have been off work sick for 4 or more days in a row (including non-working days). There are different sick pay rules for agricultural workers.

Universal Credit

Universal Credit is a payment to help with your living costs – usually paid monthly. You may be able to get it if you’re on a low income or out of work. Find out more here.

VAT And Corporation Tax Payments

IF you have upcoming VAT and Corporation Tax payments but don’t feel you can make it, you can get a payment plan. HMRC are allowing payments to be spread over a longer period than usual. Contact HMRC or find more info here.

What to do if you’re worried about cashflow

Please get in touch with us. We will do all we can to help you implement cash management processes and forecasting techniques to help. There are also some finance options available to you as well. Facilities may be provided quite quickly, so just ask if you need some help and we’ll work out what’s best for you. Remember, we are in this together.

Time for some good news

On Thursday night at 8pm, after coordinated efforts on social media, the UK stopped to go outside and applaud all NHS staff and carers bravely fighting the disease on the front line.

China is reporting a significant reduction in new cases. This week, Hubei province opened transportation connections back up to Wuhan, with further controls to be lifted throughout the region.

The collective pause that we’re having (even though it’s forced) might be a pause for good. The slowdown in production and transportation is creating a huge reduction in pollution levels. Reports seem to indicate that China’s lockdown led to a 25% decrease in CO2 emissions when compared with the same period in 2019.

While social media can be overloaded at times, there are many lovely videos surfacing from Italy, Spain and other countries around the world where people are making the most of the lockdown.

Here to help

We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!