What just happened?
Well, these really are the strangest of times. I don’t know about you but at present, it feels like we’re all characters in a science fiction movie. These are unprecedented times for small businesses and it can be hard to keep track of all the implications of the Coronavirus (COVID-19) both in terms of our personal and financial lives!
Here at The Showbiz Accountant we are offering help with COVID-19 related accounting and can support any occupation when navigating and accessing the myriad of help that is now available.
You will no doubt be aware of the package of measures that the government has put together. With grants and applications on offer for those who are self-employed or have their own business, there is a lot of support available but how do you know what applies to you or your business? We’ve listed a few examples of how we can help you.
Job retention scheme
We know how much your employees mean to you and we can help you with the applications and submissions necessary to HMRC under this scheme. Freeing up your valuable time to provide other support for your people, we’ll help you with payroll processing and HMRC rebates and will explain what it means to designate your employees as ‘furloughed workers’.
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month and are urgently working to set up a system for reimbursement. Existing systems are not yet set up to facilitate payments to employers but we’re here to get everything in place for you when the new online portal is in use.
Business Interruption Loan Scheme
If you need short term cash flow support, the temporary Coronavirus Business Interruption Loan Scheme will support SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million, for up to 6 years. This is another measure designed to help small and medium-sized businesses to access bank lending and overdrafts. With a guarantee of 80% on each loan (subject to a per-lender cap on claims), this gives lenders further confidence to support your business. Get help from us when completing the necessary applications, we’ll even speak directly with your lenders to negotiate on your behalf.
Business rates holidays and cash grants for retail, hospitality and leisure businesses
A business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year has been announced by the Government and a £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000. This could apply to any occupations in Showbiz and Media, if you meet the requirements. We can help and advise you on the eligibility of these holidays and grants.
Time to Pay
Get help from us with your ‘Time to Pay’ tax arrangements. We’ll speak with HMRC on your behalf to ensure that you’re not hit with any penalties if you don’t file your tax on time.
Let us help you navigate the government advice and make the necessary submissions and reclaims to HMRC.
You would be forgiven for finding the current raft of information overwhelming so why not let us make life that little bit easier for you during these challenging times.
Most importantly, now more than ever you need to take care of YOU! So let The Showbiz Accountant take care of your COVID-19 accounting concerns. Contact or email us today for a free consultation to confirm if you qualify for any of the grants and applications on offer.
Take care out there and together, we’ll get through this.