COVID-19: Inca Latest Business Advice Update
19th March 2020
Welcome to our Covid-19 update, bringing you practical information and guidance to help you trade through these challenging times.
Q: Am I eligible to receive one of the grants for small businesses, and if so, how do I get it?
A: Grants are available to businesses that have premises with a rateable value – even if they don’t currently pay rates. The grants are for up to £25000, and local authorities will be given the money to manage. They will contact you, rather than you needing to apply. For more details, see here. https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-who-are-paying-sick-pay-to-employees
Q: I run my business from home so don’t pay rates. Can I claim any grants?
A: Regrettably not at present, although this is a known flaw in the system. We’ll keep checking for more information and update you accordingly.
Q: My employee is told to self-isolate due to a family member experiencing symptoms. How should I pay them and are they entitled to Statutory Sick Pay (SSP)?
A: The first point of reference for you should be your HR adviser – if you don’t currently have one please ask us for an introduction. If it’s not practical or possible for the employee to be considered at work and therefore entitled to full pay, then, as long as they are an eligible worker, they will be entitled to SSP from day one and you will eventually be refunded for up to 14 days. For more information, click here. https://www.acas.org.uk/coronavirus
Q: I am self-employed will I get SSP?
A: Unfortunately not. SSP is only available to employees. You should make an early claim for Universal Credit, see here for more details. https://www.understandinguniversalcredit.gov.uk/coronavirus/
Q: I am on a zero-hours contract. Can I receive SSP?
A: You might be able to – you need to check with your employer. If not, you may be eligible for Universal Credit (see link above) or be able to claim the Employment Support Allowance. See here for more information. https://www.gov.uk/employment-support-allowance
Q: My income has suddenly plummeted. Is there help available?
A: Business interruption loans will become available on 23rd March from the British Business Bank. https://www.british-business-bank.co.uk/?gclid=Cj0KCQjwjcfzBRCHARIsAO-1_OqiYebQFLbxN2R9BcjH-sJ6PHDPN9N60zGH9XxRH1uECWHRG_sgrU8aAlHhEALw_wcB. While this won’t solve the underlying problem, cash is the most important asset in any business. Start planning now and don’t wait until you’re about to run out of cash to contact them or your own bank. The government will pay interest for the first six months.
Q: I owe tax to HMRC. I’m worried about the cashflow impact on my business, or I just can’t pay them. What should I do?
A: HMRC has set up a helpline for businesses and individuals worried about tax payments. The number is 08000159559. More information can also be found here. https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19?&utm_source=twitter&utm_medium=social&utm_campaign=covid19
We hope you find this information useful. Please feel free to share it with other business owners in your contact sphere.
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