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Help for businesses who are affected by coronavirus

As business owners seek to adjust to the impact of coronavirus there has been welcome news that initiatives are being put in place to support businesses during time.


In view of the latest Government recommendations we have decided to close our offices with immediate effect, in order to assist in preventing the spread of Covid 19. The health and wellbeing of our staff and clients is of paramount importance to us.
 
As previously reported we have initiated our business continuity plan which facilitates all staff working from home. We wish to assure clients and contacts that we are able, and will continue to offer and provide, our full range of services, to support and assist you and your businesses through these challenging times. We are available on our usual office numbers or mobile numbers which are on our website. Virtual meetings can be arranged via conference calls, Microsoft teams, Skype or FaceTime.


Martin C Armstrong FCCA FABRP FIPA MBA FNARA  
Senior Partner 

We have written some blogs to help you and your business through these uncertain times:

Support for self-employed and freelancers

It looks like the government are taking proactive steps to provide support for the self-employed and freelancers with consideration being included within the pr ...
read article

Coronavirus - what can business owners do in response?

For many business owners they are faced with the stark reality that their income has fallen off a cliff. There were no plans that could be put in place and nobo ...
read article

Coronavirus - Office Closure

Coronavirus - further update from turpin barker armstrongFrom Martin Armstrong, Senior Partner, FCCA FABRP FIPA MBA FNARAIn view of the latest Government recomm ...
read article

What has been announced and where can business owners go to get help?

In the recent budget the Chancellor announced a package of measures to provide support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised (hover over the various titles below for more information). There are regular updates to the provisions being made available for businesses however as we always suggest, seeking early advice is the best solution.  

Book a free telephone call with us, choose a date and time suitable for you


Business  Interruption  Loan  Scheme
A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first 6 months of that finance interest free, as government will cover the first 6 months of interest payments. 
View more
Refund  of  statutory  sick  pay
For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the costs of large-scale sick leave.
View more
Support  with  tax  affairs 
A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
View more
Cash  grant  of  £10,000  to  the  smallest  businesses 
There will be a £10,000 cash grant to our smallest businesses, delivered by Local Authorities. Small businesses that pay little or no business rates and are eligible for Small Business Rate Relief (SBBR) or Rural Rate Relief will be contacted by their local authority - they do not need to apply. The funding will be provided to local authorities in early April. 
View more
Business  rates  retail  discount 

The government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 20201 tax year. 
View more
Grants  for  retail,  hospitality  and  leisure  businesses 
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.

View more

Availability of finance

The Bank of England has announced a reduction in interest rates with a view to increasing availability of credit for businesses. This was supplemented by the announcement from UK Finance, the trade body for UK banks.


Chief Executive of UK Finance, Stephen Jones, said:

“SMEs are the foundations of any successful economy and the banking and finance industry has the commitment and capacity to support viable businesses as they manage the impact of Covid-19. Alongside over £20 billion of funding, banks and finance providers are delivering targeted assistance to firms including repayment holidays, invoice finance extensions and fee-free emergency loans. This is in addition to the government’s welcome announcement of the Coronavirus Business Interruption Loan Scheme, which the industry will work with the government to deliver as quickly as possible.

“We urge all businesses to think about how their customers and suppliers could be affected by this global outbreak and to contact their finance providers as early as possible if they think they might have any additional financing requirements.”


Getting advice
 
At turpin barker armstrong we are committed to supporting businesses during this time by undertaking free initial financial reviews for businesses with supplementary advice on options and strategy. We remain hopeful that many businesses can use the above resources and be preserved during this time in order to come out at the other end with a positive future ahead.
 
If you need advice please do not hesitate to get in touch on 020 8661 7878 or click here for our contact form.



Whilst every effort is made to keep this page as up to date a possible please visit the gov website here for daily updates

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