Coronavirus Health Crisis - financial advice and guidance
Please be assured that my team and I are here to support and help you make the right decisions at the right time to support you, your families, your investments, businesses and assets.
Whatever your situation, you can bet you will not be alone and we are here to help you get all the support you are entitled to. There is no doubt that we will all need resilience and patience to meet the current challenges and the best way to do that is together.
Detailed emails of new schemes, updates and clarifications are sent out to all our clients as they happen and followed up on our monthly updated Positive Blogs. For headlines and links to further UK Government information please check out this page. If in any doubt, please call us for detail on your particular circumstances.
Fraud and scam warning
We have heard from clients that have had emails and texts suggesting they are due tax refunds, there are also telephone scammers suggesting that you owe money from a tax investigation and invite you to make a payment on account. Remember, the tax office will NEVER contact you by phone, text or email unless they have been in touch with you previously by letter, and even then it is very rare. They will never ask you to pay money over the phone or online, they will always leave it to you to organise. If in doubt call us and we can check and ensure any offer of support is legitimate. For the latest information on scams visit the UK Government and OfCom websites and please report dubious emails to the National Cyber Security Centre (NCSC) simply by forwarding them on to: firstname.lastname@example.org.
LATEST on COVID Recovery...
Recovery Loan Scheme opens to businesses
On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government's coronavirus lending schemes.
The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% on eligible loans between £25,000 and £10 million to give them confidence in continuing to provide finance to UK businesses.
The RLS is open to all businesses, including those who have already received support under the previous COVID-19 guaranteed loan schemes, the Bounce Back Loan Scheme, the Coronavirus Business Interruption Scheme and the Coronavirus Large Business Interruption Scheme although the amount they have borrowed under an existing scheme may in certain circumstances limit the amount they may borrow under RLS.
The RLS is initially available through a number of lenders accredited by the British Business Bank.
Internet link: British Business Bank website
For the latest UK Government guidance to claim a grant through the Coronavirus self employment income support scheme check here.
VAT, tax cuts and deferrals
Have a look at the current UK Government guidance for deferral of VAT payments due to the Coronavirus health crisis here.
If you were expected to make a personal tax payment on 31st July 2020, you can defer it until 31st January 2021.
You can find the latest Government advice on business rates during COVID-19 crisis here.
Landlords and Tenants Guidance and Advice
Updated advice and information regarding rental properties for the UK Government during Coronavirus health crisis.
Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19.
However, those businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim (subject to the terms and conditions of their policy).
Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers.
Protection from Eviction for Commercial Tenants
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. Please be aware, this is not a rental holiday. All commercial tenants will still be liable for rent due. Information on extended protection from eviction.
Vehicles and MOTs
Increase to Working Tax Credits
Mortgage payment holidays will no longer end 31 October. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.
The FCA will announce further information. Check out the FCA for further detail.
If you want more detail about anything mentioned above, please have a look at the UK Government website offering guidance to employers and businesses about COVID-19 support for businesses.