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We'll look to keep everyone up to date with all general goings on here at Spirare as well as offer our take on
industry related news


Starting your own business is one of the toughest decisions an individual will make. There are many decisions to make at the beginning and on a daily basis, but the Coronavirus pandemic across the globe is not one which would have been at the top of any business plan.


In the words of the Chancellor ‘The economic intervention that I’m announcing today is unprecedented in the history of the British state’ and the ‘planned economic response is one of the most comprehensive in the World’


The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.


This includes a package of measures to support businesses including:
Coronavirus Job Retention Scheme
Any employer in the country – small or large, charitable or non-profit - will be eligible for the scheme.
Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but are furloughed and kept on payroll, rather than being laid off.
Government grants will cover 80% of the salary of retained workers up to a total of £2,500 a month – that’s above the median income. This will be backdated to 1 March 2020.
That means workers in any part of the UK can retain their job, even if their employer cannot afford to pay them, and be paid at least 80% of their salary.
This will initially be available for 3 months.


deferring VAT and Income Tax payments
VAT payments due during the period 20 March 2020 to 30 June 2020
Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021.

No penalties or interest for late payment will be charged in the deferral period.

Business rates holiday for retail, hospitality and leisure sectors
A business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year has been introduced.
Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as possible.
You are eligible for the business rates holiday if:
your business is based in England
your business is in the retail, hospitality and/or leisure sector
Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used:
as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
for assembly and leisure
as hotels, guest & boarding premises and self-catering accommodation

Cash Grants for retail, hospitality and leisure businesses
The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.
For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000.
For businesses in these sectors with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000.
You are eligible for these grants if:
your business is based in England
your business is in the retail, hospitality and/or leisure sector
Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used:
as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
for assembly and leisure
as hotels, guest & boarding premises and self-catering accommodation

You will be contacted directly by your Local Authority if you are eligible.

Coronavirus Business Interruption Loan Scheme
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts.
The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
Businesses can access the first 12 months of that finance interest free, as government will cover the first 12 months of interest payments.
You are eligible for the scheme if:
your business is UK based, with turnover of no more than £45 million per year
your business meets the other British Business Bank eligibility criteria

Time to Pay service
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s’ Time to Pay service’.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
You are eligible if your business:
pays tax to the UK government
has outstanding tax liabilities
If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559.


Insurance
Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim as long as all other terms and conditions are met.
Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics.

The Spirare Team value each an everyone of our clients, old, new and those of the future. We are taking steps to ensure the safety of the team, clients and the local community during this time.
We are, as always, committed to assisting you and as a precaution we are taking the necessary steps and following guidelines to administer homeworking. All staff will have access to their email, so we can stay in touch.
If you wish to discuss the above, please contact us.

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