Coronavirus: advice and resources

With UK businesses facing a challenging year, our clients deserve as much clarity as we can provide. Here are some of the key details and sources of guidance regarding coronavirus. We will be updating this page on a continuous basis to keep you, your business and your employees informed with all the latest information. You can also read the latest advice and guidance from government for businesses on its coronavirus pages.

We would like to take a moment to thank and appreciate our business community, family and friends who may be trying to care for their loved ones and of course the health and community workers who are on the front line. We will be doing all that we can to support your business and our community during this time.

Covid-19: a summary of practical business support announced by the UK government

  • VAT deferral for payments due up to 30 June. Find out more: Government guidance | Mouktaris & Co guidance
  • Time to Pay – 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. Find out more: Government guidance | Mouktaris & Co guidance
  • Extension for filing statutory accounts with Companies House – Companies or LLPs who have not passed their filing deadline can apply for a three month extension for filing accounts, which will be automatically granted if delay is due to Covid-19.
  • Changes to insolvency rules to help companies trade – changes will be made to enable UK companies undergoing a rescue or restructure to continue trading, helping them avoid insolvency. Changes include enabling them to buy supplies while attempting a rescue, and temporarily suspending wrongful trading provisions retrospectively from 1 March 2020 for three months for company directors so they can keep their businesses going without the threat of personal liability.
  • Coronavirus Job Retention Scheme where all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those who would otherwise have been laid off during this crisis. Find out more: Government guidance | Mouktaris & Co guidance
  • Emergency legislation relaxing the restriction on carrying forward four weeks’ annual leave, such that employees who have not taken all of their statutory annual leave entitlement due to coronavirus will now be able to carry it over into the next two leave years. Find out more: Government guidance | Mouktaris & Co guidance
  • Small Business Grant Funding whereby the Government is providing additional funding for local authorities to support small businesses that pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses. Eligible businesses will be contacted their local authority, which is responsible for administering the scheme. Find out more: Government guidance | Mouktaris & Co guidance
  • Coronavirus Business Interruption Loan Scheme which will help businesses affected to access bank lending and overdrafts if they need to. For loans up to £5 million, the Government is providing a guarantee for each loan. Find out more: Government guidance | Mouktaris & Co guidance
  • Bounce Back Loan of between £2,000 and £50,000, where the government will guarantee 100% of the loan and there will be no fees, interest or repayment in the first 12 months. There is an intention that the application will be a simple two-page form and that loans will be made within two days of application through a network of accredited lenders. Find out more: Government guidance | Mouktaris & Co guidance
  • Statutory Sick Pay Rebate to allow small and medium-sized businesses to reclaim Statutory Sick Pay paid for staff absence due to coronavirus. Find out more: Government guidance | Mouktaris & Co guidance
  • Rates Holiday for Retail, Hospitality and Leisure sectors in England whereby businesses will not have to pay business rates for the 2020-21 tax year. Find out more: Government guidance | Mouktaris & Co guidance
  • Cash Grant for Retail, Hospitality and Leisure in England. Businesses in these sectors with a property that has a rateable value of £15,000 and under may be eligible for a grant of £10,000. Businesses in these sectors with a property that has a rateable value of over £15,000 and less than £51,000 may be eligible for a grant of £25,000. Eligible businesses will be contacted their local authority, which is responsible for administering the scheme. Find out more: Government guidance | Mouktaris & Co guidance
  • Protection from eviction for commercial tenants who miss rent payments, until 30 June 2020. Find out more: Government guidance | Mouktaris & Co guidance
  • Mortgage holiday whereby mortgage borrowers can apply for a three-month payment holiday from their lender. Both residential and buy-to-let mortgages are eligible for the holiday. Find out more: Government guidance | Mouktaris & Co guidance
  • Rent holiday whereby residential tenants can apply for a three-month payment holiday from their landlord. No one can be evicted from their home or have their home repossessed over the next three months. Find out more: Government guidance | Mouktaris & Co guidance
  • Hardship fund providing council tax relief to those receiving Local Tax Council Support. Find out more: Government guidance | Mouktaris & Co guidance
NEWS AND RESOURCES

Covid-19: news releases and analysis

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