CORONAVIRUS (COVID-19)

Update: 09/04/2020

 

Please follow THIS LINK to download a resource which offers guidance on how to help protect your business premises during the Covid-19 pandemic.

 

 

CORONAVIRUS (COVID-19)

Update: 30/03/2020

 

Attention self-employed clients.

Please see details below on the  COVID-19 SELF-EMPLOYMENT INCOME SUPPORT SCHEME.

 

WHO CAN APPLY
You can apply if you’re a self-employed individual or a member of a partnership and you:
• have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
• traded in the tax year 2019-20
• are trading when you apply, or would be except for COVID-19
• intend to continue to trade in the tax year 2020-21
• have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:
• having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
• having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period.
If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment tax return. If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.

 

HOW MUCH YOU’LL GET
You’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable):
• 2016 to 2017, 2017 to 2018, 2018 to 2019
To work out the average HMRC will add together the total trading profit for the 3 tax years (where applicable) then divide by 3 (where applicable), and use this to calculate a monthly amount.
• it will be up to a maximum of £2,500 per month for 3 months.
• we’ll pay the grant directly into your bank account, in one instalment.

 

HOW TO APPLY
HMRC will contact you if you are eligible for the scheme and invite you to apply online.
You will access this scheme only through GOV.UK. If someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam.

 

OTHER HELP YOU CAN GET
The government is also providing the following additional help for the self-employed:
• deferral of Self Assessment income tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
• grants for businesses that pay little or no business rates
• increased amounts of Universal Credit
• Business Interruption Loan Scheme

If you’re a director of your own company and paid through PAYE you may be able to get support using the Job Retention Scheme.

 

CORONAVIRUS (COVID-19)

Update: 27/03/2020

 

 

If you have been instructed to temporarily cease trading following the ‘shutdown’ implemented by the Government, please check the Unoccupancy Condition in your policy wording.  Some insurers will request to be informed of any unoccupancy immediately while others will allow up to 30 days (or more).

 

If you are unsure, please contact us on 01592 649786 or email the person who deals with your account to inform us that you are currently unable to trade so we can inform your insurer.

CORONAVIRUS (COVID-19)

Update: 23/03/2020

 

The Chancellor has announced 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:

  • a Coronavirus Job Retention Scheme
  • deferring VAT and Income Tax payments
  • a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
  • a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
  • the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
  • a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • the HMRC Time To Pay Scheme

 

Full Details can be found by clicking HERE

 

 

CORONAVIRUS (COVID-19)

Update: 23/03/2020

 

Please note that our office will be closed to the public with immediate effect.
We are still working as normal but the office will not be accepting any visitors.

 

CORONAVIRUS (COVID-19)

Update: 18/03/2020

 

We are very mindful of the uncertainty surrounding the outbreak of Coronavirus and would like to provide our clients with guidance.

 

We will continue to trade as normal for as long as possible but if the time comes when we have to shut the office, we have began implementing contingency plans which will allow staff to work from home so we can continue to fully support our customers.

 

There will be no changes to our phone number or email addresses during any shut down so please feel free to contact us if you have any queries.

 

The health and well-being or our staff and clients is of paramount importance to us so please be diligent, follow the guidance laid out by the Government and NHS.

CORONAVIRUS (COVID-19)

Update: 17/03/2020

 

Following the World Health Organisation’s decision to declare the outbreak of Coronavirus (Covid-19) a pandemic, we have received a huge influx of enquiries from business owners asking how this will affect their businesses.  Unfortunately there is no simple answer as different insurers have their own policy wordings which are often specific to them.

 

The Prime Minister held a press conference on Monday 16th March 2020 where he suggested that the public should stay away from social spaces, pubs, restaurants and theatres.  This will undoubtedly lead to a downturn of business with the reduction of custom. Under the current circumstance, there is no cover on any policy.  If, however, the Government takes the decision to order businesses to shut down for an undetermined period of time, it may be possible to make a claim on the Business Interruption section of the policy but, it must be stressed, this will only be the case for a minority of policies.

 

There has been a lot of misinformation and bad advice in the press and on social media which would lead the public to believe that their policy will absolutely indemnify them for financial losses incurred by the Coronavirus outbreak following a Government shutdown.  If you are unsure if you are able to make a claim then please check your policy wording under the Business Interruption section.

 

Notifiable Diseases:

If your policy wording includes a list of notifiable diseases, this will have been taken from the official Government list at the time the insurance policy began.  As Covid-19 has only been notifiable since 4th March 2020, this will not be covered on your policy as a notifiable disease.  If your policy wording doesn’t include a list of notifiable diseases then check to see if the insurer limits the cover to only include “any occurrence of a Notifiable Disease at the Premises”.  In order to pursue a claim under this section there must be a confirmed case of Covid-19 at your business premises.

 

We understand and share the frustrations of our clients and as an independent insurance broker we find ourselves in exactly the same position. Our own Business Interruption insurance includes the list of notifiable diseases as it was prior to the outbreak.

 

Please stay safe, practice social distancing when possible and continue to monitor Government and NHS guidance.

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