How will you pay the bills if you were sick or injured and couldn’t work?

There is a growing unease about the economic fallout of coronavirus (COVID-19), with many businesses laying off contractors and putting staff on extended leave, as well as natural worries about contacting the disease.

What this crisis has shown is that being unable to work can quickly turn our world upside down. No one likes to think that something bad will happen to them, but if you can’t work due to a serious illness, how would you manage financially? Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills – and income protection insurance is an option to consider.

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How secure would your family’s future be in the event that you were no longer around?

Given the current situation during this difficult and unsettling time with coronavirus (COVID-19), it’s important to think about how secure your family’s future is in the event that you were no longer around. Understandably, we would rather not think of the time when we’re no longer around, but this crisis has highlighted the importance to protect the things that really matter – like our loved ones, home and lifestyle – in case the unexpected happens.

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Making an application to extend the period allowed

If coronavirus (COVID-19) has affected your company and you need more time to file your accounts, you should act before your filing deadline.

If immediately before the filing deadline it becomes apparent that accounts will not be filed on time due to your company being affected by coronavirus (COVID-19), you may make an application to extend the period allowed for filing.

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Coronavirus Support for businesses who are paying sick pay to employees

The Government has brought forward legislation to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.

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Retail, Hospitality and Leisure Grant Fund

In response to the coronavirus (COVID-19) pandemic, the Government have announced support for small businesses, and businesses in the retail, hospitality and leisure sectors.

Originally announced in the Budget on 11 March, the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grant (RHLG) will be delivered by local authorities in England.

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Government guarantee is to enable more ‘no’ decisions to become ‘yes’ outcomes

This is a loan scheme that has been set up to help large businesses that are struggling with cash flow due to revenues being deferred or lost due to coronavirus.

To be eligible, businesses need to have an annual turnover between £45 million and £500 million, and business activity has to be based in the UK.

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Supporting viable businesses struggling with the challenges of COVID-19

Any qualifying business that needs access to cash to pay rent, salaries, suppliers or buy stock will be able to access this government-backed scheme and support during these unprecedented times.

The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to support UK-based small and medium-sized businesses, with a turnover of up to £45 million, with a viable business proposition but are struggling with the challenges of the coronavirus (COVID-19) outbreak.

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Lifeline for small and medium-sized enterprises (SMEs) struggling with cash flow

The Coronavirus Business Interruption Loan Scheme (CBILS) is a loan scheme that was announced by the Chancellor, Rishi Sunak, during the 2020 Budget and has been set up to help small and medium-sized enterprises (SMEs) that are struggling with cash flow because of revenues that have been deferred or lost due to the coronavirus outbreak. The loans are being offered on generous terms to support SMEs.

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HMRC will not charge interest or penalties on any amount deferred

The Chancellor, Rishi Sunak, has announced that businesses will be able to defer VAT payments for a three-month period in 2020. HM Revenue & Customs (HMRC) have confirmed a deferral for all VAT payments due between 20 March 2020 and 30 June 2020 by all businesses with a UK VAT registration to help businesses manage their cash flow.

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Guaranteeing a proportion of the salaries of millions of workers

Around the country, many employers have implemented lay-offs due to reduced revenues and the closure of their business premises due to coronavirus. The Coronavirus Job Retention Scheme has been set up to support those employers and help them continue to pay wages of staff who would otherwise have been let go.

The Government will pay up to 80% of wages for workers at risk of being laid off due to the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak announced. Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme that was created and started on or before 28 February 2020 will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.

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