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  • Through difficult times, it is important to stick by your core values, which is the reason why Practical Business Solutions are still here by your side and present this information to you.

    As an organisation, for now, we will continue to provide the level of service that our customers are familiar with, whilst adhering to Government Guidelines. We will continue to monitor the situation as it unfolds and try to bring you the latest information to enable you to make important decisions which will no doubt affect your business.

    **To offer our support to our valued clients we will be holding advice clinics for COVID-19 over the telephone. If you would like to arrange this, please get in touch.**


    26th MARCH 2020

    The Chancellor outlines new coronavirus support measures for the self-employed

    Rishi Sunak announced new measures to support those who are self-employed. This new announcement was welcomed, as there were still uncertainties surrounding people who are self-employed and their financial futures.

    In the latest step to protect individuals and businesses, Rishi Sunak has set out plans that will see the self-employed receive up to £2,500 per month in grants for at least 3 months.

    Millions of people across the UK could benefit from the new Self-Employed Income Support Scheme, with those eligible receiving a cash grant worth 80% of their average monthly trading profit over the last three years. This covers 95% of people who receive the majority of their income from self-employment.


    25th MARCH 2020

    Companies to receive 3 month extension period to file accounts during COVID-19

    Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.


    23rd MARCH 2020

    The Prime Minister addresses the nation on new measures to battle Coronavirus

    Our Prime Minister – Boris Johnson, delivered a speech to the nation, informing British citizens that they must stay at home unless absolutely essential. He set out strict new measures to avoid all unnecessary contact with each other to give the UK the best chance at fighting Coronavirus and to save our NHS.


    IR35 Reforms Postponed until Next Year, Amid Coronavirus Pandemic

    The government has announced it is postponing the reforms to the off-payroll working rules (IR35) from April 2020 to 6 April 2021. This is a deferral of the introduction of the reforms, not a cancellation. The government remains committed to introducing this policy to ensure that people working like employees, but through their own limited company, pay broadly the same tax as individuals who are employed directly.


    20th MARCH 2020

    The Chancellor – Rishi Sunak, has now announced further measures:

    • Government Grants to cover 80% of the salary of retained workers, up to a total of £2,500 a month. It will be backdated to March 1st and will be open before the end of April for at least 3 months
    • The Coronavirus Business Interruption Loan Scheme will not be interest-free, as previously planned, for 6 months – it will be for twelve months, available from Monday
    • VAT payments for next quarter will be deferred. No business will pay VAT from now to mid June and will have until the end of the financial year to repay those bills
    • Self-employed people can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees
    • To further support the self-employed through the tax system, self-assessment payments will be deferred until Jan 2021

    COVID-19 Support for Businesses

    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:

    • a Coronavirus Job Retention Scheme
    • deferring VAT and Income Tax payments
    • a Statutory Sick Pay relief package for SMEs
    • a 12-month business rates holiday for all retail, hospitality and leisure 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

    FURTHER INFORMATION on the Coronavirus Business Interruption Loan Scheme

    COVID-19 Guidance for Employees

    • You can get £94.25 per week Statutory Sick Pay (SSP) from day 1 if you’re too ill to work. It’s paid by your employer for up to 28 weeks.If you are staying at home because of COVID-19 you can now claim SSP. This includes individuals who are caring for people in the same household and therefore have been advised to do a household quarantine.
    • If you have COVID-19 or are advised to stay at home, you can get an ‘isolation note’ by visiting NHS 111 online, rather than visiting a doctor. For COVID-19 cases this replaces the usual need to provide a ‘fit note’ (sometimes called a ‘sick note’) after 7 days of sickness absence. Isolation notes will also be accepted by Jobcentre Plus as evidence of your inability to attend.
    • If you are not eligible for SSP – for example if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to stay at home, you can now more easily make a claim for Universal Credit or new style Employment and Support Allowance.
    • If your employer cannot cover staff costs due to COVID-19, they may be able to access support to continue paying part of your wage, to avoid redundancies.
    • If you are self employed, you are able to claim Universal Credit, providing you meet the usual eligibility criteria.

    Guidance from the Government for employers and businesses on COVID-19 is as follows (UPDATED 20TH MARCH 2020):

    • Businesses and workplaces should encourage their employees to work from home wherever possible
    • If someone becomes unwell in the workplace with a new, continuous cough or a high temperature, they should be sent home and advised to follow the advice to stay at home
    • Employees should be reminded to wash their hands for at least 20 seconds and more frequently, and catch coughs and sneezes in tissues
    • Frequently clean and disinfect objects and surfaces that are touched regularly, using your standard cleaning products
    • Employees will need your support to adhere to the recommendation to stay at home to reduce the spread of coronavirus (COVID-19) to others
    • Those who follow advice to stay at home will be eligible for statutory sick pay (SSP) from the first day of their absence from work
    • Employers should use their discretion concerning the need for medical evidence for certification for employees who are unwell. This will allow GP’s to focus on their patients who are most in need
    • Employees from defined vulnerable groups should be strongly advised and supported to stay at home and work from there if possible

    COVID-19: Support for Businesses (UPDATED 20TH MARCH 2020)

    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:

    • A statutory sick pay relief package for SME’s
    • A 12 month business rates holiday for all retail, hospitality and leisure 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 SME’s 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

    Many of you will be in need of financial assistance at this difficult time, to find out how to access government support please follow this link – How to access government financial support if you or your business has been affected by COVID-19 Further information on the most recent proposals will be available in the next few days.


    HR and Health and Safety Questions answered regarding COVID-19

    Everything you need to know about our most popular topics: sickness, self-isolation, lay offs, risk assessments and hygiene measures.


    If you are concerned about your future and would like any advice on how to proceed with some of the financial decisions you might need to make, please get in touch

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