Obp Chartered Accountants | 18th March 2020
These are very difficult times at the moment. Coronovirus is impacting every businesses whether its because of disruption to staff, customers or suppliers. Many of our clients have even come to an absolute stop in trading. We at Obp Chartered Accountants are therefore doing our best to offer the best advice . We are currently reviewing the latest government press releases to understand what support is out there and more importantly how to get that support. The key features we have drawn for small businesses are as follows:
Remember some of the measure highlighted by the chancellor are directed at English businesses and therefore we need to look at how the Welsh Government are acting on these
Support with payments to HMRC
There is a new helpline to call if you find you have difficulty making payments to HMRC. The number is 0800 0159 559 and I would make it priority to call this number if you expect to have any difficulty in making tax payments. It might that you find you can prioritise payments to other suppliers once you have made arrangements with HMRC. But be sure to contact them first.
The Welsh government are still to confirm their version of this assistance declared by the Chancellor of £10,000 cash grants. Yesterday, the Welsh Finance Minister declared A further £100m will be available for a new grant scheme for small businesses. Further details on this new grant scheme will be confirmed as soon as possible.
It is not possible for employers to make a claim for statutory sick pay refund at the moment. We are still waiting for further details on this and how the payroll software will implement these changes.
Loans will be made available at preferential rates to assist businesses manage the coronavirus impact on their business. You are advised to contact your current finance provider in the first assistance to see what support is available from them. The Development Bank of Wales is offering a three-month capital repayment holiday for all its business customers.
Personal Finance assistance
Measures have put been put in place to assist families’ personal finances such as mortgage repayment holidays. Please contact your mortgage providers for further advice on how their particular support reflects the Chancellor’s announcements. I would also query what impact a repayment holiday would have on your credit score, especially if you are looking to move your mortgage in the near future.
Some useful links…
We have been using the latest digital software for a number of years at Obp chartered accountants. This allows us to review your accounts, prepare the necessary compliance documents and provide real time advice with current information. Although we would much prefer face-to-face to contact with our clients it also means that we can do all this work remotely. Please feel free to e-mail us with your queries on and we will get back to you as soon as possible. We will also post any updates on social media.