Jan 06

Happy New Year Covid 19 support update

A Happy New Year to all.

With the elevation of concerns over Covid-19, we have decided to do a brief New Year’s message on those things that businesses and individuals may want to think about given the current Tier 4 in Wales and new Tier 5 in England.

There will be an additional financial impact of the restrictions for many, if that is the case, you may want to consider the following:

  1. Furlough – it remains possible to furlough staff either full or part of the time. This is a flexible and generous level of support. You may wish to look again to see if you can gain help from this, see HMRC Furlough guidance.
  2. Loans – Government backed Bounce Back loans and CBILS loans are currently still widely available, contact your own bank for details initially. Adjustments to earlier loans are now possible.
  3. Cashflow management
    • Often planning well and being smart can help when cash appears very tight indeed. If you need help in planning your cashflow and managing your money we may have tools that can help, just ask.
    • HMRC have offered generous payment terms for Income Tax that would normally be due on 31 January. HMRC Defer Income Tax Covid.
  4. Grants – certain grants are still available for Covid-19 hit businesses, see Grants Business Wales. Note that
    • The Welsh Economic Resilience Fund (ERF) Sector-Specific grant is opening on 11 January and there is now an eligibility checker on the site. These are still ‘FIRST COME FIRST SERVED’. So, if you want to apply, be ready on Monday ASAP!
    • The ERF Restrictions Business Fund may be worth a look. Certain grants are automatic, but the discretionary element needs some work including visiting your own local authority’s website.
    • There is likely to be more grant support available soon. Following England’s Tier 5 move, the chancellor has passed a further £227m of cash to Wales. So do watch these grant pages.

There are likely to be difficult financial times ahead, so in respect of help with any of the above or any concerns you have about your business or financial affairs, remember we are here to support you.

As a final thought, we can remain positive that the vaccine will be a way forward and can be a real positive for us all. So, we wish you, yours and the planet we share a healthy, happy and prosperous 2021.

Best wishes

The Team at Sage & Company

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From first going self-employed to starting a limited company, the fantastic accountants at Sage have talked me through the processes and looked after all things accounts-related, leaving me with peace of mind; free to focus on the day-to-day operating of the business. Sage handles everything for me from payroll to tax returns and their service is flawless; when I need something its done; when I need info I get it. All of their staff are friendly, professional, efficient and patient and I couldn’t manage without them.

 

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