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Coronavirus: Mansfield chartered accountants Adkin Sinclair update local business

Posted onPosted on 22nd Mar

Mansfield chartered accountants Adkin Sinclair have provided local businesses with a quick, no nonsense update on the most recent support that the Government has announced in the battle to keep businesses financially viable during the Covid-19 crisis.

Chris Adkin said the following was the current known position as at the end of 20th March.

“I have split the key elements that are likely to be most important to you between those that offer actual money and those that just delay payment (and so might be building up bigger problems for later).”

Proposed actual financial support:

A Coronavirus Job Retention Scheme.
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.

Loans to assist with your cashflow:

Deferring VAT and Income Tax payments.
The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank.
The HMRC Time To Pay Scheme.

Chris continued: “Clearly every business is facing a range of challenges that are unique to that particular business, and so some of the measures will be of great benefit to some, whilst delivering no benefit at all to others.

“The link given below is the best place to find out what assistance is being made available and how it will be delivered (where this is actually confirmed already).

“Some elements of the support have not yet been clarified and so checking back at the HMRC linked pages will be your best source of updates.”

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Adkin Sinclair is continuing to deliver all its services through implementing remote working arrangements where possible.

Chris added: “The office will remain open but we are asking that no visits to the office are arranged and that any meetings are dealt with remotely by telephone conference calls.

“We anticipate that by adopting these practices we will be able to ensure that our service to you continues uninterrupted and that we will meet all of your important deadlines.

“If you have any questions, we are here to help you.

“Wishing you well in these unprecedented times and hoping that we all stay safe.”