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08 April 2020
At NIG, we are here to support you and your clients as best we can throughout this turbulent time. From useful links and resources, to documents your clients can download. Some of the initiatives introduced by the Government to support businesses include:
A Coronavirus Job Retention Scheme, aiming to encourage employers to retain their employees through this difficult period. For any staff that need to be furloughed, either through lack of work or because they cannot work due to childcare issues or ill health, the state has said they will pay 80% of wages for staff up to £2,500. They cannot work for the company during this time though.
Low interest business interruption loans, helping to keep businesses afloat. The Government will pay all interest for the first 12 months.
A VAT deferral scheme for the next quarter. The payment deadline for this to be repaid will be March 2021.
On 31st March, the Secretary of State issued a letter to the industry regarding eligibility to work, also giving the construction industry a go-ahead with continuing to trade and asking Builders’ Merchants to stay open to ensure there are no supply chain issues.
The following resources are all very useful in finding out more about the Government initiatives during the Covid-19 outbreak:
• Check here for details of government support measures for SMEs
• Government Support for UK Businesses and Workers - This guidance provides full details of all the measures introduced by the Chancellor to provide financial aid to UK businesses.
For some businesses, it just isn’t possible to keep trading as normal and this has meant a lot of staff are without work to do. The Government is keen to ensure businesses are furloughing staff, rather than making them redundant, so that when things are back to normal, they can start again. The following links are helpful for clients looking to furlough their workers.
• Go direct to the Government website COVID-19: Support for Businesses
• Click here for a letter template to employees who are to be furloughed
• Lay-offs and short-term working - For further information go to ACAS or download their leaflet Lay-offs and Short Term Working
We would always recommend utilising the official websites and resources where possible for up-to-date information.
For the latest news on the spread of Coronavirus, go to the NHS website and The World Health Organization
For advice on managing the safety, health and security of mobile workers, go to the IOSH Report
For the latest advice on travelling abroad, check out the Foreign and Commonwealth Office travel advice site
For a wealth of information and advice on operating as a business or self-employed worker, use the official Gov.uk website