Government Measures to Support Businesses

At AMS we have tried to make sense of, and put some detail on, the recent Government measures that have been publicised – below are links to certain other websites that contain useful information – namely the www.gov.uk website, the ICAEW website and a link that our bank, NatWest, forwarded to me. The Government one is being updated every day so do refresh it if you keep it open.

AMS Accountancy working practices

We are now pretty much all working from home but are covering post each day and phone calls are being directed to one member of staff. This might change as events progress. But, for now, the best way to contact us is by sending an email to the person whom you want to talk to – or else email our [email protected] address and ask for a call-back from the person you need to talk to. We are also allowing more flexibility in working hours as staff meet the demands of home-working – so there may be delays in dealing with some enquiries.  But we are fully open as a business and doing the same work as usual.

FINANCIAL HELP

None of us knows how long this situation last, so it is worth assuming that you will need all the cash you can get – and I recommend that you take advantage of any measures you can – because you may regret not doing so at a later date.

The Government measures can be split between loans, grants, HMRC tax deferments, and help for the self-employed.

LOANS

1. The banks

NatWest have pledged £5b of working capital to their customers during this virus outbreak. I am sure that other banks will be doing something similar.  And I would strongly recommend that any client with any financial issue, calls their bank for a discussion as soon as they can.

Coronavirus Business Interruption Loan Scheme (CBILS) https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

This scheme is now available although there definitely seem to be teething problems as relatively few loans have apparently been made – and some banks were insisting on director’s guarantees – despite the loans being 80% guaranteed by the Government. The scheme is provided by the British Business Bank via over 40 accredited lenders including all the major banks. Under this scheme, theoretically, you can apply to various lenders – such as your bank – and obtain a loan. The loans will be interest-free for 12 months. To find out more, contact your bank.

To find out more and to continue reading this article please visit their website, https://www.ams-accountancy.co.uk/blog/government-measures-to-support-businesses/