Several Nanny Agencies are small businesses and like so many small businesses right now, they’re struggling to remain open; to make ends meet. We’ve heard from a number of agencies recently who are feeling increasingly pessimistic about their future. These are indeed difficult times for small, independent enterprises. In this blog, we’ve attempted to pull information together, information that as a small business you may find useful.
We doubt there’s any industry that has escaped the impact of the pandemic and trying to keep up to date with the latest government information and advice can feel almost impossible at times, it changes so quickly. So what information is out there?
For all the latest Government information on COVID-19 and the measures the Government, and Devolved Governments, are taking, you should regularly visit:
UK Government website, https://www.gov.uk/coronavirus
Scottish Government website, https://www.gov.scot/coronavirus-covid-19/
Welsh Government website https://gov.wales/coronavirus
Northern Irish Government website. https://www.health-ni.gov.uk/news/latest-update-coronavirus-covid-19-3
REC is also a fabulous resource, even for non-members, they provide loads of free information on their website https://www.rec.uk.com/our-view/topics/covid-19-hub
“REC has been appointed as one of the Government's Business Representative Organisations to support the national response to Coronavirus, ensuring that recruitment's voice is heard in the key debates. Help us understand the issues that are most urgent to your business via this survey https://www.surveymonkey.com/r/action-feedback or by emailing firstname.lastname@example.org. We'll be taking your questions and feedback directly to Ministers.”
Possible funding sources for businesses during the COVID-19 pandemic
The government has made available a number of national grants and schemes to small businesses and the self-employed. Help is also available on a local level and you should start by contacting your local council to check out what support could be available to you and your business. Find your local council here: https://www.gov.uk/find-local-council
Some of the current schemes available are due to come to an end shortly but, with no sign of the pandemic coming to an end anytime soon, informed commentators are predicting further extensions and the introduction of new schemes of support to be announced in the coming weeks. This blog therefore can only list some of what is available right now:
Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme will remain open until April 2021.
The Government will pay at least 80% of employee wages up to a maximum of £2,500 a month. Employers will be required to pay the National Insurance and pension contributions for each employee.
Claims for January 2020 must be made by 14 February 2021. You can no longer submit claims for claim periods ending on or before 31 October 2020.
Job Support Scheme (JSS)
Expected to start in May.
The Job Support Scheme will not be introduced until the Coronavirus Job Retention Scheme ends. The Government will support employers with wages, allowing employees to work shorter hours rather than being made redundant. The scheme will be expanded to protect jobs and support businesses required to close as a result of coronavirus restrictions.
The Job Retention Bonus
A start date for this scheme is yet to be announced.
Self-Employment Income Support Scheme
The Self-Employed Income Support Scheme has been extended to 30 April 2021. To be eligible you must be trading but facing a reduced demand due to COVID-19.
HMRC will provide a taxable grant covering 80% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. Go to the link to check eligibility.
Coronavirus Bounce Back Loan
Businesses who have borrowed less than their maximum will be able to top-up their existing loan. Deadline 31 March 2021. Go to the link to check eligibility/criteria.
VAT Deferral Payments
Businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay over the course of 11 payments up until the end of March 2022.
Go to the link to check out eligibility and discover how you prepare for the scheme.
Deferral of Self-Assessment payments on account
Self-assessed income taxpayers can spread their outstanding tax payments over a 12-month period from January 2021. Payments deferred from July 2020, and those due in January 2021, will not need to be paid until January 2022. Go to the link to learn more.
Business support UK wide
The Department for Business, Energy, and Industrial Strategy has launched a dedicated helpline for small business owners, covering advice on how to cope with the impact of coronavirus on your business:
Telephone: 0800 998 1098
Monday to Friday, 9am to 6pm
Scottish Coronavirus Helpline
Telephone: 0300 303 0660
Textphone: 0800 023 2071
Monday to Friday, 8:30am to 5:30pm
Wales Business Helpline
Call 0300 060 3000
Lines open Mon - Friday 8:30am - 5:30pm
Call 0800 181 4422
Lines open Mon - Friday 8:30am - 5pm
HMRC coronavirus helpline for businesses and the self-employed
Call: 0800 024 1222
Lines Open: Monday - Friday, 8am to 4pm
HMRC Time To Pay helpline:
Call: 0300 200 3835
Lines Open: Monday - Friday, 8am to 4pm
We hope this blog has been of interest to you.