We can provide you with immediate support to help get you access to these funds – please speak your contact at G+E for guidance.
MANAGING TAX CASHFLOWS
Approach HMRC for “Time to Pay” arrangements on any outstanding tax liabilities. HMRC will consider deferring tax payments for a specified period of time and have set up a dedicated COVID-19 helpline (0800 0159 559)/ https://www.gov.uk/ difficulties-paying-hmrc
HMRC may waive late payment penalties and interest where a business experiences’ administrative difficulties contacting HMRC or paying taxes due to COVID-19.
Accelerate R&D tax credit claims where possible to generate cash.
OTHER SPECIFIC COVID-19 SUPPORT
Statutory Sick Pay – Government will fund SMEs* via repayment of Statutory Sick Pay.
Business Rates Reliefs – Discounts up to 100% for 12 months announced for certain businesses / sectors. The government has said enquiries on eligibility should be directed to local authorities.
Grants – £10k for small businesses and up to £25k for those in the Leisure & Hospitality Sectors. The government has said enquiries on eligibility should be directed to local authorities.
Insurance – Check your business interruption insurance. The Government advises that businesses directly affected will be eligible to claim on their policies.
Up to date information can be found via https://www.gov.uk/government/ topical-events/coronavirus-covid-19-ukgovernment-response
*The refund is limited to two weeks per employee and available for employers with fewer than 250 employees (number of employees as at 28 February 2020)
WE ARE HERE TO SUPPORT YOU THROUGH THIS DIFFICULT TIME
Please call us if we can be of any help…….
We can support you in any conversations with funders and assist in the preparation of management accounts, cashflow forecasts or viability statements which your bank may require.
We have produced a free tool to help you to manage your cashflow.
We can introduce you to alternative funders / funding solutions.
We can help you to ascertain loss of profits for your Insurance Claim.
Regarding HMRC’s “Time to Pay”, Garbutt + Elliott can help to liaise and negotiate with HMRC on your behalf.
Our experienced R&D tax credits team can fast-track your R&D claim.
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