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Our approach to COVID-19
COVID-19 may have felt like it was in our rearview mirror but with the discovery of the new strain of the virus, the government has decided to put some of the old regulations back in place. Here on our COVID-19 page, we have two sections. First, we have summarised some of the key support the government is providing to businesses today. Second, we talk more as to how Mayflower is dealing with COVID-19 in engaging with businesses and individuals with as little disruption as possible.
Latest updates on government support
The rate of change when it comes to government support is unprecedented, with many schemes having ended. While we’re unsure whether this new strain of the virus will bring back any government grants and schemes, we’re giving you the key messages as of right now so that you don’t lose out. As with anything, there are caveats and exceptions so feel free to get in touch if you need more assistance with the rules.
Last updated 1st December 2021 (see bottom for a schedule of changes)
Difficulty paying your self assessment tax bill
There is still an expectation for you to report and pay your income tax by 31st January 2022. However, if you are having difficult paying you can contact HMRC and make a Time to Pay arrange.
To make arrangements, visit the link here.
Recovery Loan Scheme
The Recovery Loan Scheme has been put in place to support any UK businesses as they recover and grow after the pandemic.
The Autumn 2021 Budget brought about a few changes. The current scheme is open only to small and medium sized enterprises.
Up to £2 million is available per business but the actual amount you get will be at the discretion of the lenders who are participating.
The government will guarantee 70% of the finance to the lender. Because you are the borrower, you will be liable for 100% of the debt.
The scheme was extended until 30th June 2022. All loans available come through a network of accredited lenders who are listed on the British Business Bank’s website.
You can apply for one of these loans if you have a business trading in the UK and has been adversely affected by the pandemic. Businesses that received support in other guaranteed loan schemes during the pandemic will still be eligible for this scheme.
Additional Restrictions Grant
The Additional Restrictions Grant (ARG) supports businesses that have not been covered by any other grants or schemes, or those that need additional funding. It will provide local councils with grants that can help support businesses that have been severely impacted by restrictions. Your local council will determine which businesses they want to support and will also determine the amount you receive. You can apply for this grant through your local council’s website.
Throughout the pandemic we implemented changes in how we work to ensure we could continue to work safely within the government guidelines. Some of these changes have since come back into effect recently and we will continue to offer support for businesses who have been affected by COVID-19. Find out how we are helping below.
Face to face meetings
While the restrictions were being eased earlier in the year we were able to start up face to face meetings again while still adhering to the government guidelines. At present, we are not offering face to face meetings because of the new COVID variant. All meetings will take place via a video or phone call until the current climate becomes safe for us to conduct them in person again.
Provision of records
If we need any sort of records from you, we continue to encourage you to send those digitally either by scanning them or taking pictures of the documents. This means it’s much easier for us to keep them on file and also helps stop the spread of the virus. We have a range of options for you to help you go digital so get in touch if you need some guidance.
If you need to drop off documents in person, we ask that you do this in a COVID safe way. Masks should be worn at all times and meetings should be kept as short as possible while adhering to social distancing guidelines.
|31st November 2021||New government guidelines came into place to stop the spread of Omnicron.|
|31st December 2021||
Deadline for claiming both the Recovery Loan Scheme and Recovering SSP as an employer.
Taxpayers today, six days from the deadline, were given a month grace by HMRC with no late filing penalties to be issued until the 28th of February.
It’s hard to tell if we’re still in the thick of COVID-19 or on the way out. Either way, it’s important for businesses to stay on top of what support is available from the Government now and for the next few months.
Ready to get going?
Get in touch today and so we can learn more about your business and work out what Mayflower can do to help you achieve your goals.