The coronavirus pandemic has us all checking the news regularly for updates and developments but for small businesses, there’s a clear uncertainty and worry about the economic implications of the virus.
The Welsh Government has announced a package of support worth more than £200 million for small businesses to help them during these difficult times. Businesses such as shops, hospitality and leisure with a rateable value of £51,000 or less will benefit from 100% business rates relief. Pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill. To find out more, businesses are advised to contact their local authorities.
If you are having any difficulties with payments to the HMRC, there’s a dedicated helpline available for you. The number is 0800 0159559 and the advice is to make this a priority call to discuss your needs, for example, paying your tax. You can then work with your suppliers once your arrangements have been made with the HMRC.
If you’re looking for advice with regards to personal finance, it’s worth noting that measures have put been put in place to assist families personal finances such as mortgage repayment holidays. Please contact your mortgage providers for further advice on how their particular support reflects the Chancellor’s announcements.
With regards to loans, they will be made available at preferential rates to assist businesses manage the coronavirus impact on their business. You are advised to contact your current finance provider in the first assistance to see what support is available from them.
You can click on the following links to find out more with regards to specific business advice:
- Development Bank of Wales – Information of services
- Government Support – Information on support such as Business Rates Relief and Business Grant Schemes
- BEIS Guidance – Link to information and guidance from the UK Government on areas such as Statutory Sick Pay, advice for employees who have travelled to high risk areas and home working
If you’d like any assistance with networking, advice or training, please don’t hesitate to get in touch with us by calling 02920 291002 or email [email protected]
