We continue to be aware that all of you are extremely concerned with what options you have available to help with cashflow over the coming weeks and months due to the Coronavirus outbreak.
We will continue to provide updates as they become available.
Self Employed Workers -
Per previous communications that we have provided, assistance is currently available if you decide to: furlough workers, delay paying taxes, apply for Loan funding or obtain Grant funding if you have commercial premises.
However, the measures currently available to the small business owner (who cannot access the above assistance mechanisms) are not sufficient, and it is our understanding that they are currently actively under review.
We don’t have all the answers, but feel that it is important to provide an update where things appear to be at. We would expect updated measures imminently.
Directors of Small Owner Managed Businesses -
To qualify for the Job Retention Scheme a Director would have to be furloughed, and strictly not able to carry out any company work. The criteria to qualify for this and validate eligibility is likely to be quite strict for Directors, as it is open to abuse.
However, it is currently unclear if a Director will qualify under the Self Employed worker criteria. There is also likely to be a cap on the size of business that will qualify, so help is only provided to businesses that cannot access other measures of assistance currently available. Further advice should be available shortly.
If you are a Landlord worrying how to pay the mortgage because your tenant cannot pay their rent , it is suggested that you contact your lender to activate a 3 month payment holiday. Our understanding is that this is likely to shortly be extended to 6 months.
Please review the guidance below.
Update From UK Government -
Best Wishes & Stay Safe
Gavin & The Team