As a TC Group client, we understand the challenges and concerns you face as a business owner and employer. Please rest assured we are here to provide whatever help you need including the following areas…
As your professional services partner, it’s our duty to help interpret and implement the economic support the Government is going to be offering. Yesterday’s announcement by the Government begins unprecedented measures to support businesses through the rapidly evolving situation, triggered by the Coronavirus pandemic.
How We Can Help
TC Group will continue to monitor the situation, providing expert guidance, and frequent updates regarding the forthcoming announcements expected over the coming weeks.
Please Contact Us Now
Whatever your most pressing concerns, we are committed to helping guide you with confidence, through this unprecedented period of uncertainty, and are offering the following remote consultations with immediate effect:
Financial Guidance – Liaising with banks and other financial institutions on your behalf to secure any loans or grants that are available to you.
Tax Breaks – An explanation of tax breaks specific to your business, and assistance applying for them.
HR Support – An explanation of the options available to you, from reducing working hours through to redundancy.
Mortgages – A review of your mortgage and explanation of how to apply for a mortgage holiday, both commercial and residential.
Pensions & Investments – Free review of your current portfolio and the options available, including withdrawals and reinvestments where appropriate.
Chancellor, Rishi Sunak, unveiled yesterday a package of support for businesses to face the challenges posed by the Coronavirus.
Specific measures to support businesses include:
A package of £330 billion of loan guarantees to businesses, with more to be made available if needed.
Interest-free business interruption loans will be increased to £5m, up from £1.2m announced at last week’s Budget. No interest will be due for the first six months.
12-month Tax Break
A 12-month business rates holiday for all shops, pubs, theatres, music venues, restaurants and any other hospitality or leisure business.
A cash grant of up to £25,000 for those businesses with a rateable value of less than £51,000, and cash grants of £10,000 to 700,000 of the smallest businesses.
The Chancellor also announced a three-month mortgage holiday for those in difficulty because of the Coronavirus.
Measures were also announced to work with trade unions and business groups to urgently develop new forms of employment support to help protect people’s jobs and their incomes through this period.
Business Rates Retail Discount
The Government will publish specific guidance for local authorities on the application of the expanded retail discount by 20th March.
Business Interruption Loan Scheme
The new Coronavirus Business Interruption Loan Scheme, to be delivered by the British Business Bank, will launch by Monday. However, specific detail on how the application process will work in practice is yet to be released.
Mr Sunak’s announcements were in addition to those released in last week’s Budget, including a statutory sick pay relief package for SMEs and the HMRC Time To Pay Scheme. He referred to this as the next step, with more to follow as circumstances develop. We will of course be on hand to help you digest these over the coming weeks.
Contact your client relationship partner or call us on 0330 088 7111 to arrange a consultation.