Installer News | Date: March 2020

Coronavirus Business Round-Up

We are in extraordinary times and we want to support you and your business as much as possible during this period. We’ve put together a business round-up with advice and updates on a number of key areas to help you navigate the confusion. We cover: Business Finance– VAT & Income Tax Payments Deferral– Business Interruption Loans– Job Retention Scheme– Statutory Sick Pay– Self-Employe…

Business Interruption Loans

Support for businesses through the Coronavirus Business Interruption Loan Scheme (CBILS) The new Coronavirus Business Interruption Loan Scheme supports SMEs with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million in value and for up to 6 years. The government will pay to cover the first 12 months of interest payments and any lender-levie…

VAT and Income Tax Payments

VAT Businesses will be supported by deferring VAT payments for 3 months. The deferral will apply from 20 March 2020 until 30 June 2020. All UK businesses are eligible. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020/2021 tax year to pay any liabilities that have accumulat…

Business Interruption Insurance

Does standard business interruption insurance provide cover for businesses who are not able to operate due to the effects of Covid-19? Business insurance policies are designed to cover standard risks and are therefore unlikely to provide cover for the effects of global pandemics like Covid-19. This includes forced closure by the authorities. Businesses may have chosen to purchase cover that will s…