Covid 19 Support

COVID-19:
measures for UK businesses
Measures for UK businesses and employers during the COVID-19 outbreak.
COVID-19
information Hub
Regularly updated COVID-19 articles and guides

Government Aid during Covid 19

In the wake of the COVID-19 coronavirus outbreak, the Government announced a series of measures to help businesses, including the creation of a Government-backed loan scheme of up to £330bn.

As the situation is changing on a daily basis, this information will be updated regularly as we continue to monitor and offer more news and guidance as it becomes available.

Our coronavirus information section has been designed to provide you with information about what support has been made available for your business during this most challenging time

With the rapidly changing nature of the COVID-19 outbreak, information and advice from Government can change quickly. For all the latest Government information on COVID-19 and the measures the Government, and Devolved Governments, are taking, please visit the UK Government website, the Scottish Government website, the Welsh Government website or the Northern Irish Government website.

Covid Support

Fairfield is helping accountants step up as advisors during these turbulent times. From determining loan eligibility to cashflow forecasting and submitting loan applications online – we’re bringing insight and support to help you and your clients through the crisis.

Let us know if we can assist you..

Inquiry Form

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how can we help you?

Contact us at the Fairfield office to submit a business inquiry online.

Coronavirus Business Interruption Loan (CBILS)

A loan scheme that has been set up to help small and medium-sized enterprises (SMEs) and large businesses that are struggling with cash flow because of revenues that have been deferred or lost due to the coronavirus outbreak.
How We Can Help?
  • Filling-up Loan application form
  • Choose from available Flexible Repayment Structures
  • Help Prepare Cashflow Forecasts for next 2-3 years
  • Get Your Accounts Up-to-Date and preparation of Management Accounts/Information
  • Compile a set of documents/records supporting your loan application

Coronavirus Job Retention Scheme (CJRS)

The Coronavirus Job Retention Scheme has been set up to support employers who are considering layoffs. This is to help them continue to pay wages of staff who would otherwise have been let go.
How We Can Help?

  • Determine Your Eligibility for the Scheme
  • Submit claims on government gateway on behalf of you or your client

Self-employment Income Support Scheme (SEIS)

This scheme will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19).

How can we help?
Post HMRC’s announcements on May 15, we can review your client’s information and provide a report to help you understand if they are eligible for this scheme.

COVID-19 Corporate Financing Facility (CCFF)

A scheme support corporates who would normally seek market-based finance for their working capital. The facility stands ready to support unlimited financing to eligible companies.
As of now, a lot of information is not yet available in the public domain. All eligible businesses or corporates will have to contact their Bank helpdesks to find out the way forward.

How can we help?

We can review your client’s information and provide a report to help you understand if they are eligible for this scheme.

Statutory Sick Pay Rebate

UK businesses that employ fewer than 250 UK employees as of 28 February 2020 are eligible to have Statutory Sick Pay reimbursed.

How we Can Help?

Claim SSP for employees off sick due to coronavirus

Business Rates Holiday for Retail, Hospitality and Leisure (BR-RHL)

Businesses in a number of eligible sectors don’t have to pay business rates for 12 months, covering the 2020/21 tax period so that they can work to maintain property payments and cover ongoing costs.

How Can QX Help?

We can review your client’s information and provide a report to help you understand if they are eligible for this scheme.

Cash Grant for Retail, Hospitality and Leisure (RHLG)

A scheme offering a one-off £25,000 grant to eligible retail, hospitality and leisure businesses.

How Can We Help?

We can review your client’s information and provide a report to help you understand if they are eligible for this scheme.

Small Business Grant Funding (SBGF)

A scheme offering a one-off £10,000 grant to eligible small businesses.

How Can We Help?

We can review your client’s information and provide a report to help you understand if they are eligible for this scheme.

Support for Businesses Paying Tax (SFBPT)

A scheme that extends to all businesses and self-employed individuals who pay taxes or have outstanding tax liabilities.

How Can We Help?

  • We can review your client’s information and provide a report to help you understand if they are eligible for this scheme and how they can get the benefit.
  • We can liaise with HMRC on behalf of your client to defer the payment of the tax liability.

Hospitality and Leisure (BR-RHL)

Businesses in a number of eligible sectors don’t have to pay business rates for 12 months, covering the 2020/21 tax period so that they can work to maintain property payments and cover ongoing costs.

How Can We Help?

We can review your client’s information and provide a report to help you understand if they are eligible for this scheme.

VAT Deferral

The Chancellor has announced that businesses are able to defer VAT payments for a three month period in 2020.
The payment can be deferred until 31 March 2021.

How We Can Help?

  • Help you understand how to take benefit of the deferral scheme
  • When the deferred VAT needs to be paid
  • Advise clients to change return period to take advantage of repayment

Deferral of Self-Assessment payment (SA POA Deferment)

The Chancellor has announced that all individuals who pay Income Tax on the profits from their self-employment are able to defer any payments due by 31 July 2020 until the end of January 2021.

How We Can Help?

  • Help understand how to take benefit of deferral of Payment on Account scheme
  • Help understand how much amount can be deferred from July 2020 POA
  • Help cancel online payment plan
  • Help understand when the deferred Payment on Account (POA) needs to be made
  • Prepare tax return in order to calculate tax payable on due date to plan your funds

Small Business Bounce Back Loan (SBBL)

A fast-track 100% Government backed finance scheme helping small businesses to borrow up to £50,000 through an easy, online and short standardised online application.
Available from 4th May 2020.

How We Can Help?

  • Filling-up loan application form
  • Preparation of necessary reports supporting your application
  • Compile a set of documents supporting your loan application

Coronavirus Future Fund

The scheme will provide government convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
It will launch in May 2020.

How We Can Help?

  • Because eligibility criteria is well-defined, we can help check the eligibility of your clients

We will be able to provide more information on how we can help once the details of the scheme are announced in May 2020.

Coronavirus Large Business Interruption Loan (CLBILS)

A loan scheme set up to help large businesses that are struggling with cash flow because of loss of revenues due to deferrals or loss due to the Coronavirus outbreak.

How We Can Help?

  • Filling-up loan application form
  • Help prepare cashflow forecasts for the next 2-3 years
  • Prepare business plan
  • Get Accounts up-to-date and preparation of management accounts
  • Compile a set of documents/records supporting loan applications

Self Employed?

Frequently Asked Questions as a self employed person

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Small Business?

Frequently Asked Questions for small businesses

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Employer?

Frequently Asked Questions for employers

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