Rewatch the live Q&A with Lloyds Banks and the Made in Group

By Made In Group
schedule24th Mar 20

Today, the Made in Group launched the first video event, an in-depth Q&A session with Patrons, Lloyds Bank. The purpose of the discussion was to talk about finances during the COVID-19 outbreak and was attended by over 30 members.

The discussion between Richard Jenkins, Lloyds Banking Group, and Jason Pitt, Made in Group, lasted just over 30-minutes and invited questions from the membership who were asking for guidance and advise on finance-related topics during the COVID-19 outbreak.

The event, which is for members-only, was streamed live from the Made in Platform and is available to watch again on demand from the platform here.

Several measures were discussed that may be applicable to help the business:

  • VAT: All VAT Returns should be submitted as normal however the payment can be deferred until 30th June. HMRC have confirmed they will try and collect the Direct Debit in the normal way so it is up to the business to cancel the Direct Debit.
  • PAYE: Under time to pay, if your contact HMRC with your PAYE reference they are providing deferment for up to 3 months.
  • SSP: If an employee is ill due to Coronavirusm the company should pay from day 1 and can reclaim the SSP in full. There is no mechanism set up for this reclaim as yet.
  • Payroll: There is a payroll subsidy available for all businesses where employees are furloughed instead of being made redundant. This can be backdated to 1st of March 2020. The maximum funding is for 80% of gross pay costs to a max of £2,500 per month. This equated to a gross annual salary of £37,500. If you pay 80% of the salary, the company can recover the gross pay. Presently there is no mechanism set up to pay companies and funding is not expected for a few weeks. This means you will need to fund the wages and maybe use the time to pay arrangements above. It is not clear yet whether this will cover employees on reduced hours or just those not working.
  • If you have any self-assessment to pay on 31.7.20, this has been deferred until 31.1.21.
  • Business interruption loans are being made available via the British Business Bank. Loans will be 80% guaranteed by UK GOV and interest-free for 12 months. It will need to be a sound business proposal, and this only applies to companies with a turnover up to £45m - More information is available here.

Don't forget to check out the Made in Group Resources Hub for continued resources and the Made in Groups Coronavirus tag on the website for all the latest news related to the ongoing situation.


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