Some updates you may have missed;

Buy-to-let Landlords 

  • To be included in the 12 week loan repayment holiday. The term ‘holiday’ may be slightly misleading, but it would appear to mean that the interest is rolled up and added to your debt. Consequently, you will owe slightly more money than before, your repayments will increase slightly.
  • It’s important that you make a plan and have a dialogue with your tenant. Let’s remind ourselves, that at this stage of the game nothing is being ‘given away’, a holiday is not ‘free cash’. The measures the Government are taking are to avoid the economy crashing.

https://moneyfacts.co.uk/news/mortgages/btl-landlords-being-offered-three-months-payment-holidays-if-tenants-cannot-pay-rent/

Base rate dropped to 0.1% –

  • For the second time in just over a week, the Bank of England has dropped the rate. It’s as close as you can get to a nil rate. Will it make any difference to you? Possibly, if you have a variable rate mortgage, or you are about to replace your existing debt, new deals will be available. But the underlying reason is part of the ‘whatever it takes’ message and to show a strong intention to keep the economy moving. It is important to not let go of that principle, we are in enough trouble already but if we come out of this without an economy capable of quickly (and safely) getting fired up again, we will see real problems. Almost everything being done so far is to avoid that happening.

(Local Authority) Grants – 

  • Retail, Hospitality and Leisure (operating from small premises – rv £15k – £51k) these grants are accessed via your Local Authority and available up to £25k (? not clear if this is a standard grant irrespective of circumstances). It’s not clear who contacts who. In the smaller grants (see below) businesses will be contacted by their local authority. Grants will be available from April 2020
  • All businesses who pay little or no rates (eligible for the small business rate relief) – will be eligible for £10k grant from April 2020, and will be contacted by their local authority.

Taxes generally (VAT, PAYE etc)

  • There maybe more announcements coming our way later today, however, in advance of that I’m aware that HMRC have extended their ’time to pay’ scheme. If you are having trouble, or are predicting to have trouble, paying VAT/PAYE/Corporation tax etc then call HMRC, explain your situation (really?…, OK, it’s just following the protocol) and agree delayed terms.

Please don’t hesitate to call if you are looking for information on something you can’t find. If we can help we will, and if we can’t, we’ll tell you who to call.

Other stuff

Working from home;

  • This is some of the tech we use now that we are all working from home.
    • Zoom – a free video conferencing/phone tool. Loads of functionality, including numerous attendees (up to 12), ability to flip the screen (so you can all see what you are talking about).
    • we get the whole team together every morning for 15 to 20 mins.
    • all group calls are on Zoom
    • meeting times are reduced
    • https://zoom.us/
    • Slack – a comms tool. It streamlines chats internally so that you can organise it by groups (of people – eg your senior management team), and/or by thread (eg ’cover for office phone’)
    • there is a neat app that sits on your phone
    • it’s free
    • stick with it, like anything new there will be push back but it actually reduces a lot of chat
    • it’s not email and it’s not What’s App – it sits comfortably between

If you want a 5 minute talk through any of this stuff (Zoom, Slack etc) please give us a call and we’ll try to explain all you need to know to get you going.

Happy to be contacted by any means;

  • Landline – 01326 660022
  • Mobile/WhatsApp/Text – 07779799995 – Mike Hutchinson
  • Zoom – ID 205 677 7765 – Mike Hutchinson