Mirandus Accountants is an expert accounting and chartered tax advisory practice based in London and Edinburgh. We specialise in meeting the needs of private clients and their businesses.
COVID-19
Businesses: Cash flow now
Business Insurance in place?
If you have insurance for your business, check to see if you have Business Interruption cover in your commercial insurance policy. Business Interruption insurance covers the income that you lose after a disaster.
If you do have this cover, check if you have an extension for “notifiable diseases”. If you have this in your policy wording, you will need to reach out to your broker/insurer to confirm whether coronavirus is covered. The UK Government has declared COVID-19 a notifiable disease.
Holyrood has declared coronavirus a notifiable disease in Scotland.
If it isn’t, you may be able to ask for it to be added by your insurer, but they are within their rights to refuse, or to ask for an increased premium. If you do not have insurance cover or if you are self-employed, see below guidance on the UK Budget response and useful links to access government funding.
No Business Insurance in place?
If you have no insurance in place, businesses in the retail, hospitality and leisure sectors, no matter the business size, will pay no business rates for 12 months and depending their size, will receive a grant
If you are not eligible for a grant and have no business insurance place, see Loans and Individuals
Please have a look at the following pages to find exactly what you are looking for: