COVID-19: government support for businesses By
Description: COVID-19: government support for businesses By CoachPhillPayne for British Taekwondo Introduction My name is Phill Payne I started training in Taekwondo in 1990 and opened my first club in 1996 I left my IT career in 2008 to coach full
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slide1. COVID-19: government support for businesses By @CoachPhillPayne for British Taekwondo<br>
slide2. Introduction My name is Phill Payne
I started training in Taekwondo in 1990 and opened my first club in 1996
I left my IT career in 2008 to coach full time
I opened my first full time venue in 2009 and then a second in 2014
The venues currently service just over 500 members
I now teach a little less so I can help other martial arts coaches, clubs and organisations build and maintain sustainability<br>
slide3. Coronavirus Job Retention Scheme Your business / club is eligible if you are a UK employer with a PAYE schemeÂ
Employees must have joined the company before 28 February 2020
The subsidy is 80% of monthly salaries or £2500 per employee (which ever is the least)
Furloughed workers not able to work
You can back date to the 1st of March
Initially open for 3 months
You claim 3 weeks at a time
The online system should be up and running by the end of April www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme<br>
slide4. Self-employment Income Support Scheme Self-employed individuals or partnerships
80% of their profits up to a cap of £2,500 per month
Calculation based on your last 3 tax returns
Profits less than £50k
Can show you have lost income due to Covid-19
Initially for 3 months
Apply in June for back dated payment
Can work for the period they are claiming for https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme<br>
slide5. Help based on Business Rates Your club is based is England
Your venue is only used for Assembly and Leisure (D2)
Ratable value £15k and under = £10K grant
Ratable value under £51k and over £15k = £25k grant
Local councils were paid on the 27th of March
Contact your local council now
Payments have already started All leisure sector eligibleÂ
Will last for 12 months (2020-2021)
Will be automatically applied Retail, Hospitality and Leisure Grant Fund Business rates holiday https://www.gov.uk/government/publications/coronavirus-covid-19-guidance-on-business-support-grant-funding<br>
slide6. Plan & Prepare For After Covid-19 By @CoachPhillPayne for British Taekwondo<br>
slide7. Planning for now Reduce your expensesÂ
Plan for different scenarios
Take advantage of government subsidies
Reduce dropout (online service, Facebook groups, regular communications)
Don’t sacrifice your health and well being (Family time, exercise, diet, down time)<br>
slide8. Use this downtime wisely Research - Books, podcasts, blogs, peers, mentors
Work on your martial arts programmesÂ
Prepare your marketing (Website, social media, paid ads)
Start a ’side hustle’ (sell items on eBay/amazon, courses, memberships, technical services)<br>
slide9. Plan for ‘Financial Independence' Buy for need or really want (Stop buying ’stuff' you don’t need)
Build emergency funds (personally and for your business)
Pay down any debt. Think very carefully about any further borrowings
Configure your business in a tax efficient way
Build multiple income streams (your club, side hustle, S&S ISA, pension, property, collectables) REF: www.martialartscoach.com/financial-independence-for-martial-arts-instructors/<br>
slide10. www.MartialArtsCoach.com
www.facebook.com/coachphillpayne/
www.linkedin.com/in/coachphillpayne/
www.twitter.com/CoachPhillPayne Contact details<br>
slide2. Introduction My name is Phill Payne
I started training in Taekwondo in 1990 and opened my first club in 1996
I left my IT career in 2008 to coach full time
I opened my first full time venue in 2009 and then a second in 2014
The venues currently service just over 500 members
I now teach a little less so I can help other martial arts coaches, clubs and organisations build and maintain sustainability<br>
slide3. Coronavirus Job Retention Scheme Your business / club is eligible if you are a UK employer with a PAYE schemeÂ
Employees must have joined the company before 28 February 2020
The subsidy is 80% of monthly salaries or £2500 per employee (which ever is the least)
Furloughed workers not able to work
You can back date to the 1st of March
Initially open for 3 months
You claim 3 weeks at a time
The online system should be up and running by the end of April www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme<br>
slide4. Self-employment Income Support Scheme Self-employed individuals or partnerships
80% of their profits up to a cap of £2,500 per month
Calculation based on your last 3 tax returns
Profits less than £50k
Can show you have lost income due to Covid-19
Initially for 3 months
Apply in June for back dated payment
Can work for the period they are claiming for https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme<br>
slide5. Help based on Business Rates Your club is based is England
Your venue is only used for Assembly and Leisure (D2)
Ratable value £15k and under = £10K grant
Ratable value under £51k and over £15k = £25k grant
Local councils were paid on the 27th of March
Contact your local council now
Payments have already started All leisure sector eligibleÂ
Will last for 12 months (2020-2021)
Will be automatically applied Retail, Hospitality and Leisure Grant Fund Business rates holiday https://www.gov.uk/government/publications/coronavirus-covid-19-guidance-on-business-support-grant-funding<br>
slide6. Plan & Prepare For After Covid-19 By @CoachPhillPayne for British Taekwondo<br>
slide7. Planning for now Reduce your expensesÂ
Plan for different scenarios
Take advantage of government subsidies
Reduce dropout (online service, Facebook groups, regular communications)
Don’t sacrifice your health and well being (Family time, exercise, diet, down time)<br>
slide8. Use this downtime wisely Research - Books, podcasts, blogs, peers, mentors
Work on your martial arts programmesÂ
Prepare your marketing (Website, social media, paid ads)
Start a ’side hustle’ (sell items on eBay/amazon, courses, memberships, technical services)<br>
slide9. Plan for ‘Financial Independence' Buy for need or really want (Stop buying ’stuff' you don’t need)
Build emergency funds (personally and for your business)
Pay down any debt. Think very carefully about any further borrowings
Configure your business in a tax efficient way
Build multiple income streams (your club, side hustle, S&S ISA, pension, property, collectables) REF: www.martialartscoach.com/financial-independence-for-martial-arts-instructors/<br>
slide10. www.MartialArtsCoach.com
www.facebook.com/coachphillpayne/
www.linkedin.com/in/coachphillpayne/
www.twitter.com/CoachPhillPayne Contact details<br>