Practical Steps for businesses| January 2021

Is your cash flow too low to pay your staff? Are you unable to wait until the end of the month for salary support? Tax and NI not up to date? Rent due? The below sets out some practical steps you can take:

Date: Saturday 09 January 2021

The below sets out some practical steps you can take:


CASH FLOW : If you are panning on claiming salary support but are unable to wait until early Feb for the payment speak with your bank and ask for a temporary overdraft for the month so you can pay your staff. The Covid Business support team can offer written confirmation that your business is eligible for salary support.


MERA & Salary Support: If you are not eligible for either MERA or Salary Support consider claiming job seekers. If you want to make a claim for jobseeker’s allowance contact the Jobseeker’s Allowance Team at JSA@gov.im, call them on 685126 or visit: https://www.gov.im/categories/benefits-and-financial-support/employment-work-related/jobseekers-allowance/


VAT: If your VAT bill is due call the tax office on 685400 and ask them for a deferment so you do not incur late fees. If you have already paid your VAT but cash flow is now affected you could call the tax office and ask if it is possible for money to be returned and the bill deferred


RENT: If your rent is due and you can’t pay, have a conversation with your Landlord, can they defer your rent? Can they reduce it? The majority of people are really understanding and will do what they can to help.


OTHER OPTIONS: along with the Government financial support there are several other options for financial support including:


Manx solidarity fund can offer financial support local businesses facing difficulties due to the current situation https://www.manxsolidarityfund.com/


Disruption Loan Guarantee Agreement: https://covid19.gov.im/businesses/funding-support/isle-of-man-disruption-loan-guarantee-agreement/


Business Adaptation Grant: https://covid19.gov.im/businesses/funding-support/business-adaptation-grant/


Strategic Capacity Scheme (Tourist Accommodation): https://covid19.gov.im/businesses/funding-support/strategic-capacity-scheme/