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FC Risk Management Limited

  • Risk (including crisis and business continuity) management consultancy to Marine businesses.
  • Financial Guidance and support to access grants, loans and funding, as well as quickly producing business plans, cash flows etc
  • Operations Guidance, all aspects with over 25 years of experience

Pro bono for BM members

Please contact Julian Wood:

Is my business classified as a Leisure Business / Does my business qualify for the Governments 12 month Business Rates Holiday?

The Rates relief is a billing authority (Local Authority) matter and not set by central Government.

Government guidance to Local Authorities outlines which properties will benefit from the relief.  These include hereditaments mainly used:

a. as shops, restaurants, cafes, drinking establishments, cinemas and live music venues,

b. for assembly and leisure; or

c. as hotels, guest & boarding premises and self-catering accommodation.

British Marine has sought clarification from Runnymede BC on their interpretation of what marine businesses would fall within the definition of “Sports and Leisure Facilities”.  Runnymede BC confirmed that marinas, boat hire and Passenger boat bases would all fall within scope of a “leisure facility”.

Similarly, chandleries and boat show rooms would fall within the scope of shops.

Members should contact their Local Authority if they are unsure on the classification of their business.

Can I defer tax payments?

The UK Government will allow all UK businesses to temporarily defer VAT payments. This deferral applies from 20 March 2020 until 30 June 2020.

Our members should be aware that businesses are not required to apply for this deferral. Instead, every UK business will be given until the end of the 2020/21 tax year to pay any VAT due from the three-month deferral period. Income Tax will similarly be deferred, with payments due on 31 July 2020 now deferred until 31 January 2021.

No penalties or interest for late payment will be charged by the Government in the deferral period.

For more information, contact HMRC’s Time to Pay helpline by calling: 0800 0159 559.

Do I have to pay Statutory Sick Pay to staff off work because of COVID-19?

This depends on the number of staff employed. For businesses with fewer than 250 members of staff, the Government has said it will, for a period of up to two weeks, refund the cost of each employee which is off work due to COVID-19. Over the coming weeks, it will establish a repayment scheme alongside employers. Whilst this scheme is being set up, employers should maintain records of all employee-related absence and ask each member of staff, where necessary, to obtain an isolation note from NHS 111 online.

For companies with more than 250 members of staff, the Government has announced other financial measures which may be more applicable.

I am a small boating business with no premises, and I don’t pay business rates. Do I qualify for any of the grants?

The UK Government has announced a package of grants for businesses in the leisure and hospitality sectors. These grants are intended for businesses which have premises and, under normal circumstances, would be required to pay Business Rates. Regrettably, businesses in these sectors which do not have premises (and therefore do not pay Business Rates) are ineligible for these grants.

British Marine recognises the importance of providing financial support to businesses in the industry which do not qualify for these grants. This is why we have written directly to Government to request specialist financial support for the industry, which takes into account the costs that our members do have to meet. More information can be found on our lobbying page. 

Should I continue to file my accounts with Companies House?

On 25 March 2020 Companies House issued a statement which said it was granting a three-month extension to all UK businesses to enable them to file accounts later in the year. British Marine understands that businesses must apply online for the extension, however any business which references COVID-19 will automatically be granted this extension. Members can find more information here.

What grants are available?

The UK Government has also announced a series of grants for UK businesses. For businesses in the retail, hospitality and leisure sectors with a rateable value of under £15,000 they will be entitled to receive a grant of £10,000.

For businesses in the leisure and hospitality sectors which have a rateable value of between £15,000 and £51,000 they will be eligible to receive a grant of £25,000. British Marine understands that local authorities will contact eligible businesses directly and so there is no requirement to file an application. Guidance issued by the Government to local authorities can be found here

Information on Cash Grant for Retail, Hospitality and Leisure click here

Information on Small Business Grant Funding click here


What help is available for the self-employed?

On 26 March 2020 the Chancellor of the Exchequer Rishi Sunak announced a package of support for the self-employed, including the introduction of a new Self-Employed Income Support Scheme. 
The scheme allows self-employed individuals to claim a taxable grant worth 80% of their average trading profits. This average is calculated using data from the previous three tax years and will see Government pay up to £2,500 per month to those that are eligible. We understand this scheme will be open for a period of three months, but could be extended if required.

The grant will be paid directly into the recipient’s bank account, in one simple instalment and will be open to anyone with an income of up to £50,000. British Marine understands that the measures, which will be in place by June, do not apply to individuals that have established a Limited Company. 
British Marine would advise all of its members which are self-employed to visit the GOV.UK website for full details of the support readily available to them, while the Self-Employed Income Support Scheme is being set up. 
HMRC will contact eligible parties and invite them to apply online, as soon as the scheme is live. Further information on the support available to the self-employed can be found here.


What support is available from the Government to support cashflow?

The Government has launched a temporary Coronavirus Business Interruption Loan Scheme to help businesses that may require additional financial assistance.

The scheme will provide loans of up to £5 million in value. These will be backed by the British Business Bank and delivered through commercial lenders. This scheme is now open for applications and we would encourage businesses to discuss their requirements directly with the banks participating in the scheme, details of which can be found here.

The Government has also launched a COVID-19 Corporate Financing Facility to help larger companies manage their debt in the interim and finance short-term liabilities.

The British Business Bank has produced a set of FAQs which can be read here.

Will I have to pay Business Rates?

The Government is introducing a business rates holiday for all businesses in the retail, hospitality and leisure businesses for the forthcoming tax year. This will apply to all businesses in those sectors and based in England. We understand that local authorities will contact eligible businesses directly to discuss the business rates holiday and any rebilling required.

What help is the Government providing to employers to enable them to safeguard jobs?

The Government is taking additional measures to protect jobs by creating a dedicated Coronavirus Job Retention Scheme. This scheme applies to all UK businesses, regardless of their size.

Employers will be able to contact HMRC for a grant to cover most of the wages of staff who are not working but are furloughed and kept on the company’s payroll system.

This grant from the UK Government will cover 80% of the salary of retained workers up to a total of £2,500 per month. We understand payments will be backdated to 1 March 2020 with the expectation that the scheme will be in place for a period of three months, with the first set of grants being delivered by the end of April. Employees must have been on the company's payroll on 28 February 2020 to qualify.

We advise any individual that has been laid off on or after 1 March to contact their previous employer to discuss what options might be available.

Guidance for employers, including details of how to apply for the Coronavirus Job Retention Scheme can be found here