Job Retention Scheme
On Friday 20th March, the Chancellor Rishi Sunak announced and set out a package of temporary, timely and targeted measures to support public services, people and business through this period of disruption caused by COVID-19.
The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The first 12 months of interest payments and lender fees will be covered by the government. With the government providing a 80% guarantee on each loan.
Read more about CBILS
The Coronavirus Job Retention Scheme has been put in place to help employers retain their staff without the need for redundancies by placing employees without work at present on paid Furlough leave. The government will pay 80% of each employee’s salary, up to £2,500 per month.
Read more on the Job Retention Scheme
To help support businesses further during the coronavirus pandemic, the Government have agreed to defer Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, your Income Tax payment due in July 2020 under the Self-Assessment system will be deferred to January 2021.
Read more on Deferring VAT and Income Tax Payments
The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
Read more about Cash Grants for Small Businesses
If your business property has a rateable value less than £15,000 and you only use one property, you’ll be entitled to either paying zero business rates or a reduction in depending on the rateable value.
Read more on Small Business Rate Relief
The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of either £10,000 or £25,000 per property, depending on the rateable value of your commercial premises. The maximum rateable value is £51,000.
Read more about Cash Grants for Retail, Hospitality & Leisure Businesses
Legislation has been brought forward to allow small to medium businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. A refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19.
Read more about Statutory Sick Pay Support for Business
A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England will be introduced for the 2020 to 2021 tax year. To qualify your business must be categorised within the retail, hospitality and/or leisure sector.
Read more about Business Rate Holiday for Retail, Hospitality & Leisure Businesses
The Government will introduce a business rates holiday for nurseries in England for the 2020 to 2021 tax year. If your property is wholly or mainly used for the provision of Early Years Foundation Stage education, you may qualify.
Read more about Business Rate Support for Nursery Businesses
A new lending facility from the Bank of England has been implemented to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans. Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.
Read more about Corporate Financing Facility for Larger Businesses
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. HMRC have set up a dedicated helpline to support this.
Read more about Time to Pay Service for Support Paying Tax
The Self-employment Income Support Scheme (SEISS) has been designed to support self-employed individuals, which will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months.
Read more about SEISS
Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19. However, those businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim.
Read more about Business Insurance guidance