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COVID19 Financial Support for Businesses

The Government has provided a range of support measures for UK businesses as a response to the disruption caused by Coronavirus – COVID19.

1. Job Retention Scheme: Government grants will cover 80% of the salary of retained staff with a ceiling of £2,500 pcm. Call the HMRC helpline 0800 015 9559.

2. £25k Grant: Available to Retail, Hospitality and Leisure businesses with a rateable value between £15k-£51k.

3. £10k Grant: This will provide a one-off payment to businesses eligible for small business rates relief or rural rate relief. If you are eligible you should be contacted by your local authority, who will receive the funding in April.

4. VAT and Income Tax Deferred: VAT payments from March – end June have been deferred automatically until end of the tax year. If you are self-employed July income tax payments have been deferred until January 2021. Contact HMRC for support with other liabilities on 0800 015 9559.

5. 12 Months Business Rates Holiday: this is available to Retail, Hospitality and Leisure businesses applied automatically to your next council tax bill.

6. Business Interruption Loan Scheme: Loans from the British Business Bank are available from a whole host of lending providers – information HERE.

7. Sick Relief Pay: Small and Medium sized businesses can retain Statutory Sick Pay (SSP) paid for sickness absence due to COVID19.

8. IR35 Postponed: The IR35 tax reforms will be pushed back 12 months for the self-employed.

For regular updates, contact the Government’s Business Support Helpline 0300 456 3565 or visit their website HERE.