Covid-19 Support – summary
For more detailed information go to https://www.businesssupport.gov.uk/coronavirus-business-support/ . This government website provides additional information relating to these measures.
Business Rates Holiday*
12 months for all retail, hospitality and leisure businesses in England. 12-month business rates holiday for childcare providers on Ofsted’s Early Years Register (Early Years Foundations Stage).
Coronavirus Business Interruption Loan Scheme (CBILS)
Government backed. The CBI’s guidance on this scheme can be found here.
Covid-19 Corporate Financing Facility
The Bank of England buy short term debt from larger companies.
Deferred VAT Payments
There will be no payments between now and the end of June (businesses will have until April 2021 to pay this back. VAT returns still have to be submitted).
Government pay 80% of wages to those who would otherwise have been laid-off or let go (furloughed employees). Useful FAQ document.
Retail, Hospitality and Leisure Businesses Grant Funding*
£10,000 for businesses with property with a rateable value of up to £15,000.
Up to £25,000 for businesses with property with a rateable value between £15,000 and £51,000.
Small Business Grant Funding*
£10,000 for all business in receipt of small business rate relief or rural rate relief.
Statutory Sick Pay
For businesses with less than 250 employees the cost of statutory sick pay for upto 14 days will be refunded by the government in full.
HMRC’s Time To Pay service. Dedicated helpline 0800 0159 559. Agreement on a case by case basis to the deferment of taxes over 6 to 12 months.
Self Employed Income Support Scheme (SEISS)
Taxable grant which will be 80% of the average profits from the tax years (where applicable): 2016 to 2017, 2017 to 2018 and 2018 to 2019. It will be up to a maximum of £2,500 per month for 3 months. The grant will be paid directly into your bank account, in one installment. HMRC will contact you if you are eligible.
Additional help for the self employed includes:
- deferral of Self Assessment income tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
- grants for businesses that pay little or no business rates
- increased amounts of Universal Credit
- Business Interruption Loan Scheme
*Enquiries on eligibility should be directed to the relevant local authority.