Coronavirus has caused disruption to all industries across the UK and non must be suffering more sleepless nights than business owners, large or small.  However, the government has launched a range of temporary measures to help ease your concerns and support your business throughout this uncertain time. Ensuring you are getting the right financial support and taking full advantage of any funding or assistance on offer could really help businesses get through this unprecedented time.

Rate Reliefs:

  • Business rates holiday for retail, hospitality and leisure – Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.
  • Business rates holiday for nurseries – Nurseries do not have to pay business rates for the 2020-21 tax year. 

Grants:

  • Cash grant for retail, hospitality and leisure – Businesses with a rateable value of under £15,000 will receive a grant of £10,000. If rateable value is between £15,001 and £51,000 a grant of £25,000 will be received.
  • Small business grants – A one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

Tax Reliefs/Support:

  • Support for 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. Contact HMRC for help.
  • Deferral of self-assessment payment – To assist self-assessment taxpayers, including those who are self-employed, who are suffering hardship as a result of the coronavirus.

Income/Profit Support:

  • Coronavirus job retention scheme – All UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. HMRC will reimburse 80% of their wages, up to £2,500 per month.
  • Self-Employed Income Support Scheme (SEISS) – The scheme will provide a grant to eligible self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
  • Statutory Sick Pay rebate – This refund will cover up to two weeks’ SSP per eligible employee who has been off work because of coronavirus.

VAT:

  • VAT deferral – Deferral of VAT payments for three months. All VAT-registered UK businesses are eligible.

If you'd like to have a conversation about your current financial situation, or you need any support. Give us a call on 0800 6342 111.