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Tel: 01642 660300 E-mail: firstname.lastname@example.org
Since the onset of the Coronavirus crisis the UK government has introduced a number of packages of support to help businesses.
From support to pay your employees, staff and yourself, to grants and loans plus tax deferral schemes.
This document summarises the key support available to businesses of all sizes - SMEs, the self-employed and also larger businesses.
The government has also developed a helpful online tool for businesses to find out exactly what support is available to them and to then apply for the support they need. You can access this helpful tool here:
Government Business Coronavirus Support Finder: https://www.gov.uk/business-coronavirus-support-finder
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Tel: 01642 660 300
If you are an employer with a PAYE scheme, you should be able to access support to continue paying part of your employees’ salary instead of laying them off.
This applies to employees who have been asked to stop working because of coronavirus, but are being kept on the payroll. They are known as ‘furloughed workers’. HMRC will pay 80% of their wages, up to £2,500 per month.
Check if you are eligible for the Coronavirus Job Retention Scheme
Employers can reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. This scheme will cover up to 2 weeks of SSP for every eligible employee.
You are eligible if your business meets both of the following requirements. Your business is:
Claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)
If you are self-employed (either as an individual or in a partnership), you could claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month, for 3 months covering March to May 2020. This was extended and amended by the Chancellor on 20th May (see notes to the right). Eligibility criteria are unaltered.
You may be eligible for this scheme if:
Trading profits do not include dividends paid from your own company to yourself.
Claim a grant through the Self-Employment Income Support Scheme
If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer payment until 31 March 2021.
Check if you are eligible to defer your VAT payment
If you are due to pay a Self Assessment payment on account by 31 July 2020, you can defer payment up until January 2021. You will not be charged any interest or penalties during the deferral period.
You do not need to be self-employed to be eligible for the deferment.
Check if you are eligible to defer your Self Assessment payment on account
You may be eligible if you are a UK business that:
If you cannot pay your tax bill on time
· If you cannot pay your tax bill on time because of coronavirus, you may be able to delay it without penalty using HMRC’s Time to Pay service.
Nurseries in England do not have to pay business rates for the 2020 to 2021 tax year. Your council will do this automatically.
Check if your nursery is eligible for business rates relief due to coronavirus (COVID-19)
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.
You’re eligible if your property is a:
Check if your retail, hospitality or leisure business is eligible for business rates relief due to coronavirus (COVID-19)
You may be eligible for a one-off grant of £10,000 if you are a small business that already pays little or no business rates because of:
You are eligible if:
Coronavirus: business support grant funding guidance for businesses
If you are a small to medium-sized business (SME) you may be able to apply for a temporary loan, overdraft, invoice finance and asset finance of up to £5 million, for up to 6 years.
You may be eligible for this scheme if you meet all of the following criteria:
Apply for the Coronavirus Business Interruption Loan Scheme
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides a government guarantee of 80% on each loan, to give banks further confidence in financing businesses impacted by coronavirus.
It allows banks to make loans of:
You can apply for this loan if your business:
Apply for the Coronavirus Large Business Interruption Loan Scheme
If your small to medium-sized business (SME) is affected by coronavirus, you may be able to borrow between £2,000 and £50,000 through a Bounce Back Loan scheme.
You may be eligible for this scheme if your business:
Apply for a Coronavirus Bounce Back loan
Summary of Coronavirus Government Support for Business
With the COVID 19 (Coronavirus) outbreak creating a fast-moving and uncertain situation affecting us all, personally and professionally, we wanted to set out our arrangements for maintaining our services to you.
View our COVID 19 update