On Friday the Government issued further help for businesses impacted by the coronavirus outbreak.
- A Coronavirus Job Retention Scheme. All UK businesses are eligible, and all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. HMRC is working to set up a system for reimbursement.
- Deferring VAT and Income Tax payments. VAT returns still need to be submitted on time, but VAT payments due from 20 March to 30 June 2020 can be deferred until 31 March 2021. The self employed need not make the Second Payment on Account payment due on 31 July, instead deferring payment until 31 January 2021. Both these measures will happen automatically, you do not need to apply for them.
- A Statutory Sick Pay relief package for small and medium sized businesses (SMEs). This will reimburse up to 2 weeks SSP for employees who are off work due to Corona virus. Legislation will be passed shortly and further details will be available from HMRC in due course.
- A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England. The Local Authority will send out revised invoices showing the 100% discount.
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief. The Local Authority will write to all eligible businesses. You do not need to apply.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000. The Local Authority will write to all eligible businesses. You do not need to apply.
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank. This scheme is now open. All major banks are offering this scheme. For help with business plans to access finance please contact Carolyn Mouat 01670 772572.
- A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans.
- The HMRC Time To Pay Scheme. For businesses and individuals having difficulty making a payment due to HMRC.
You can find information about all these measures at https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses?fbclid=IwAR3yiABcFd9W1ph858TlLTtvyNVL87_r2kM0x1ER8vaVmKkBTq_Zpb9_sHw#support-for-businesses-through-the-coronavirus-job-retention-scheme or contact Carolyn Mouat to find out how we can help and advise. Tel: 01670 772572.