Government aid for businesses
A raft of measures have been introduced to assist businesses suffering as a result of the Covid-19 pandemic. Our team have set out details of the measures , which are in place, to help your business continue in these unprecedented times. We are here to assist you , but these government aids are available now if you need them.
What is in place
- The Coronavirus job retention scheme where 80% of their wages can be still paid
- Deferral of VAT and income tax payments to ease cash flow
- Statutory sick pay relief for SMEs
- 12 month business rate break for retail, hospitality, leisure and nursery businesses
- Small business grant funding
- Grant funding of £25,000 for retail, hospitality and leisure businesses
- Corona virus business interruption loan
- Lending facility for larger businesses
- HMRC time to pay scheme
There is a real detailed breakdown here for more information
How to access these
- The Coronavirus job retention scheme
- Submit via an HMRC portal once you have categorised employees as furloughed workers correctly.
- Deferral of VAT and income tax payments
- Applies to all businesses and is automatic. No business will be required to pay VAT until June 2020 and thereafter to repay in instalments. You will not have to do anything to get this.
- Income tax payment deferrals apply to all. This is automatic and for sums due 31 July 2020 this will be deferred until 31 January 2021. You will not have to do anything to get this.
- Statutory sick pay relief for SMEs
- This is a refund of SSP for eligible employees off work for Covid-19 but at the time of writing the scheme is still being developed but will be available in due course to deal with refunds
- 12 month business rate break for retail, hospitality, leisure and nursery businesses
- This will be automatically applied by local authorities
- Small business grant funding up to £10,000 to eligible businesses
- local authorities will write to eligible businesses
- Grant funding of £25,000 for retail, hospitality and leisure businesses
- local authorities will write to eligible businesses
- Corona virus business interruption loan
- If you are eligible you can apply via one of the 40 accredited lenders
- Lending facility for larger businesses
- Information is available from the Bank of England
- HMRC time to pay scheme
- Via HMRC’s dedicated helpline: 0800 0159 559
- Insurances
- Check , or allow us to check, if your insurance covers the pandemic or government ordered closures.
This is a series of Articles for Coronavirus business survival and part of our ongoing Business Resilience pack.
If you need help contact us enquiries@acitylawfirm.com we are working business as usual.