Measures to help businesses deal with the disruption caused by the Coronavirus (COVID-19)

The Government are implementing a number of measures to help businesses deal with the disruption caused by COVID-19.

We have compiled the table below to give you an oversight of the help you can expect.  Please note that this is a work in progress, some of the schemes mentioned below have not yet been set-up but we will keep you posted as further details are announced.

MeasureEligibility Information we have so far (details subject to change)
Coronavirus Job Retention SchemeAll UK businesses are eligibleHMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. The system for reimbursement is not yet set up and therefore we await further details however we are told payments will be backdated.
Deferring VAT paymentsAll UK VAT registered businesses are eligibleAll VAT payments to be deferred for VAT liabilities relating to 20 March 2020 until 30 June 2020 until the end of the tax year ended 5th April 2021. No application is required.
Time to Pay serviceAll UK businesses are eligibleThis is an existing scheme that helps businesses with outstanding tax liabilities. To access please call HMRC’s dedicated helpline on 0800 0159 559.
Deferring Income Tax paymentsAll self-employed businesses are eligibleIncome Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. No application is required.
Support for larger firms through the COVID-19 Corporate Financing FacilityAll UK businesses are eligibleThe Bank of England will buy short term debt from larger companies. More information can be found following the 3rd link below.
Support for businesses who are paying sick pay to employeesIf your business is UK based and your business is a small or medium-sized and employs fewer than 250 employees as of 28 February 2020 The Government will bring forward legislation to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. For more details see 1st link below.
Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates If your business is UK based, in receipt of Small Business Rates Relief or Rural Rates Relief and you are a business that occupies property The Government will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs. The Local Authorities will be in touch with those businesses that qualify.
Coronavirus Business Interruption Loan SchemeAll UK businesses with turnover less than £45 million are eligibleThe full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website. All the major banks will offer the Scheme once it has launched. There are 40 accredited providers in all.
Business Rates holiday for retail, hospitality and leisure businesses that pay business ratesIf your business is UK based and your business is in the retail, hospitality and/or leisure sector There will be a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
Business rates holiday for nursery businesses that pay business ratesYour business is UK based and your business is on the Ofsted's Early Years Register There will be a business rates holiday for nurseries in England for the 2020 to 2021 tax year.
Cash grants for retail, hospitality and leisure businessesYour business is UK based and your business is in the retail, hospitality and/or leisure sector The Government will provide a one-off grant of £10,000 to £25,000 depending on the rateable value of the business. The Local Authorities will be in touch with those businesses that qualify.

Please see below for some useful links for further information:

 

 

As always if you do have any queries or require any assistance whatsoever please do not hesitate to contact us.

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