Fighting Coronavirus: A Guide to Business Support Resources
Over the last few weeks the Government has launched a range of different financial support initiatives to help businesses of all shapes and sizes combat the damaging effects of the Coronavirus. With these announcements coming thick and fast we thought it would be helpful to pull everything together in one place:
Deferring VAT and Tax payments
A VAT deferral will apply from 20 March 2020 to 30 June 2020. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.
In response to those having to self-isolate, the Government has announced that it will refund the cost of up to 14 days statutory sick pay for businesses with less than 250 employees.
Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying up to 80% of employees’ salaries with a cap of £2,500. All UK business are eligible, and you can apply via the HMRC website who are currently urgently working on a system for reimbursement.
Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme will support SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5million and for up to 6 years. The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
There are 40 accredited lenders able to offer the scheme, including all the major banks.
Business rates holiday for retail, hospitality and leisure businesses
A business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Your Local Authority will be responsible for applying this.
For more information on funding to support your business visit gov.uk web page COVID-19: support for businesses
Self Employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19).
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
To claim visit here
Getting Support From Your Peers and the wider Business Community
Did you know there are different networks you can become a member of that offer help and advice to businesses?
The Federation of Small Businesses
The Federation of Small Businesses offer members a wide range of vital business services including advice, financial expertise, support and a powerful voice heard in government.
Throughout the COVID-19 outbreak, they have a free dedicated area offering advice and guidance for small businesses and the self-employed. With regular news updates, webinars and recommendations on how to manage during these difficult times. https://www.fsb.org.uk/
British Chamber of Commerce
Joining your local Chamber gives you access to a range of business services including cost savings and business advice.
There is a free hub on their website with advice on dealing with the effects that the Coronavirus may have on your business, funding support available to you and crisis management plans.
There is also a team on hand to answer any questions and queries you may have.
Business Support Helpline
You can contact the government’s business support line for free advice on 0300 456 3565, Monday to Friday 9am-6pm
If you are concerned about paying your tax due to Coronavirus, please call HMRC’s helpline for advice on 0800 0159 559