The Chancellor has announced a package of measures to provide support for public services, individuals and businesses through this period of disruption caused by coronavirus.
Whilst grants and business rate relief will be administered by us, there is a range of other support provided by the Government.
Self Employed Support
The government has announced the new Self-Employed Income Support Scheme (SEISS). If you’re self-employed, your Income Tax payments will be delayed.
The new income support 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 three months. This may be extended if needed. There are some conditions for applications.
HMRC will contact you if you are eligible for the scheme and invite you to apply online.
Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, 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 will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. The government has produced a step by step guide for employers wanting to claim their employees wages.
Employers can use the calculator and claim for wages.
Deferring VAT and Income Tax payments
The government will support businesses by deferring Valued Added Tax (VAT) payments for three months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
This is an automatic offer with no applications required. 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.
Statutory Sick Pay relief package for SMEs
Small and medium sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. This refund will cover up to 2 weeks’ SSP per eligible employee and apply to employers with fewer than 250 employees.
The Government is currently developing a rebate scheme. Further details will be provided in due course once the legalisation has passed.
Business Interruption Loan Scheme
A new business interruption loan scheme, delivered by the British Business Bank will support small and medium sized business to access bank lending and overdrafts. The scheme will support loans of up to £5 million in value and the Government will provide lenders with a guarantee of 80% on each loan.
The Scheme is available from 23 March and is available via all major banks. There are 40 accredited providers in all.
Large Business Interruption Loan Scheme
On Friday 3 April, the Treasury announced the introduction of a new Coronavirus Large Business Interruption Loan Scheme (CLBILS). This provides a government guarantee of 80% to enable loans of up to £25m for firms with an annual turnover of between £45m and £500m.
You can find further information on the CLBIL scheme.
Corporate Financing Facility
Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.
You can find more information from the Bank of England.
Time to Pay Service
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
If you have missed a tax payment or you might miss your next payment due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
The Association of British Insurers have issued a statement on business insurance cover.
They have a COVID-19 Q and A, which includes business insurance, trade credit, income protection and pensions and investments information.
We will continue to update this page as information becomes available.
Support for charities
The government has announced that charities across the UK will receive a £750 million package of support. This is to ensure they can continue their vital work during the coronavirus outbreak.
You can find more information about the package of support for charities.
The government has announced a new £500 million loan scheme for high growth firms, called the Future Fund.
Delivered in partnership with the British Business Bank, the Future Fund will provide UK-based companies with between £125,000 and £5 million from the government. Private investors will at least match the government commitment.
The scheme will launch in May 2020. You can find more information on the Future Fund, including eligibility requirements.
Bounce Back Loan Scheme
The government have announced that a new Bounce Back Loan scheme will be made available to small businesses from Monday 4 May.
These loans will be 100% government-backed. Businesses will be able to borrow between £2,000 and £50,000. Loans will be interest free for the first 12 months.
You can find details of the eligibility criteria and further information about the Bounce Back Loan Scheme.