COVID-19 - Support for businesses

COVID-19 is creating a lot of uncertainty and business interruption for us all which is why we want to reassure you of the measures in place to support businesses. 

Self-employment Income Support Scheme

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.

Coronavirus Job Retention Scheme

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.

Deferring VAT and Income Tax payments

Businesses can defer Valued Added Tax (VAT) payments for 3 months.

Income Tax payments due in July 2020 under the Self-Assessment system may be deferred until January 2021.

Statutory Sick Pay relief package for small and medium sized businesses (SMEs)

Small-and medium-sized businesses and employers can reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.

A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England

Business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.

Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief

Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.

Businesses in these sectors with a property that has a rateable value of up to £15,000 will receive a grant of £10,000.

Businesses in these sectors with a property that has a rateable value of between £15,000 and less than £51,000 will receive a grant of £25,000.

The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank

The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.

There are 40 accredited lenders able to offer the scheme, including all the major banks.

A new lending facility from the Bank of England to help support liquidity among larger firms

Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.

The HMRC Time To Pay Scheme

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.

For more information please visit gov.uk