Support for Businesses during COVID-19

23rd March 2020

*updated 26/3*

We have updated our summary of the help available to businesses provided by the Government.

It’s an ever moving picture so please bear in mind that we are trying to interpret information in the public domain that often lacks detail so we hope its accurate, but there is no testing available.

It is unclear what the term ‘Business’ means when used by the Government, but we would interpret it currently as a COMPANY, not a sole trader or partnership.

It is being reported that help for the Self Employed will be announced this week.

 

Measure: Business Rate Holiday for the 2020/21 Tax Year

Eligibility: Retail, Hospitality and Leisure Businesses operating from rateable premises

By and When: Local Authorities – Council Tax Bills will be automatically reissued to take account of the Rate Free Period.

 

Measure: Grant £25,0000

Eligibility: Retail, Hospitality and Leisure Businesses operating from rateable premises valued between £15k and £51k

By and When: Local Authorities – will contact you. Enquiries should be directed to your LA.

 

Measure: Grant £10,000

Eligibility: Businesses that currently receive Small Business Rate Relief

By and When: Local Authorities – will contact you. Enquiries should be directed to your LA.

 

Measure: Business Interruption Loan Scheme (12 months’ interest free)

Eligibility: SMEs

By and When: Business owners should approach their own existing Business Bank (online, e mail or telephone) to apply for the loans.)

 

Measure: 2 week SSP Refund

Eligibility: Employer with less than 250 employees as at 28th Feb 2020

By and When: HMRC – coming months

 

Measure: HMRC Time to Pay Scheme (payment plan for tax liabilities) VAT and Self Assessment payments due in July 2020 are automatically deferred.

Eligibility: Businesses or self employed people with tax liabilities to pay

By and When: HMRC’s dedicated helpline on 0800 0159 559.

 

Measure: HMRC Job Retention Scheme. HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month

Eligibility: designate affected employees as ‘furloughed workers,’ and notify your employees of this change

By and When: HMRC are working on an online portal.

 

Measure: Self Employed Relief  of 80% of average monthly profits (taken over 3 years) up to £2,500. This relief is taxable.

Eligibility: Self Employed with income up to £50,000 (most of which comes from Self Employment)

Filed Tax Return for 2018/19 (you have 4 weeks’ grace to do this)

By and When: HMRC will contact those they believe are eligible to apply. System expected to be running by early June so payments would be backdated for March, April and May initially.

 

Measure: Universal Credit

Eligibility:

  • low income or out of work
  • 18 or over (there are some exceptions if you’re 16 to 17)
  • you’re under State Pension age (or your partner is)
  • you and your partner have £16,000 or less in savings between you
  • you live in the UK

 By and When: You can assess your eligibility online via: https://www.gov.uk/universal-credit/how-to-claim

 

If you would like to contact Joanna Sadie or I and book in for a one-to-one call or video conference to talk through the challenges your business is facing at this time, please call us on 0208 371 2380 or email reception@theworkavenue.org.uk and remember that there is no charge for our Business Support services.