COVID-19 Government support for small businesses – updated 2 April 2020
Further to our last post release regards support in this coronavirus crisis see updates below:
- £10,000 Grants – if you are a business paying little or no business rates, your local authority will be in touch in due course to advise on this initiative – you cannot do anything to claim it at present. Local authorities will write to qualifying businesses at their premises in the next couple of weeks or you may be able to complete an application form on their website.
- 80% reimbursement of wages (capped at £2,500 per month )- this will be for designated furloughed workers (those that would have otherwise been laid off). A portal will be up and running in due course for all UK businesses to apply. The portal is still not up and running – payments expected towards the end of April. This can cover directors, however be aware you would not be able to work on the business only carry out very basic director’s admin duties.
- 80% government backed loan schemes available to UK SME’s (small medium entities). Interest free for first 12 months. Details of how to apply can be found on the British Bank website. Contact us for assistance with applications, which may take weeks to process as banks are now becoming flooded with applications.
- Time to pay arrangements for VAT. Call HMRC directly to discuss financial distress and payments plans. These will be arranged on a case by case basis.
- A delay in personal tax payments from 31 July 2020 to 31 January 2021
- Details of reimbursement of SSP has already been released.
- Self-employed persons earning less than £50,000 per annum having been self-employed over the last 3 years could receive income support of 80% of trading profits (max £2,500 per month for next three months). You will be contacted in due course by HMRC if you qualify.
Information up to date as at 2 April 2020