Latest updates on Covid 19 for businesses and employers
The Government have announced a range of measures to support businesses and employees (including self -employed people).
Businesses and employees need to check regularly for updates
a Coronavirus Job Retention Scheme
deferring VAT and Income Tax payments
a Self-employment Income Support Scheme
a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
business 'bounce back loans'
the HMRC Time To Pay Scheme
All of the guidance is constantly being changed and updated and the latest updates from the Government/HMRC can be found here:
Guidance and support for employers
Check if a furlough claim can be made
How to claim under the job retention scheme
Guidance and support for employees
Guidance and support for businesses including self employed
Bounce back loans application and information
More information about this and regular updates can be found on HMRCs dedicated business support webpage and also for general information on the virus at GOV.UK.
A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.