As at 28 March 2020
There are a number of business support initiatives available in both the UK & Ireland to a variety of business structures. A summary of the main claims are noted below. For full details and help understanding what you can access, please contact us.
Grant Funding. A grant of £10,000 will be provided to all small businesses who are eligible for the Small Business Rate Relief Scheme (ie all businesses with a NAV up to £15,000).
A grant of £25,000 will be provided to companies in the retail, tourism and hospitality sectors with a rateable value between £15,000 and £51,000.
Self-Employed Support. This support allows self-employed individuals or members of partnerships to claim a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for the next 3 months. If an Income Tax Self-Assessment tax return was not submitted for the tax year 2018-19, this must be done by 23 April 2020. HMRC will use data on 2018-19 returns already submitted to identify those eligible and will risk assess any late returns filed before the 23 April 2020 deadline in the usual way.
Job Retention Scheme. The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19).
Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during this period.
Other Support Available. The UK Government has issued a number reliefs/relaxations around tax payments and deadlines to assist businesses.
- deferral of Self Assessment payments due in July 2020
- deferral of VAT payments due from 20 March 2020 until 30 June 2020. VAT returns due in the above period should be submitted as normal
- Agree time to pay arrangements
- Suspend debt collection
- Potentially cancelling penalties and interest where you have had administrative difficulties in contacting HMRC.
- Coronavirus Business Interruption Loan
- Finance Payment Holidays
- Access to Universal Credit and ESA for self employed
