On 17 March 2020, the Chancellor announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330 billion of guarantees – equivalent to 15% of GDP

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Government have gone to a great length to help the people of England during this Coronavirus Pandemic. 

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I will summarise a few things and add links to government sites where  more information can be obtained. 

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RAECS is sharing the information out in the public domain and takes no responsibility of actions of others by reading this page. Please do read up on these support options before making a decision. 

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Check the business support website for answers to frequently asked questions.

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Under the Government 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.

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This applies to employees who have been asked to stop working, but are being kept on the pay roll (known as ‘furloughed workers’). HMRC will reimburse 80% of their wages, up to £2,500 per month, to safeguard workers from being made redundant.

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The Coronavirus Job Retention Scheme will cover the cost of wages backdated to 1 March and is initially open for 3 months, but will be extended if necessary.Claim for wage costs through the Coronavirus Job Retention Scheme.

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If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan.

Government will support business by deferring the VAT payment for 3 months.

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If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:

• defer the payment until a later date

• pay the VAT due as normal

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Find out how to defer your VAT payment.

 

If you’re in temporary financial distress because of COVID-19 more help is available from HMRC’s Time to Pay scheme.

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Government are introducing rates holiday for retail, hospitality and leisure businesses in England for 2020 and 2021.

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Properties that will benefit from the relief will be occupied properties that are wholly or mainly being used:

• as shops, restaurants, cafes, drinking establishments, cinemas and live music venues

• for assembly and leisure

• for hospitality, as hotels, guest & boarding premises or self-catering accommodation

 

More information on eligibility is set out in the expanded retail discount guidance.

UK Government is supporting business with deferred tax. The Income Tax Self-Assessment, payments due on the 31 July 2020 may be deferred until 31 January 2021.

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To be eligible, you must be due to pay your second self-assessment payment on account on 31 July. If this is the case, you do not need to be self-employed to be eligible for the deferment.

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The deferment is optional. If you are still able to pay your second payment on account on 31 July you should do so but another support line from the government. 

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If you’re in financial distress because of COVID-19, please see HMRC’s Time to Pay scheme.

Government will bring forward legislation to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.

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You can get £94.25 per week Statutory Sick Pay (SSP) if you’re too ill to work.

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It’s paid by your employer for up to 28 weeks.

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If you are self-isolating because of COVID-19:

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From 13 March, you can now claim SSP.

 

This includes individuals who are caring for people self-isolating in the same household and therefore have been advised to do a household quarantine.

 

You should talk to your employer to check your entitlement, and visit https://www.gov.uk/statutory-sick-pay for more information.

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Self-employment Income Support Scheme (SEISS) will support self-employed individuals who have lost income due to coronavirus (COVID-19).

 

Government has allowed through this scheme 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 depending on how the situation pans out.

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Claim a grant through the Self-employment Income Support Scheme.

Government announces that the Retail, Hospitality and Leisure Grant Scheme (RHLGF) which will provide 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 may be eligible for a grant of £10,000.

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

 

You are eligible for the grant if:

• your business is based in England

• your business is in the retail, hospitality or leisure sector

• your business has a rateable value of under £51,000

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Properties that will benefit from the relief will be occupied properties that are wholly or mainly being used:

• as shops, restaurants, cafes, drinking establishments, cinemas and live music venues

• for assembly and leisure

• as hotels, guest and boarding premises and self-catering accommodation

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For more information see the Guidance on support grant

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