Coronavirus is posing a challenging time for many businesses, households and people across the country, however the Government has taken action to help protect us all.
Reliefs, Deferrals and Holidays
– Many childcare providers will not be required to pay business rates through this year and next through the Nursery Discount Scheme.
– The Government is looking to cover the costs of 14 day sick pay per employee with businesses less than 250 people.
– Retail, hospitality, leisure and nursery businesses in England can benefit from a 12 month business rate holiday.
– There is a 3 month deferral on VAT and Self-Assessment payments and those due the 31 July can be deferred until Jan 2021.
– HMRC helpline (0800 0159 559) – Potential Support with tax affairs will be decided on a case by case basis through the HMRC Time To Pay Scheme.
Grants, Loans and Income Support
– 80% is the percentage employers can claim up to £2,500 for furloughed employees with the Coronavirus Job Retention Scheme.
– Eligible businesses will be contacted by their local authority if they qualify for the £10,000 grant with the Small Businesses Grant Scheme.
– Eligible retail, hospitality and leisure businesses will be contacted by their local authority regarding a cash grant in line with the rateable value of their business.
– For the next 3 months with a taxable grant worth 80% of trading profits via the Self Employment Income Support Scheme you can claim up to £2,500 a month.
– With the Coronavirus Business Interruption Loan Scheme – for Small to Medium sized enterprises is provided through the British Business Bank.
– Extra support for the unemployed and those on low incomes through Universal Credit and Tax Credits.
-Nearly £1bn of additional support for renters.
-Mortgage holidays for 3 months for anyone in difficulty due to coronavirus, including of buy to let properties.