They don't make it easy to figure out what's what, do they?
We’ve had a good read and have summarised what we believe to be the top take-outs regarding the financial support you may be eligible for due to the coronavirus pandemic.
JOB RETENTION
The Coronovirus Job Retention Scheme means that the HMRC will reimburse you unto 80% of ‘furloughed’ workers age costs, capped at £2500.
You need to:
- Notify the employees of their ‘furloughed’ status
- Notify HMRC about these employees and their earnings (an online portal will be available shortly)
- Reimbursements should be available from April
We will be providing additional information on this in the coming days.
BUSINESS INTERRUPTION LOANS
The CBILS (Coronavirus Business Interruption Loan Scheme) is for small UK businesses (annual turnover of less than £45m).
Such businesses can borrow up to £5m, interest free for 12 months under a British Business Bank (BBB) scheme.
The scheme launched on March 23rd 2020.
Access to the loan is through 40 BBB lenders. You can find out more here.
BUSINESS RATE RELIEF
12 month business rates holiday for retail, hospitality and leisure businesses in England and Scotland for 2020-2021. Similar schemes exist in Wales.
Your council should adjust your bill accordingly.
Estimate your savings here.
For more guidance in your country:
Get in touch with your local authority, as they may also have Hardship Relief Funds.
GRANTS
Retail and Hospitality Grant Scheme is up and running. With grants upto £25,000 depending on the ratable value of your premesis.
- Ratable Value of Property: 0 - £15,000
- Grant Value: up to £10,000
- Ratable Value of Property: £15,001 - £51,000
- Grant Value: up to £25,000
Contact your Local Authority for further guidance.
TAX MEASURES
VAT due between March and June 2020 can be deferred until 31st March 2021.
Those who are self employed and have tax payments due in July 2020 can defer payment until Jan 2021.
Requests can be made to delay Corporation Tax or PAYE by calling 0800 015 9559.As a guide, 3 month deferrals have been agreed with some businesses.
STATUTORY SICK PAY
Small businesses can get a refund from the Government for Statutory Sick Pay paid for up to 2 weeks for COVID-19 related absence.
This includes absence due to self-isolating following Government guidance.
