The Coronavirus (COVID-19) continues to affect small businesses in unprecedented ways. Here are some of our latest resources for your business that may help during these challenging times.
Keep up to date on programs and resources
The Small Business Support Centre is our front page for Coronavirus topics. We will be adding new articles and links to different support initiatives in the coming weeks.
Government support for small businesses:
- Bounce back loans from £2000 to £50000 in support of small businesses requiring a rapid cashflow injection.
- 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.
- Job Retention Scheme cut-off date extended to 19 March 2020
- Deferring VAT and Income Tax payments VAT payments suspended for 3 months and Income Tax payments until January 2021.
- 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 and grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000.
- 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.
- HMRC’s Time To Pay Scheme arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
Government support for self-employed:
- Deferral of Self Assessment Income Tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020.
- Grants for businesses that pay little or no business rates.
- Increased amounts of Universal Credit.
- Business Interruption Loan Scheme.
- Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme.
Off-payroll working rules reform (IR35)
The Government has postponed plans to extend IR35 rules to large or medium-sized organisations outside the public sector until 6 April 2021. The rules still apply to the public sector.
Articles and other resources
Here's a short list of some important links you can find on our Small Business Support Centre. Check the support centre regularly for updates.
- Government business support FAQ page
- Federation of Small Businesses advice and guidance relating to COVID-19 for small businesses and the self employed
Find info on tax/tax payment changes
There have been some recent tax/tax payment changes related to the Coronavirus. See the links below for info.
- Statutory Sick Pay for COVID-19 related illness
- COVID-19 job retention scheme
- Deferring VAT and Income Tax payments