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The government has announced a package of support measures for businesses in recent weeks and is providing further details on these announcements daily.
Set out below are the main measures announced and links to further details on each of the measures. The information on each of these measures is being updating as further details become available from the government.
The government website is being updated regularly and provides broad details of the measures put in place on the GOV.UK website at Financial support for business during coronavirus
An alert system to provide details of government announcements on all aspects of their response to Covid-19 is available via this link
The main measures announced to date comprise:
Support for 80% of salary of furloughed employees to a maximum of £2,500 per month with the support offered for an extended period to 31 October 2020.
More details on CJRS can also be found in our 20 Minute Tax Update webinar
This scheme will provide a taxable grant of up to 80% of trading profits to a maximum of £2,500 per month initially for three months from 1 March 2020.
More details on SEISS can also be found in our 20 Minute Tax Update webinar. Any questions you may have had from the webinar WSM answer your questions here.
VAT payments due from 20 March to 30 June 2020 will be deferred until 31 March 2021. Income Tax payments on account of personal tax liabilities due on 31 July 2020 are deferred to 31 January 2021.
Small and medium sized businesses (SMEs) will be able to claim SSP from the first day employees are not available due to coronavirus-Covid-19
Offering finance facilities of up to £5 million for SMEs backed by an 80% government guarantee and government payment of the interest on the first twelve months of the loan. The loans are being offered by over 50 accredited finance providers
Fast-tracked loans of up to £50,000 to businesses with a simplified application process. Loans have a 100% government guarantee and government payment of the interest on the first twelve months of the loan. The loans are offered by 16 accredited lenders
Grants of £10,000 for all business in receipt of small business rate relief or rural rate relief and £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
Facilities supported by the Bank of England to provide liquidity among larger firms to help them bridge coronavirus disruption to their cash flows through loans
Arrangements to defer payments of outstanding taxes including PAYE Income Tax and National Insurance and Corporation Tax in the event businesses are unable to make payments by contacting HMRC on 0800 024 1222.
The introduction of the IR35 Off Payroll Rules due to come in to effect on from 5 April 2020 have been deferred to April 2021Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. Protection from eviction for commercial tenants
A mortgage payment holiday of three months is available to all home owners and buy-to-let mortgage holders who are up to date on their mortgage payments.
If you need further information or assistance for your business, or have any questions on any of the government support schemes or other business or taxation concerns during these extraordinary times please contact us on wsm@wsm.co.uk
Government Support package
Deferring VAT and Income tax payments Covid-19
Government Support Covid-19 Job Retention scheme
Government Support Covid -19 CJRS – WSM answer your questions
Government Support Covid-19 Statutory Sick Pay
Government Support Covid -19 Business grants -funding
Government Support Covid -19 -Bounce Back Loan
Government Support Covid -19 – SEISS
Amanda graduated from Brunel University, with a joint honours degree, achieving a BSC and BA degree in Leisure Management and Television and film studies. Amanda started her career in a customer service role before joining the hotel group Le Meridien as an Events coordinator, she was in the hotel industry for seven years and during her time won an award from a major international airline for her outstanding attitude and dedication to customer service, which she achieved while working for the Rezidor hotel group in the position of Airline Crew Manager. Amanda has over 20 years experience in customer relations and event management.
