Your company is Eligible
Government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis.
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by COVID-19.
Employers can use a portal to claim for 80% of furloughed employees’ usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Fees, commission and bonuses should not be included. Employers can use this scheme anytime during this period.
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on 28 February 2020.
The online service employers will use to claim is not available yet, however the Government expects this to be available by the end of April 2020.
Employers can choose to provide top-up salary in addition to the grant. Employers should claim in accordance with actual payroll amounts at the point at which payroll is run or in advance of an imminent payroll. It is important therefore to note that employers must process and pay the employee payroll to be eligible to claim for this relief.
To claim under the scheme employers will need to:
Employers will need to calculate the amount you are claiming. HMRC will retain the right to retrospectively audit all aspects of your claim.
Full details can be found on the GOV.UK here.
Your company is Not Eligible
SMEs qualify for up to £5m emergency funding from the banks with the Government providing an 80% guarantee to the bank. These loans have a term of 3 months – 10 years, will be interest free for the first 6 months, and incur no fees.
Your company may be Eligible
Initial information: Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million.
Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million.
Large businesses impacted by the Coronavirus outbreak will be able to access a new lending facility, which will be run and funded by the Bank of England to provide low cost, easily accessible commercial paper
Your ‘Business Rates retail discount’ will be increased to 100% for one year and it has been extended to all retail, hospitality and leisure businesses in the UK. Businesses that received the retail discount in the 2019/20 tax year will be rebilled by their local authority as soon as possible.
Grants of £25,000 for retail, hospitality or leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000.
One-off grant of £10,000 to businesses currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs.
Small and medium-sized businesses are able to claim support with the extra costs of paying Statutory Sick Pay (SSP) for sickness absence due to COVID-19. Legislation will be brought forward to allow businesses to reclaim eligible SSP costs, probably in the COVID-19 Emergency bill, however this is not yet clear.
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.
Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
HMRC’s Time to Pay scheme can enable firms and individuals in temporary financial distress as a result of COVID-19 to delay payment of outstanding tax liabilities. HMRC’s dedicated COVID-19 helpline provides practical help and advice on 0800 0159 559.
Mortgage borrowers can apply for a three- month payment holiday from their lender.
Businesses that have cover for both pandemics and government-ordered closure should be covered.