COVID-19 Business Support Checklist is setting out how the UK government is going to support businesses through very difficult times ahead.
COVID-19 or Coronavirus is having a huge effect and disruption on everyone’s life and business. But we must all play our part in stopping this virus but still doesn’t stop us all worrying about our businesses and the future economy of the country.
UK government has come up with a support package to support businesses after they asked a number of different businesses and venues to close from 21st March 2020.
Talk to your accountant, business adviser or find external professional guidance to help you to identify what COVID-19 business support you can claim to support your business.
If your business is still open and running and you are concerned about how to protect staff we have created a shop workers protecting them against coronavirus.
Stay safe everyone.
COVID-19 Business Support Checklist
Job Retention Scheme
Can you claim help to cover employees’ wages through the Coronavirus Job Retention Scheme.
Deferring VAT Payments
Defer VAT payment until a later date or for 3 months.
Deferring Self-Assessment Payments
Time to Pay service
Self-assessment may defer payment until January 2021
Self-employment Income Support Scheme
Self-employment Income Support Scheme (SEISS) claim a taxable grant worth 80% of your trading profits up to £2,500 per month.
Statutory Sick Pay
Paying sick pay to employees reclaim Statutory Sick Pay (SSP) COVID-19.
Business Rates
Business rates holiday for retail, hospitality and leisure businesses for the tax year 2020 to 2021.
Retail and Hospitality Grant Scheme
Cash grant of up to £25,000 per property.
Retail and hospitality grant scheme directed to the relevant local authority.
Small Business Grant Scheme
Small Business Grant Scheme funding for local authorities to support small businesses.
Small business rate relief (SBRR)
Rural rate relief (RRR)
Tapered relief
Business Interruption Loan Scheme
Business Interruption Loan Scheme designed to support SMEs with access to loans, overdrafts, invoice finance and asset finance
Up to £5 million and for up to 6 years.
Lenders and partners who have signed up.
HMRC Time to Pay
Businesses and self-employed people in financial distress with outstanding tax liabilities can get support through HMRC’s Time To Pay service.
Filing Deadline Extension
Businesses affected by Covid-19 can apply for a one-off three-month extension on filing deadline.
Corporate Financing Facility
Covid Corporate Financing Facility (CCFF) the Bank of England will buy short term debt.
Additional Information:
COVID-19: support for businesses
Guidance for employers and businesses on coronavirus (COVID-19)
COVID-19: guidance for employees
Coronavirus (COVID-19): tax support for businesses and self-employed
HMRC Tax Helpline for Coronavirus 0800 024 1222
Scotland, Wales and Northern Ireland Business Support Coronavirus
Guidance on coronavirus for businesses in Scotland.
Guidance on coronavirus for businesses in Wales.
Guidance on coronavirus for businesses in Northern Ireland.
There are a number of schemes for COVID-19 Business Support.