We understand that some of the biggest difficulties in the next few weeks, and maybe even months, will be the loss of social interaction.

We’ve gone from the day to day support of our family and friends, and now are left with video calls, correctly distanced queues outside of our local supermarkets, and less active hours on call lines.

It can be hard finding out what support is relevant to you, when you’re left hanging on the end of a phone call of a business with reduced hours, or perhaps even calling your lender.

The crisis is reaching into every aspect of our lives, and in what would normally take years, the Chancellor has set out a package of temporary, timely and targeted measures to help provide wealth support for millions, including:

A Coronavirus Job Retention Scheme

If you’re an employer who has the impossible task of maintaining your current workforce when your operations have been severely impacted by the coronavirus, it may be worth looking into the job retention scheme.

This scheme allows you to furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution) on that subsidised furlough pay.

This scheme is currently in place for 4 months from the 1st March 2020.

However, it may be extended if necessary, and as an employer you can apply for this scheme at anytime during this period.

All employers are eligible to claim under the scheme.

Before claiming, you must work out 80% of your employees’ wages to claim through the Coronavirus Job Retention Scheme.

You can do so by using the calculator here.

Claim for wages with the job retention scheme

Deferring VAT and Self-Assessment payments

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
  • pay the VAT due as normal
Find out more about deferring VAT payments

A Self-employment Income Support Scheme

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month.

It will be available for 3 months, but may be extended.

Find out more about self employment income support

A Statutory Sick Pay relief package for small and medium sized businesses (SMEs)

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.

Learn more about Statutory Sick Pay Rebate Scheme

A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.

Eligibility

You’re eligible if your property is a:

  • shop
  • restaurant, café, bar or pub
  • cinema or live music venue
  • assembly or leisure property – for example, a sports club, a gym or a spa
  • hospitality property – for example, a hotel, a guest house or self-catering accommodation

You do not need to take any action. Your local council will apply the discount automatically.

If you are not getting the relief you believe you may entitled to, get in touch with your local council.

Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief

To find out whether you’re eligible for a business support grant, click the link below.

The document informs businesses about the operation and delivery of the 2 funding schemes.

Guidance only applies to England.

Find out more about the business grants available

Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

The guidance sets out details and eligibility criteria, and informs businesses about the operation and delivery of the 2 funding schemes.

Guidance applies to England only.

Find out more about the guidance available

The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank

The Coronavirus Business Interruption Loan Scheme (CBILS) supports small and medium-sized businesses, with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years.

Eligibility

You’re eligible if:

  • your business is based in the UK;
  • your business has an annual turnover of up to £45 million;
  • your business has a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic;
  • you can self-certify that your business has been adversely impacted by coronavirus.
Apply for the Coronavirus Business Interruption Loan Scheme

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

On March 17, HM Treasury announced a number of measures designed to support businesses.

The Chancellor set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by Covid-19.

You can find out more about the support available by clicking the link below:

The HMRC Time To Pay Scheme

Contact HM Revenue and Customs (HMRC) as soon as possible if you have missed your payment.

How you contact HMRC depends on what you need to pay.

Because of coronavirus you may be able to delay (defer) some tax payments without paying a penalty.

Find out more about the Time to Pay scheme

All in all, there are currently a wide range of schemes available for you to access online to support your business, or your livelyhood.

If you’re concerned about mortgages, remortgages or your protection products, we’re here to help.

Arrange to speak to a member of our team at a time best suited for you.

Request a call back