Here is a short list to what may be available to you to help you and your business during these difficult times (please note, all of these schemes are dependent on certain criteria being met; please see the source document for more detailed information).
If you are a small business owner, the following assistance may be available to you:
- Coronavirus Job Retention Scheme
- Deferring VAT and Income Tax payments
- A Statutory Sick Pay relief package for 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
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- The 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
- The HMRC Time To Pay Scheme Further information available via HMRC
**JUST RELEASED**: Details of further assistance for self-employed and freelance workers:
Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on the 2018-19 tax return filed in January – anyone who missed the filing deadline has four weeks from now to get it done and still qualify. The scheme is open to those who earn under £50,000 a year – up to 3.8 million of the 5 million people registered as self-employed. Unlike the employee scheme, the self-employed can continue to work as they receive support. The money, backdated to March, will arrive directly into people’s banks accounts from HMRC, but not until June. The grants will be taxable, and will need to be declared on tax returns by January 2022.
Please note that if someone has a small Ltd Company as a trading company then their salary is covered by the Coronavirus Job Retention Scheme. Please note that only PAYE is covered not Dividends.