A brief summary below of what the UK government are offering to the Self-employed, small businesses & limited companies.
As with most Government schemes, there is a lot more involved than this summary.
If you would like assistance with accessing any of the loans, grants & support please contact Andy Moore from Central Corporate Business Solutions by emailing email@example.com
a Coronavirus Job Retention Scheme- 80% of wages up to £2,500 per month staff must be ‘furloughed’ (suspended) PAYE staff.
· Self-employment support scheme 80% of your earnings up to max £2,500 per month- only if self-employment profits less than £50,000 in year-end April 5th 2019
· deferring VAT and Income Tax payments- Self-assessment July tax payment deferred until 31st Jan 2020. VAT payments deferred for the period due 20/03 to 30/06 until 31st March 2020
· a Statutory Sick Pay relief package for small and medium-sized businesses (SMEs)- up to 2 weeks paid if off due to COVID-19
· a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England – shops, restaurants, cafes, drinking establishments, cinemas and live music venues, for assembly and leisure, like hotels, guest & boarding premises and self-catering accommodation
· 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- £10,000 max grant if the rateable value is under £15,000
· the HMRC Time To Pay Scheme
· the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank- subject to criteria varies by lender interest-free for 12 months
For more information visit Business Support