The COVID-19 pandemic has had a drastic impact on the businesses in the UK to the extent that the UK Chancellor of exchequer has taken several unprecedented measures to help individuals, businesses and self-employed facing this economic shock.
Below is a summary of the Financial support for businesses during coronavirus (Covid-19):
· Paying your employees – businesses can claim for 80% of employee’s wages (subject to a cap of £2,500 per employee per month) plus any employer National Insurance and pension contributions, if employees have been put on furlough because of coronavirus (COVID-19).
· Paying sick pay – businesses can claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)
· Deferral of VAT tax payments due to coronavirus (COVID-19)
Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow.
Further details on : https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
· Business rates relief - Businesses in the retail, hospitality and leisure sectors and Nurseries in England will not have to pay business rates for the 2020 to 2021 tax year.
· Business support grant funds – business support grants can be claimed subject to conditions
· Support for small and medium-sized businesses:
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19)
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.
Coronavirus Future Fund - This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
Details on : https://www.gov.uk/guidance/future-fund
For self employed:
· self-employed or a member of a partnership who have been adversely affected by coronavirus (COVID-19) may be able to use this scheme to claim a grant through the Self-Employment Income Support Scheme.
· Deferral of Self Assessment tax payments due to coronavirus (COVID-19)
Because of coronavirus (COVID-19), you can delay making your second payment of self assessment tax on account. If you choose to delay, you’ll have until 31 January 2021 to pay it.
Further details on : https://www.gov.uk/pay-self-assessment-tax-bill
We at Richmond Accounting Services share and understand the concerns of our clients at such a difficult time and encourage you to check the above to see what help may be available for your specific circumstances.
While no one can predict how long the current situation will last, we are committed to working with you to ensure your business survives through this crisis and emerge stronger at the end of it.
We provide tailored accounting and business services to start ups and small businesses in the local area. Through our extensive experience in the industry, we understand the requirements of a small business and we know we will be able to support your business and help it grow.
As well as offering the standard accounting services, we offer a range of business services suited for a small business to ensure its efficient running and giving it a competitive edge in the market. We pride ourselves with bringing a hands-on approach to your business needs and dealing with your requirements with the utmost urgency and responsiveness.
Our business operating model is based around our clients and their full satisfaction. Through our experience with numerous businesses in different sectors, we understand the importance of putting our clients’ requirements first to the extent that we have often exceeded the expectation of our clients we have served.