COVID-19 Latest updates

COVID-19 Latest updates

UPDATE: >> A Response from Onyx

UPDATE: >> The Chancellor Rishi Sunak provides an updated statement on coronavirus.

Here are the latest updates providing help, practical financial related advice and support through the impact of the Coronavirus (COVID-19) Pandemic.

As at today, the Government have introduced the following support to businesses, employers and individuals:
• £330 billion in loans to combat the “Economic Emergency”
• 100% Business rates relief where the rateable value is below £51,000
   – £10,000 Grant funding* for small businesses
   – £25,000 Grant funding* for retail, hospitality and leisure businesses
   – Special help for airlines
    *grants to be provided by local authorities
• Sick pay for businesses with less than 250 employees
• Business interruption loans of up to £5 million – interest free for 12 months – delivered by the British Business Bank
• Deferred VAT payments until 30 June 2020; and Income Tax 2nd payment on accounts until 31st January 2021
• A Coronavirus Job Retention Scheme – reimbursing 80% of furloughed workers wage costs, up to a cap of £2,500 per month
• A Self Employed Income Support Scheme – a taxable grant equivalent to 80% of average taxable earnings from the past three financial years
• Rollout of IR35 delayed until 6 April 2021
• The HMRC Time to Pay scheme to support businesses paying tax
• Three month mortgage break – for Individuals and Landlords
• Better access to Universal Credit and Employment Support Allowance
• Sick pay guarantee for those affected by coronavirus
• Help for tenants with a 3 month ban on evictions

The links below provide more information relating to HMRC and Government Support as it happens, along with detailed articles offering guidance and advice.

ONYX Guidance and Support

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COVID-19 : IMPORTANT INFORMATION

Coronavirus

Wednesday, 18th March 2020, Updated 20th March 2020

Following the Spring Budget the Government have made further announcements in their efforts to help support businesses, employers and individuals.

The Chancellor Rishi Sunak has promised that they will do “whatever Read more ->