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
• 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.
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