Government Support through COVID-19

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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 the IR35 Reform 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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Keep up to date with the latest announcements by visiting our dedicated page https://onyx.accountants/covid/