A full range of business support measures have been made available to UK businesses and employees. All information can be found here on the government’s website.
This helps businesses find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.
Speak to us about your experiences, thoughts, worries or ideas:
Latest key measures
Annual leave –Workers who have not taken all of their statutory annual leave entitlement due to COVID-19 will now be able to carry it over into the next 2 leave years. Click here for more information.
The regulations will allow up to 4 weeks of unused leave to be carried into the next 2 leave years, easing the requirements on business to ensure that workers take statutory amount of annual leave in any one year.
Self-employment Income Support Scheme (SEISS) – The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
Coronavirus Job Retention Scheme – government grants will cover 80% of the salary of retained workers, up to a total of £2,500 a month. The scheme, open to any employer in the country, will cover the cost of wages backdated to March 1st and will be open before the end of April for at least 3 months.
Deferral of VAT for 3 months – This is an automatic offer with no applications required. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. For the self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. Self-employed will get full Universal Credit at a rate equivalent to statutory sick pay.
Coronavirus Business Interruption Loan Scheme (CBILS) – CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even more smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need. Click here for more information and how to apply.
Time to Pay upscaled – a dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities to receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement.
Increased Business Rates Relief – the UK government is temporarily increasing the Business Rates discount to all businesses in the retail, hospitality and leisure sectors in England to 100% for 2020-21, irrespective of rateable value. Guidance for Local Authorities that will be responsible for implementing the scheme locally can be seen here.
£25,000 cash grant – for businesses in the retail, hospitality and leisure sectors, with a rateable value over £15,000 and below £51,000.
Statutory Sick Pay – will be temporarily available to those who are advised to self-isolate and people caring for those within the same household who display Coronavirus symptoms and have been told to self-isolate.
A new style Employment and Support Allowance and Universal Credit will be available to those that are not entitled to Statutory Sick Pay. For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the UK government in full.
This will provide 2 million businesses with up to £2billion to cover the costs of large-scale sick leave.
The Government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible. Existing systems are not designed to facilitate employer refunds for SSP.
If you are self-employed and want to know if you are eligible for Universal Credit, please visit the gov.uk Universal Credit page
£10,000 cash grant to small businesses – there will be a £10,000 cash grant to small firms in England eligible for Small Business Rate Relief. This will be delivered by Local Authorities.
Government backed and guaranteed loans– there will be an initial £330bn to support companies in the form of government-backed loans for any business who needs access to cash, with more capacity as required.
Click here for the latest UK government guidance on these measures
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