Financial support during the COVID-19 Pandemic

EMPLOYER:

The Coronavirus Job Retention Scheme has been extended to April 2021 to help business cope with keeping their staff in employment during the Lockdown.

OTHER MEASURES AVAILABLE:

Business rates holiday for retail, hospitality and leisure business. Apply for the following if applicable:

Coronavirus Business Interruption Loan

Coronavirus Future Fund

Coronavirus Bounce Back Loan

Coronavirus Local Restrictions Support Grant – must pay business rates on property, your business must be closed for three weeks, and the business is unable to provide usual person customer service from its premises.

In addition, business premises forced to close in England are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant. Also, £1.1bn is being given to local authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly.

Employers small or large, charitable or non-profit, are eligible for the extended Job Retention Scheme.

Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough them full-time, and will only be asked to cover National Insurance and employer pension contributions which, for the average claim, accounts for 5% of total employment costs.

Businesses required to close in England due to local or national restrictions will be eligible for the following:

  • For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
  • For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

SELF EMPLOYED GRANTS:

The grant is being extended from 01st November 2020.

In order to claim during this extension period, you must have been eligible for the first and second Self Employment Income Support Scheme.

You must be actively trading but has been impacted by COVID-19 and demand is reduced.

Or previously trading but temporarily unable to trade because of the virus.

VAT deferral new payment scheme – join from 23‌‌ February

If you deferred paying VAT due in the period from 20‌‌ March to 30‌‌ June‌‌ 2020, you should pay it by 31‌‌ ‌March‌‌ ‌2021 if you can.

If you can’t afford to pay by 31‌‌ March‌‌ 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period.

The online service will open on 23‌‌ February‌‌ 2021 and close on 21‌‌ June‌‌ 2021. You can make up to 11 monthly instalments, interest free. The earlier you join, the more months you can spread your payments across.

You can join the scheme online without the need to call – search 'Pay deferred VAT' on GOV‌.UK for more information and to join quickly and simply online when the scheme opens.

If you need more time, go to GOV‌.UK and search 'if you cannot pay your tax bill on time'.