Corona Virus (COVID-19) Business Support Initiatives By the UK Government
The UK Government has been at the forefront to help out local businesses and self-employed people to survive during the pandemic by introducing several schemes. Here’s a quick glance at what you need to know.
The Retail and Hospitality Grant Scheme
- The scheme offers a cash grant of up to £25,000 per property for businesses in the retail, hospitality, and leisure sectors.
- If the property rateable value is up to £15,000 the eligible grant may be £10,000.
- Property rateable value between £15,000 and £51,000 may be eligible for a grant of £25,000.
HMRC defers VAT payments
HMRC will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you’re a UK VAT-registered business and have a VAT payment due between the 20th of March 2020 and the 30th of June 2020, you have the option to defer the payment until a later date or pay the VAT due as normal if you can.
Defers Self-Assessment Payments
If you’re due to pay a self-assessment payment on account by the 31st of July 2020, but you cannot do that with the current financial crisis due to the COVID-19 impact, you may defer payment until January 2021.
Business rates holiday for Retail, Hospitality and Leisure Businesses
The Government introduces a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. You’re eligible for this if your business is based in the retail, hospitality and/or leisure sector.
Coronavirus Business Interruption Loan
The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank.
Support for businesses paying tax
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
Protection from eviction for commercial tenants
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. These measures will mean no business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30th of June.
The UK Government has the sole rights to offer the support measures listed above and the approval process may differ from case to case. Touch2Success bears no responsibility for the scheme approval/rejection process.
All the information above has been carefully verified with the UK Government website. Please contact the relevant authorities in case of any questions or confusions you have.
For more information, please visit https://www.gov.uk/coronavirus/business-support.