We thought we would share the latest information about the package of financial support the Government has put together to help SMEs during the COVID-19 pandemic and lockdown. All information was correct at 13th April 2020.
During these difficult times increasing numbers of SMEs, either forced to close temporarily or remain open with difficult trading conditions, are under pressure and require support. To assist our customers and other businesses we have decided to gather together information about support and advice that is currently available.
Deferring VAT Payments
The UK Government has offered to support businesses by deferring Valued Added Tax (VAT) payments. If you are a UK VAT registered company and have a VAT payment due between 20th March 2020 and 30th June 2020 this offer applies to you. For more information click HERE
If you are due to make a payment by 31st July 2020 but are financially affected by the corona-virus you have the option to hold off payment until January 2021. Please note that if you can pay by the 31st July you should do so. Eligibility can be found HERE
Self-Employment Income Support Scheme
Also referred to as SEISS, has been designed to support self-employed individuals who have suffered income loss due to COVID-19. The scheme allows the self-employed to claim a taxable grant worth up to 80% of your trading profits up to a maximum of £2,500 per month. For further information and to apply click HERE
Sick Pay Support
SMEs with fewer than 250 employees will soon be able to reclaim Statutory Sick Pay for sickness absence due to COVID-19. The reimbursement will cover up to 2 weeks’ SSP. To keep up-to-date with the latest information regarding this rebate click HERE
Business Rate Holiday (retail, hospitality & leisure)
If you are eligible this scheme will automatically be applied to your business, however, local authorities may have to reissue your bill to provide this support. For more details and to estimate your business rates click HERE
Cash Grants (SMEs)
The small business Covid-19 grant has been increased from £3,000 to £10,000 as of April 2020. This is part of a £330bn package of support for businesses, equivalent to 15 percent of GDP. Further information can be found HERE
Cash Grants (retail, hospitality & leisure)
This grant is for businesses in the stated sectors and offers a grant of up to £25,0000 per property. For eligibility and how to apply click HERE
Interruption Loan Scheme
This temporary scheme supports SMEs by giving access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The government will also make a Business Interruption Payment to cover the first 12 months of interest payments as well as other beneficial support. Full terms can he found HERE
Commercial Eviction Ban
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. This is not a rental holiday. All commercial tenants will still be liable for the rent.
We hope this information proves useful and will provide updates whenever new information becomes available. Don't forget, if you operate a vehicle workshop and need support in keeping your equipment maintained or repaired, we are here for you. Just CLICK HERE to book an engineer.