Editor | 25 March 2020
Does my business qualify for coronavirus support?

Does my business qualify for coronavirus support?

UPDATED 27 March 2020

Disruption caused by the Covid-19 outbreak is causing havoc for businesses up and down the country.

To help them through this difficult time, the government has announced a broad package of support for companies. But the quick-fire announcements have caused some confusion in the business community.

We have published a guide that briefly details the most important support packages and which businesses qualify for the support. Please note that this support only covers companies in England and the UK as a whole. Additional/other support may be on offer to companies Scotland, Wales and Northern Ireland.

Need help with your business finances? Speak to one of our experts for advice today. Call: 0808 501 7051.

Self-Employment Income Support Scheme

Self-employed people can claim 80% of their average monthly profits as a grant up to a maximum of £2,500 per month.

You are eligible for the scheme if:

   

You must earn more than half of your total income from self-employment.

   

Your average annual trading profit is less than £50,000.

   

You must have filed a tax return for 2018/19. If you haven’t submitted yet, you’ll have until Thursday 23 April to do so.  

This scheme is not available for self-employed people that work through limited companies. These individuals may be able to access support through the Coronavirus Job Retention Scheme for employees.

Coronavirus Business Interruption Loan Scheme

A temporary loan scheme for small and medium sized businesses, allowing them to borrow up to £5 million for up to six years. This loan scheme will allow smaller businesses to benefit from no upfront costs and lower initial repayments for the first 12 months. It will be delivered through commercial lenders, backed by the government-owned British Business Bank.

You are eligible for the scheme if:

   

Your business is UK based

   

Turnover is less than £45 million per year

   

Your business meets British Business Bank eligibility criteria

Business Rates Holiday for Retail, Hospitality and Leisure

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.

You are eligible for the scheme if:

   

Your business is based in England

   

Your business is in the retail, hospitality and/or leisure sector

Cash Grant for Retail, Hospitality and Leisure

If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property.

You are eligible for the scheme if:

   

Your business is based in England

   

Your business is in the retail, hospitably and/or leisure sector

Businesses with a rateable value of £51,000 or over are not eligible for this scheme.

Coronavirus Job Retention Scheme

Support for employers to continue paying part of their employees’ salary, for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month.

You are eligible for the scheme if:

   

You are a UK employer with a PAYE scheme in place

Small Business Grant Funding

Additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. These businesses will receive a one-off grant of £10,000 to meet ongoing costs.

You are eligible for the scheme if:

   

Your business is based in England

   

You are a small business and already receive SBRR and/or RRR

   

You are business that occupies property

Statutory Sick Pay Rebate

Legislation allowing small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) for any staff sickness due to coronavirus, up to a maximum of two weeks per employee.

You are eligible for the scheme if:

   

Your business is UK based

   

Your business is small or medium sized, employing fewer than 250 employees

Time to Pay

Special tax arrangements for businesses and self-employed people struggling to pay tax liabilities. Time to Pay Arrangements are considered on a case by case basis and are tailored to individual’s circumstances.

You are eligible fo rat scheme if:

   

Your business pays tax to the UK government

   

Your business has outstanding tax liabilities

Business Rates Holiday for Nurseries

Nurseries in England do not have to pay business rates for the 2020-21 tax year.

 

You are eligible for the scheme if:

   

You provide Ofsted’s Early Years Register

   

Your property is wholly or mainly used for the provision of the Early Years Foundation Stage

VAT Deferral

A deferment of Value Added Tax (VAT) payments for three months.

You are eligible for the scheme if:

  • You are a VAT-registered business in the UK

 

For more information please contact your Cloud Accountant by emailing teamcloud@cloudaccountant.co.uk