In the wake of the global pandemic caused by the coronavirus (COVID-19), many businesses have lost revenues and some are at the risk of closing. To help these businesses get through the pandemic, the UK government has initiated different loan schemes, support funds and tax deferrals. Here we have provided a short introduction that will direct you straight to the right package.
Considering the number and range of the applicants and programs, you must first fulfil the eligibility criteria before any other process could be initiated. The link below will direct you to the government website through which you will find out which support scheme you are eligible for:
This will just take a minute. There are a few general questions related to your business and then the packages fit your business will immediately appear.
Depending on the result of your eligibility test, one or several of these packages will be available to you:
This package is ideal for those businesses that have put on some of their employees on furlough over the fear of coronavirus (COVID-19) spread. In addition to insurance and pension issues, the scheme also covers 80 % of your employee’s wages! More details at:
https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
Peaking at 300 thousand confirmed coronaviruses (COVID-19) cases, the UK has been struggling hard with the pandemic. To minimize the fatal effects of coronavirus (COVID-19) on the lives of their staff, many employers have paid huge sums of SSP. Coronavirus Statutory Sick Pay Rebate Scheme will help take the edge of the harsh consequences of (COVID-19).
Tax deferrals are among the most effective measures taken by the governments around the globe to help the taxpayers during the pandemic. The UK government offers two such deferrals:
According to this bill, citizens will not have to make VAT payments due from 20 March until 30 June. Additional information related to the VAT payments are available at:
https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
Another way of responding to the tax issues in the time of the pandemic has been in the form of deferring self-assessment payments. This gives you the option of deferring your second payment on account only if you are registered in the UK and you have encountered difficulties paying your second SAP. You can find more details at:
Businesses in the retail, hospitality and leisure sectors in England are exempt from business rates for the 2020 to 2021 tax year.
The Scottish Government has introduced extra rates reliefs and grants to help the citizens who have lost revenues as a result of Coronavirus (COVID-19). More details at:
https://www.mygov.scot/non-domestic-rates-coronavirus/#grants
– Designed for small businesses in England which pay little or no business rates.
– The grant is £10,000 which can be collected from the local council. More details at:
https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-small-business-grant-fund
For more information on extra rates reliefs introduced by the Scottish government refer to https://www.mygov.scot/non-domestic-rates-coronavirus/#grants
What if you are self-employed and in dire need of financial assistant? This scheme is exactly what you have been looking for!
https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
https://www.gov.uk/guidance/future-fund
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
– Loans up to £200 million. For additional information related to terms and condition refer to:
https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme
https://www.gov.uk/guidance/apply-for-the-covid-19-corporate-financing-facility