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COVID-19 Financial Measures and Updates So Far

We would like to make you aware of the support which is currently available.

  • Statutory Sick pay. For businesses with fewer than 250 employees as of February 28th the Government has announced that 14 days of sick pay for Coronavirus can be reclaimed through your PAYE scheme from day 1 of an employee reporting sick.
  • Coronavirus business interruption loan scheme – The government will guarantee up to 80% of a loan to give confidence to banks to support businesses, maximum loan value of £1.2 million
  • Up to £10,000 cash grant for small business who are eligible for small business rates relief – further guidance on this will be published by 20 March
  • Business rates retail discount for 2020/21
  • A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
  • Proposed changes to off-payroll working rules (IR35) due to be implemented this April have been deferred by 1 year to 2021.
  • Special HMRC Coronavirus helplines to assist with time to pay arrangements 0800 0159 559

HMRC have released a portal on their website specifically to deal with Covid-19 queries. Below are two links with Covid-19 guides.

https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response

https://www.gov.uk/government/collections/coronavirus-covid-19-list-of-guidance

The following two links give guidance from last week’s budget relating to employees, employers and businesses, the first one has also been updated for the extra measures introduced this week and will be continually updated with any new measures announced.

https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-employees-employers-and-businesses

https://www.acas.org.uk/coronavirus

If you have any queries regarding these please do get in touch with one of our team or email us at