The Government announced this evening (20 April) that it has launched a new Coronavirus business ‘support finder’ tool, aimed at helping businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the pandemic.
The tool, available on gov.uk, asks business owners to fill out a simple online questionnaire, which can take minutes to complete, and you will then be directed to a list of all the loans, grants or other schemes you could be eligible for.
In summary, to support business, workers and the self-employed during the Coronavirus outbreak, the Government has provided the following support:
- up to £330 billion of loans and guarantees for businesses
- payment of 80 per cent of the wages of furloughed workers, up to £2,500
- deferred the next quarter of VAT payments for firms, until the end of June
- introduced £20 billion in tax relief and cash grants to help businesses with cashflow
- introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support
- offered to cover the cost of statutory sick pay
- removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily
- introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80 per cent of trading profits up to a maximum of £2,500 a month
- deferred Self Assessment payments due in July 2020 until 31 January 2021
- allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online
- suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic
- offered a 3-month extension for filing accounts to businesses affected by Coronavirus.
More information about each of these schemes can be found on our COVID-19: Support for UK businesses hub.
If you need help to access any of these support measures, or require assistance in managing your personal finances or your business, please contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.