We are closely observing the economic situation and government offers for the business in this difficult time, the summary is below:
UK Government’s message: “Stay at home, Stay safe”
This is the Help provided to Businesses & Employees, read below:
01 – Government will pay up to 80% of salary of ‘laid off’ workers up to max £2,500 per month for 3 months (could be extended) and can be backdated to 01st March; so businesses do NOT need to lay people off – scheme is called The Coronavirus Job Retention Scheme (not yet available for applying)
02 – Business Loans will be interest-free for 12 months and should be available from Monday 23rd March 2020 (contact your loan provider);
03 – No VAT to be paid for next VAT quarter up to June q/e – deferred to at least Dec 2020 (this is an automatic offer with no applications required) ;
04 – Minimum income floor suspended for universal credit to help the Self-Employed. If you are Self-Employed, you should be able to claim support via Universal Credit, (check what you are entitled to via this checker: https://www.entitledto.co.uk/ );
05 – Next self-assessment payment can be deferred by 6 months to 31st Jan 2021 (from July 2020, this is an automatic offer with no applications required);
06 – Council can offer £10,000 to £50,000 as of business grant to eligible businesses ( council will write to you);
07 – All homeowners will be able to claim a three-month break from their mortgage repayments if they are unable to pay (contact your mortgage provider);
08 – IR35 reforms were postponed for the next year;
Links to check:
Business owners – For current updated details, please visit: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Job holders – For details, please visit: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-guidance-for-employees
For mortgage details, please, visit: https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19
In a few days, hopefully things will be more clearer, please feel free to contact us for any assistance.
We are also posting business ideas on Facebook and Linkedin on what you can do with your business during this hard time:
Stay at home, stay safe.
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