Build UK has produced this handy summary of the various emergency schemes that the government has produced to date to help businesses survive the Covid-19 pandemic.
|Coronavirus Job Retention Scheme||All UK employers||Employees that you can no longer afford to pay will be designated ‘furloughed workers’
Claim 80% of their wage costs up to a cap of £2,500 per month.
A new online portal will be established.
|Statutory Sick Pay (SSP) reclaim||Employers with fewer than 250 employees on 28 February 2020||Claim back up to two weeks SSP per employee who is absent due to Covid-19.
Maintain records of absence. No GP fit note required.
Repayment mechanism not yet in place. Commences as soon as the legislation is in place.
|VAT deferral for three months||All UK businesses||VAT payments will not need to be made between 20 March and 30 June 2020.
Continue to account for VAT on eligible goods & services. Deferred VAT will be due by April 2021. No penalites or interest will be charged. Vat refunds will paid as normal.
No application required to benefit from deferral.
|Time to Pay – Tax Service||Businesses that pay tax to the UK government and cannot pay a current tax bill||Arranged on a case by case basis for current or imminent tax payments.
Call HMRC on 0800 0159 559
|Income Tax deferral||Self-employed workers||Income Tax self-assessment payments due on 31 July 2020 will be deferred until 31 January 2021|
|Business rates holiday||Retail, hospitality and leisure sector businesses in England||No action required. Will be applied to Council Tax bill in April 2020 (your bill may have to be reissued).Calculate the value of this benefit|
|Cash grant||Retail, hospitality and leisure sector businesses in England||No action required. Local authorities will notify businesses. Available for each different property dependant on rateable value:
• Rateable value under £15,000 eligible for £10,000
• Rateable value between £15,001- £51,000 eligible for £25,000
|Small Business Grant Scheme||Small businesses that occupy property and receive Small Business Rate Relief (SBBR), Rural Rate Relieve (RRR), or Tapered Relief in England||No action required. Local authorities will contact businesses.
One-off grant of £10,000. Scheme not yet in place
|Coronavirus Business Interruption Loan (CBIL)||UK businesses with a turnover of less than £45 million per year which meet British Business Bank eligibility criteria||Available from 23 March. Loans of up to £5 million, 12 months interest free. Apply through your current bank or an accredited lender.|
|Covid-19 Corporate Financing Facility||All UK businesses||Available from 23 March. Purchase Commercial Paper (CP) during a defined period each business day.
Businesses do not have to have previously issued CP.
Available from the Bank of England
|MoT Suspension||Businesses using heavy goods vehicles (HGVs) and public service vehicles (PSVs)||Available as of 21 March 2020
Annual MOTs suspended for three months for all HGVs and PSVs
Vehicles to be issued with a certificate of temporary exemption (CTE)
Find out more from the DVSA