AT SHIPLEYS TAX, we like to make life easier for everyone. In today’s tax note we highlight a nifty tool which can help you identify which support is available to you. Even with the plethora of support announced by the government, there are those who have unfortunately been left out and the tool does not cover all circumstances.
For the lucky few, Coronavirus (COVID‑19) support is available to employers and the self-employed, including sole traders and limited company directors. You may be eligible for loans, tax relief and cash grants, whether your business is open or closed.
Support finder tool
The government has developed this business support finder to see what support is available for you and your business. The ‘support finder’ tool will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic.
Government support in a nutshell
To support business, workers and the self-employed during the coronavirus outbreak, government has:
• made up to £330 billion of loans and guarantees for businesses
• offered to pay 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 – representing a £30 billion injection into the economy
• introduced £20 billion in tax relief and cash grants to help businesses with cash flow
• 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
• entirely 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% 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; and
• offered a 3 month extension for filing accounts to businesses hit by coronavirus.
Access the new business support finder tool on the link below, to see what support is available to you in your business or as a self-employed person:
If you need help with any if the above government support, please call us on 0114 272 2984 or email email@example.com.