The current Covid19 outbreak is bringing many financial challenges to UK businesses and as such the government is announcing various support packages which seem to be changing on a daily basis. Below is a summary of the announcements as we understand them today and some practical issues to consider. We will endeavour to keep you up to date as we are made aware of further details.
In these unprecedented times, daily government announcements seem to be met with a general air of disbelief and Friday evening saw another sweeping range of support for employers and individuals put forward by the Prime Minister and Chancellor.
Below is a summary of the information available so far, but it is worth noting, as with many of these announcements, the need for the information to calm worries out paces the detail and so no doubt further detail will be made available as and when it is resolved.
On 1 June we outlined proposed changes to the Coronavirus Job Retention scheme. A significant volume of further guidance has now been issued and the following is only a summary, touching on some of the key points and does not go into detail on every matter.
Over the course of the pandemic the UK government has introduced various schemes each with the aim of supporting various sectors of the UK economy and society. Much of the support has been by way of grants, such as the small business grant, the Retail, Hospitality and Leisure Grant and the furlough scheme. However despite these, some businesses have found themselves falling through the gaps between these schemes and have not qualified for all the available help.
The Department for Business, Energy and Industrial Strategy has just published guidance on workers entitlement to holiday and holiday pay during the COVID-19 pandemic.
HMRC have brought forward the date from which claims under the Self-Employment Income Support Scheme (SEISS) can be made. Claims will now be able to be made from 13 May 2020.
From the 4th of May, the Government’s Bounce Back Loan scheme will be made available. The loan scheme aims to help small and medium-sized businesses to borrow between £2,000 and £50,000.
- Coronavirus Jobs Retention Scheme
- What is a “Furloughed” employee?
- Deferral of VAT and Income Tax
- Nursery businesses – Rates holiday
- Coronavirus Business Interruption Loan Scheme