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For the latest updates and guidelines from the Government visit their website.

We have compiled, and will continue to update, a list of useful links for you and your business:

Guidance for employees, employers and businesses

Guidance to assist employers, businesses and their staff in addressing COVID-19 here

Government support for businesses

On 17 March 2020 the Chief Secretary to the Treasury announced that the Government was delaying the roll-out of the new private sector IR35 regime until 1 April 2021, affecting self-employed and freelance workers.

On 18 March 2020 additional financial measures, including £3.5 billion in additional funding, were announced by the Government to support businesses.

Read more here.

Bounce Back loans

This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000. Find out more information here.

COVID-19 Corporate Financing Facility (CCFF)

Under the COVID-19 Corporate Financing Facility (CCFF), the Bank of England will buy short-term debt from large companies.

This scheme will support your company if it’s been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities. Find out more here

Industry sectors

The spread of coronavirus (COVID-19) has resulted in significant industry disruption. This page collates ICAEW insights and externally-produced resources on the impact of coronavirus on different industry sectors.

Economic data on coronavirus

The spread of COVID-19 has already disrupted the economy in China and beyond. This page collects together ICAEW insights and externally-produced resources giving economic indicators and analysis on the financial impact of the coronavirus.

Grants

The Government is providing additional funding to local authorities to allow for a one-off grant of £10k for businesses who are eligible for small business rate relief (usually a rateable value below £15k).

You will need to contact your local authority if you wish to discuss this grant, however most local authorities have a simple online claim form.

Grants & loans from Innovate UK

Even though the status of the Innovate UK grants and loans haven’t been set in stone as of yet, they are usually classed as State aid too. The Innovate UK grants and loans are specifically designed for R&D ventures, therefore, businesses usually claim under the SME scheme and the RDEC scheme.

Find out more here

Stamp Duty Land Tax: temporary reduced rates

Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive.

Retail, hospitality and leisure businesses

The Government is introducing a business rates holiday for retail, hospitality and leisure businesses in England (operating from premises with a rateable value between £15k to £51k) for the 2020 to 2021 tax year.

In addition, a £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.

HMRC Tax helpline to support businesses

HMRC has a set up a helpline to support businesses and self-employed people concerned about not being able to pay their tax due to COVID-19.

Up to 2,000 experienced call handlers are available to support businesses and individuals when needed.

If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call the following helpline on 0800 024 1222

Coronavirus Business Interruption Loan Scheme (CBILS)

The Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million, with the Government covering up to 80% of any losses with no fees.

Businesses can access the first 6 months of that finance interest free, as Government will cover 6 months of interest payments.

Businesses need to approach participating banks and lenders to apply.

Checklist for eligibility can be found here

You can apply for the SME CBILS here

You can apply for the large CBILS scheme here

For more information about this scheme visit the British Business Bank website.

Coronavirus Job Retention Scheme (CJRS) & Furlough

Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.

Some of the rules for Furloughed workers have been released, please follow the link here for guidance.

Click here for more information about the Coronavirus Job Retention Scheme

Flexible furlough

Improved flexibility to bring furloughed employees back part time in July, and a new taper requiring employers to contribute modestly to furloughed salaries from August.

Find out more here

Deferring self-assessment payments on account

If you are due to pay a self-assessment payment on account by 31 July 2020, but the impact of the coronavirus causes you difficulty in making payment by that date, then you may defer payment until January 2021.

You are eligible if you are due to pay your second self-assessment payment on account on 31 July.

You do not need to be self-employed to be eligible for the deferment.

The deferment is optional. If you are still able to pay your second payment on account on 31 July you should do so.

Future Fund

This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

Find out more information here 

Self-employment Income Support Scheme

The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19).

Click here for more information

Guidance for the charity sector

Guidance to help with running your charity during the coronavirus (COVID-19) outbreak. This page is a reformatted version of the Charity Commission’s coronavirus (COVID-19) guidance, which was first published in March 2020.

Reduced rate of VAT for hospitality, holiday accommodation and attractions

On 8 July 2020, the government announced that it would introduce a temporary 5% reduced rate of VAT for certain supplies of hospitality, hotel and holiday accommodation, and admissions to certain attractions. Find out more.

Job Retention Bonus

Job Retention Bonus – The government will introduce a one-off payment of £1,000 to UK employers for every furloughed employee who remains continuously employed through to the end of January 2021.

Kickstart Scheme

The government will introduce a new Kickstart Scheme in Great Britain, a £2 billion fund to create hundreds of thousands of high quality 6-month work placements aimed at those aged 16-24 who are on Universal Credit and are deemed to be at risk of long-term unemployment. 

Eat Out to Help Out

In order to support around 130,000 businesses and to help protect the jobs of their 1.8 million employees,25 the government will introduce the Eat Out to Help Out scheme to encourage people to return to eating out. 

Construction Talent Retention Scheme

The government is funding a Construction Talent Retention Scheme to support the redeployment of workers at risk of redundancy.

Updates on tax & other reliefs

COVID-19 Corporate Financing Facility

Vat deferral

Statutory sick pay

Company accounts – three month filing extension 

Other resources for businesses

Public Health England – for advice on health/protection including home isolation.

ACAS – for more detailed advice on employer responsibilities and best practice.

British Chambers of Commerce – for advice for businesses and Government lobbying.

Local Enterprise Partnership: Growth Hubs – for business advice and support in your area.

Federation for Small Businesses (FSB) – advice for small businesses.

GOV.UK – for the latest foreign travel advice.

Health & wellbeing

NHS advice: for coronavirus information.

If you are feeling under pressure from the financial and emotional burden brought on by the coronavirus situation, support networks are available including Mind and the Samaritans.

 

Last updated: 13/07/2020

Are you unclear on any COVID-19 related issues that your business is facing? Get in touch and we will be happy to assist you

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