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.
Winter Economic Plan
For more information on the Winter Economic Plan see here
Job Support Scheme
The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce. The scheme will open on 1 November 2020 and run for 6 months. More information 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.
The Chancellor announced the burden will be lifted on more than a million businesses who took out a Bounce Back Loan through a new Pay as You Grow flexible repayment system. This will provide flexibility for firms repaying a Bounce Back Loan. More 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
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.
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.
The Chancellor announced the government will give Coronavirus Business Interruption Loan Scheme lenders the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan. More info here.
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
The rules for the scheme have changed.
Unless you’re making a new claim for an employee who is a military reservist or is returning from statutory parental leave, you can only continue to claim through the scheme if:
- you have previously furloughed the employee for 3 consecutive weeks between March 1 and 30 June
- you submitted your claim before 31 July
Find out more information here
Click here for more information about the Coronavirus Job Retention Scheme
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.
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). The scheme has been extended until 30th April 2021.
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.
The government announced it will extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021.
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.
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.
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
As announced by the Chancellor on 24th September; up to half a million business who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments.
Around 11 million self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
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.