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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.

Winter Economic Plan

For more information on the Winter Economic Plan see here

Coronavirus Job Retention Scheme & Furlough

The Coronavirus Job Retention Scheme has helped thousands of businesses to pay the wages of employees who can’t work because of the pandemic. The Government pays 80% of the furloughed employees’ salary up to £2500 a month. 

The scheme has been extended until 31 April 2021. You can check if you’re eligible and find out how much you can claim here.

Bounce Back loans

This scheme helps small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000. The application deadline has been extended until 31 March 2021 and you can 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.

COVID19 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.

Local Restrictions Support Grant 

Businesses who have been forced to close due to the Government’s national restrictions as of 5th January 2021 could be eligible for a one-off grant worth up to £9,000. 

You can find out more about the grant here and you will need to contact your local authority to apply. 

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, retail, hospitality and leisure businesses will be able to apply for a one-off top up grant of up to £9000 per property. Find out more here.

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 guaranteeing 80% of the finance to the lender, as well paying interest and covering feeds for the first 12 months. The application deadline for the scheme has been extended to 31 March 2021.

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.

Self-assessment payments

If you were due to pay a self-assessment payment 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 31 January 2021.

Even if you can’t pay your tax liability in full, you should still submit your return by 31 January to avoid any late filing penalties. Once your return has been filed, you can request to spread the cost of your liabilities through the Time to Pay facility. You can find out more here.

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

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. Applications are open until 31 January 2021.

Find out more information here.

Self-employment Income Support Scheme

The Self-employment Income Support Scheme (SEISS) supports self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19). The online service for the third grant is now available.

The third grant is worth up to 80% of your average monthly trading profits and is paid out in one instalment which will cover 3 months worth of profits. It is capped at a total of £7,500. 

If you are looking to apply for a third grant through SEISS, you must be able to prove the new or continuing implications of COVID19 on your profits and must claim on or before 29 January 2021. You can make a claim here and find out more by clicking here.

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 temporary 15% VAT cut for the tourism and hospitality sectors has been extended 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.

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. 

Construction Talent Retention Scheme

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

VAT deferrals 

HMRC are allowing businesses and individuals to defer VAT for the quarter ended 30 June 2020, on the premise that it had to be repaid by 31 March 2021. This stipulation has now been relaxed, with HMRC allowing VAT repayment over an 11 month period. All instalments must be paid by March 2022. Find out more here.

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.

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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