J&J 12 Point Guide for Small Businesses During COVID-19
(1) Self Employment Income Support Scheme –
Grants for self-employed based on 80% of last 3 years profits.
(2) Small Business Grant – one off payable grant of £10,000 to businesses occupying a property qualifying for small business rates relief.
(3) The Retail and Hospitality Grant Scheme –
One off cash grant up to £25,000 for businesses in the hospitality, leisure and retail sector. Applicable to those with business properties with a rateable value under £51,000.
(4) Job Retention Scheme- for all business with a PAYE registered scheme. 80% of wages costs, up to a max of £2,500 can be claimed back for ‘furloughed workers’.
(5) Vat Deferral Scheme – for vat registered businesses. Optional deferral of any vat payments falling due from 20/3/2020 – 30/6/2020. Can be deferred until 31/3/2021 without incurring interest or penalties.
(6) Income Tax Deferral Scheme – for any tax payer paying under self-assessment. Optional deferral of the 2nd payment on account (due 31/7/2020) to 31/01/2021, without incurring penalties.
(7) Statutory Sick Pay – for any business with a PAYE registered scheme. Up to 14 days SSP can be claimed for employees who are unable to attend work due to COVID-19 illness, that are not furloughed.
(8) Business Rates Holiday – business rates holiday for businesses in the hospitality, leisure and retail industry for 2020/21.
(9) Coronavirus Business Interruption Scheme – Government back loan scheme for small and medium businesses. Up to 40 accredited lenders offering preferential rates on overdrafts, loans, invoice financing, and asset financing.
(10) Commercial Insurance – for any business holding business (interruption) insurance. May cover loss of earnings due to Coronavirus. Contact your insurers for help.
(11) Universal Credit – for sole traders and individuals. A government welfare scheme to help pay for living costs. Standard allowance starts at £409.89 per month from 1/4/2020.
(12) Time to Pay Service – for all Businesses and Self-employed experiencing financial distress who need additional time to pay outstanding tax liabilities.
For full details and eligibility please refer to the government publication below.
https://www.gov.uk/…/guida…/covid-19-support-for-businesses…
It is important to J&J that we are here to help our clients, and other businesses, find access to the financial right support and assistance. Please contact us on 07793 824995 for further advice or whatsapp us directly . Please share this so we can help as many people as possible. Thank you.