Please see below a summary of the main government measures announced, at the current time, to help support businesses.
As we receive more information and clarification we will provide updates.
- Coronavirus Job Retention Scheme where all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees' salary for those who would otherwise have been laid off during this crisis. There is a brief outline at Find out more and the ICAEW has published how it understands the scheme will work at ICAEW guidance.
- VAT Deferral for 3 months for businesses. Find out more.
- Time to Pay – all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC's Time to Pay Service. Find out more.
- Filing extension at Companies House If your accounts will be late because your company is affected by COVID-19, you can apply for an automatic and immediate 3 month extension to file your accounts. Find out more.
All self-assessment taxpayers
- Income Tax Deferral for all self-assessment taxpayers, including those who are self-employed, of any 31 July 2020 payment on account until January 2021. Find out more.
- Self-employment Income Support Scheme will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. Find out more.
- Income Tax Deferral see “All self-assessment taxpayers” above for deferral of any 31 July 2020 payment on account due.
- Small Business Grant Funding for small businesses in England that already pay little or no business rates because of small business rate relief, rural rate relief and tapered relief. Find out more.
Small and medium businesses
- Coronavirus Business Interruption Loan Scheme which will help businesses affected to access bank lending and overdrafts if they need to. For loans up to £5 million, the Government is providing a guarantee for each loan. Find out more.
- Coronavirus Bounce Back Loan Scheme will help small and medium-sized businesses affected to apply for loans of up to £50,000. The Government is providing a guarantee for each loan. Find out more.
- Statutory Sick Pay Rebate to allow small and medium-sized businesses to reclaim Statutory Sick Pay paid for staff absence due to coronavirus. Find out more.
- Covid-19 Corporate Financing Facility where the Bank of England will buy short-term debt from larger companies. Find out more.
Retail, Hospitality and Leisure businesses
- Business Rates Holiday for Retail, Hospitality and Leisure sectors in England for the 2020-21 tax year. Find out more.
- Up to £25,000 per property Cash Grant for Retail, Hospitality and Leisure businesses in England. Find out more.
If you would like further information on any of the topics covered, please contact your usual Citroen Wells Partner by email.
This memorandum is for guidance only and professional advice should be obtained before acting on any information contained herein as no responsibility can be accepted by Citroen Wells for loss occasioned to any person as a result of action taken or refrained from in consequence of its contents.