The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. Updated 4 May 2020.
To keep our clients and contacts updated throughout a difficult time for business, we’ve put together a number of articles containing the latest practical information. We’ll keep updating this page and our social media channels with all the latest news, so follow us on LinkedIn, Twitter, Instagram or Facebook to stay informed.
Watch our video for top tips and advice on how to manage your business throughout this unprecedented period:
Got any specific questions? We've put together some handy FAQs around some of the more unclear parts of the government schemes.
The initial support package of measures that the Chancellor has outlined includes:
- a statutory sick pay relief package for SMEs – click here for further details.
- a 12-month business rates holiday for all retail, hospitality and leisure businesses in England – additional information will be available from 20 March 2020. Find out more about business rate relief here.
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief – additional information will be available from early April 2020.
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 – more information available from 20 March 2020.
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank – additional information will be available from 23 March 2020. Click here to find out more.
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans – more information available from 23rd March 2020. Click here to find out more.
- the HMRC Time To Pay Scheme
- the Coronavirus Job Retention scheme, which will see the government pay 80% of employee wages up to £2,500. Click here to find out more.
- a VAT and income tax deferment scheme, allowing businesses to defer payments for three months. Click here to find out more.
- a Self-Employment Income Support scheme, which will allow self-employed individuals to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next three months. Click here to find out more.
- the Bounce Back Loan Scheme, a 100% government backed scheme aimed at small businesses looking to borrow between £2,000 and £50,000. Click here to find out more.
Support for businesses paying tax
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. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 024 1222.
Find out more about the options available if you're struggling to pay tax in our video:
How are we helping our clients?
We can support a loan application through our online brokerage Capitalise and can work through the whole application for clients. This will then be able to be processed through the Coronavirus loan scheme where eligible.
We have been a cloud-based business for a long time, and this puts us in good stead to help our clients in this time of need. We are constantly reviewing our clients’ Xero accounts for major red flags and will highlight any spend we feel could be reduced.
We have a number of app partners supporting us at this time in vital areas of your business including, credit control, cashflow planning and business planning and monitoring. If you wish to discuss this in more detail, please get in touch as we have free licences available.
While there will be plenty of disruption over the next few weeks, we’re here to help! To arrange a call, email Julie on firstname.lastname@example.org or complete our enquiry form.