support available
Last updated on 14/05/20 | Q&A Session with Tim Loughton MP |
COVID-19: support for businesses 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. This includes a package of measures to support businesses including:
Support for self-employed through the Self-employment Income Support SchemeThe Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19). This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. Guidance Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme Use this scheme if you're self-employed or a member of a partnership and have lost income due to coronavirus. Who can applyYou can apply if you’re a self-employed individual or a member of a partnership and you:
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:
If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment tax return. If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020. HMRC will use data on 2018-19 returns already submitted to identify those eligible and will risk assess any late returns filed before the 23 April 2020 deadline in the usual way. How much you’ll getYou’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable):
To work out the average HMRC will add together the total trading profit for the 3 tax years (where applicable) then divide by 3 (where applicable), and use this to calculate a monthly amount. It will be up to a maximum of £2,500 per month for 3 months. We’ll pay the grant directly into your bank account, in one instalment. | Applications for Self-Employed Income Support Scheme open early The government’s world-leading scheme to support the self-employed has today opened for claims – weeks ahead of schedule.
From 8am this morning self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits. Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to land in bank accounts within six working days of each claim. Everyone eligible for the SEISS, which is one of the most generous support schemes announced by any government in response to coronavirus, will be able to receive the government grant by 25 May, or within six days of a completed claim. Click here for more information Bounce Back Loan Scheme - Now open for applications! Following the Chancellor of the Exchequer’s announcement, the Bounce Back Loan Scheme is now open for applications. Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k. Providing lenders with a 100% government-backed guarantee and standardising the application form is expected to lead to a faster process with many loans becoming available within days Scheme features The Bounce Back Loan Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% a year. The government will cover interest payable in the first year.
Coronavirus Job Retention Scheme up and running The Government’s Coronavirus Job Retention Scheme went live today, with businesses able to claim up to £2,500 a month towards staff wages. The link to the online portal can be found here · Government’s furlough scheme opens for applications today - 10 days ahead of schedule
The Government’s Coronavirus Job Retention Scheme went live today, with businesses able to claim up to £2,500 a month towards staff wages. Employers can apply for direct cash grants through HMRC’s new online portal - with the money expected to land in their bank accounts within six working days. The job retention scheme, announced by Chancellor Rishi Sunak as part of a package of support to protect jobs and businesses, allows employers to claim for a cash grant of up to 80% of a furloughed employees wages, capped at £2,500 a month. Millions of people across the UK are expected to benefit from the scheme, with businesses including Pret a Manger, Brewdog and Timpsons using it to ensure staff keep their jobs and are paid whilst many high street businesses are closed. HMRC’s easy to use portal has a step by step application process and up to 5,000 staff will be manning phone lines and webchat services to ensure any questions can be answered. Financial Support for Businesses update from Adur & Worthing Council The Councils have been charged by the government with administering the grant system which is available to around 2,500 businesses. In Worthing £26m has been allocated for the support during the coronavirus crisis and in Adur the figure is £17m. The Councils have developed an easy-to-use online form which is now live at https://www.adur-worthing.gov.uk/coronavirus/business-support/ but are stressing that business owners must read the government guidelines on the section first to be sure they are eligible for the grants. Once forms have been filled in they will be verified by staff at the Councils before payments are made. We recommend that you follow Adur & Worthing Council's LinkedIn page as they have lots of useful updates and information. Click here to see.Furlough scheme cut-off date extended to 19 March Thousands more employees will be able to receive support through the Coronavirus Job Retention Scheme (CJRS) after the eligibility date was extended to 19 March 2020. Under the scheme announced by Chancellor Rishi Sunak last month, employers can claim a grant covering 80% of the wages for a furloughed employee, subject to a cap of £2,500 a month. Click here more more information Support for businesses through the Coronavirus Job Retention SchemeUnder the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant The Coronavirus Job Retention Scheme will cover the cost of wages backdated to 1 March and is initially open for 3 months, but will be extended if necessary. HMRC will set out more details shortly. All UK businesses are eligible. How to access the scheme:You will need to:
HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers. If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan. Support for retail, hospitality and leisure businesses that pay business ratesBusiness rates holiday for retail, hospitality and leisure businesses We will introduce a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Eligibility You are eligible for the business rates holiday if:
Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used:
How to access the scheme: https://www.adur-worthing.gov.uk/coronavirus/business-support/ Cash grants for retail, hospitality and leisure businessesThe Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property. Businesses in these sectors with a property that has a rateable value of up to £15,000 will receive a grant of £10,000. Businesses in these sectors with a property that has a rateable value of between £15,000 and less than £51,000 will receive a grant of £25,000. Eligibility You are eligible for the grant if:
Businesses which don’t pay business rates are not included in this scheme. Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used:
How to access the scheme: |
Please note: This is not an extensive list. There is more in depth information and many topics being updated regularly so please check for updates. |
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