The UK Government has announced a number of schemes over the period of time since the start of the Covid-19 pandemic to minimise the impact of the pandemic on the UK business community.
Below is a comprehensive overview of all such measures announced by the government to date.
This scheme was announced for businesses who could not receive the business grant due to lack of documentary evidence or some other shortcomings and is purely at the discretion of respective councils on case to case basis. Here is how to apply.
Coronavirus Bounce Back Loan Scheme
Only for small and medium-sized businesses, can borrow between £2,000 and £50,000.
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme. Existing loan up to £50,000 under CBILS can be converted to Bounce Back Loan.
The Government have extended the Retail Discount to 100% for the year 2020/21. This will apply to all retail, hospitality and leisure sectors, nurseries and child care providers. All businesses will not need to pay VAT from 20 March 2020 to 30 June 2020.
Coronavirus Job Retention Scheme
The Government will help all UK employers by:
Employees must be registered for PAYE online in order to be furloughed.
Statutory Sick Pay Relief
People suffering from coronavirus can take the necessary time off and employers (with fewer than 250 employees) will be able to reclaim Statutory Sick Pay up to 2 weeks per employee.
Support for Self-Employed People
The Government self-employed scheme allows to claim a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for 3 months.
We at Finance Equation provide every possible support to businesses and entrepreneurs to help them sustain through this time of financial challenges and ensure they get the maximum benefit of the relief measures announced by the government.
If you have not availed these grants or financial assistance measures or you are facing difficulties in accessing these, our financial experts can help to identify the right benefit for you and assist in the application and approval process for the access to these benefits.
Finance Equation Ltd are multi-award-winning Chartered Certified Accountants providing cutting-edge expert services to individuals, property investors, businesses and contractors. We specialise in serving small, medium and large companies. We understand our clients’ needs and are passionate about providing the right advice and expertise to save you money.
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