What UK government support is available for my business?
The UK government has announced extensive measures to help mitigate the impact of Coronavirus:
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No business rates in 2020/21 for hospitality businesses (including caravan parks and campsites), irrespective of their size, to be applied automatically
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Retail, hospitality and leisure businesses with a Rateable Value between £15,000 and £51,000 will be eligible for a government grant of £25,000
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A grant of £10,000 for all businesses eligible for Small or Rural Business Rate Relief
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The Coronavirus Job Retention Scheme, whereby employers can get a grant of 80% of wages for staff not working (‘furloughed’), of up to £2,500 per month. This will be backdated until 1st March and open for 3 months initially. The first payments are due at the end of April
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VAT relating to the period 20th March to 30th June deferred for all businesses automatically, payable instead at the end of the financial year instead. For the self-employed, Income Tax payments due on 31st July 2020 will be deferred until 31st January 2021
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The Coronavirus Business Interruption Loan Scheme (up to £5m) and Bounce Back Loans (up to £50,000) are interest-free for 12 months and guaranteed or part-guaranteed by the government
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HMRC’s Time to Pay scheme for businesses and self-employed people in financial distress, with outstanding tax liabilities
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Self-employed people will be able to access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees
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Statutory Sick Pay relief of two weeks per eligible employee absent for COVID-19, for SMEs only
Visit gov.uk for more information and to apply for any measure that are not automatic. Announcements were also made in Scotland, Wales and Northern Ireland.