COVID 19 – How HMRC is Supporting Businesses?

In the Budget (11 March 2020) the Chancellor announced a package of measures to provide support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised. These measures will really help small Business and Individuals working for them to survive through tough times. Below are some highlights of benefits that small businesses can claim –

  • 6 months interest free loan to cover up to 80% of losses from British Business Bank under Coronavirus Business Interruption Loan Scheme
  • 14 days (starting from 1 st day off work) Statutory Sick Pay for all employees
  • Pay arrangement programme with dedicated support line (0800 0159 559) to help financially distressed tax payers (Business and Self-employed)
  • £10,000 cash grant for small business that are eligible for small business rate relief / Rural rate relief
  • Business rate holiday for retail, hospitality and leisure businesses for tax year 2020-21
  • Additionally, £25,000 grant for retail, hospitality and leisure businesses operating from smaller premises

Further, the UK government has decided to delay the rollout of IR35 tax reforms until 06 April 2021.

About Covid -19; Extended Support by UK Government Click Here