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.
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