COVID-19 Small Business
COVID-19: Government Help & Support | What Do You Need To Know?
Covid-19 – What you need to know about Government help and support
Covid-19 continues to evolve quickly and as of this morning we find ourselves under strict instruction from the Government to remain indoors bar a handful of circumstances which can be found here.
We know this is a particularly difficult situation for small businesses. Fortunately, the Government has introduced a raft of measures to alleviate some of the pressure and in this blog we have highlighted four useful things that you should be aware of.
If you are concerned about paying tax during Covid-19, please contact HMRC. They have a dedicated hotline (0800 0159 559) and are on hand to talk through any tax concerns.
VAT will be deferred from March 2020 to June 2020 which means you will not need to pay anything during this period. This will happen automatically and no action is required from you.
Business rates holiday
Business rates will be slashed for all retail, hospitality and leisure businesses in England for the next year. Again, no action required – the rates will be removed automatically from your next council tax bill. If you would like to know how much money you will save, you can use the business rates calculator.
Job retention scheme
To protect jobs, the Government has introduced a new Coronavirus Job Retention Scheme. This means Government grants will cover 80% of the salary of a PAYE employee up to £2,500 per month. This is open to employers in the UK and will cover salaries backdated to 1st March 2020. To access this, you have to identify your employees as a ‘furloughed worker’ and notify HMRC of this and their salary on a new online portal. HMRC will set out further details on this in the coming days.
We are committed to providing you the most up to date information so please keep an eye on our blog and if you have any questions, our friendly agents are available to help on 01276 944 512.
Disclaimer: The content of this page is a summary of the law in force at the present time and is not exhaustive. Any links to other sites, are provided for your information only: Liberis is not authorised to provide financial advice. If you access other sites using the links provided, we accept no responsibility for the content of those sites