23 April 2020
If you are running a business, regardless of size, then you need to do all you can to ensure you survive and emerge from this period with light at the end of the tunnel. Various online tools and resources are now available to help businesses and self-employed people across the UK determine what financial support is available to them during the coronavirus pandemic.
New business support finder tool
The Government have launched a new ‘support finder’ tool, available on GOV.UK, which can be used to easily determine what support is available for you and your business in a matter of minutes.
You will be asked to fill out a simple online questionnaire, which will direct you to a list of the loans, tax reliefs and cash grants that you may be eligible for, along with links to further information for each scheme.
The tool assesses your requirements against the eligibility criteria for the various Government schemes launched in response to the coronavirus outbreak, including:
- The Coronavirus Job Retention Scheme (CJRS), paying 80 per cent of the wages of furloughed workers, up to £2,500. See our FAQs on the scheme here.
- Deferral of the next quarter of VAT payments for firms, until the end of June. See our FAQs regarding tax deferral here.
- £330 billion of loans and guarantees for businesses
- £20 billion in tax relief and cash grants to help businesses with cash flow
- The Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses. See our FAQs on the scheme here.
- Statutory sick pay cover
- Temporary removal of business rates for all eligible properties in the retail, hospitality and leisure sector
- The Self-Employment Income Support Scheme (SEISS), offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month. See our FAQs on the scheme here.
- Deferral of Self Assessment payments due in July 2020 until 31 January 2021
- A three month extension for filing accounts to businesses hit by coronavirus. See our FAQs regarding tax deferral here.
Visit the Business Support Finder Tool here to find out which loans, grants and reliefs you are eligible for.
Free webinars and videos from HMRC
HMRC are offering free webinars and videos to provide information about the support available.
The next live webinars are scheduled for Friday 24 April. During the live webinars, you will be able to ask questions using the on-screen text box.
One webinar will provide guidance on the Job Retention Scheme, including details regarding furloughed workers, the mechanics of the scheme, eligibility and how to calculate a claim. Follow this link to register for the CJRS webinar.
The other will look in detail at the Self-Employment Income Support Scheme, including who can apply and how, the amount you can claim and other support available. Register for the SEISS seminar here.
HMRC have also uploaded a number of pre-recorded webinars to their YouTube channel, including webinars covering:
- Supporting employees if your business is affected by coronavirus
- Running your business through the coronavirus pandemic
- Coronavirus (COVID-19) Job Retention Scheme
- Coronavirus Job Retention Scheme - how to make a claim
Follow this link to sign up for email alerts about live and recorded webinars, YouTube videos and online guidance.
Detailed FAQs regarding the Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme (CJRS) is a complex support package which was first announced on 20 March, with further updates and guidance provided by the Government in recent weeks.
On 21 April, a 30 page briefing paper was published by the House of Commons which provides answers to a number of frequently asked questions about the scheme and considers how the guidance interacts with the recently published Treasury Direction. The full report can be downloaded here.
We have also provided a more concise summary of the FAQs we are asked by our clients, which is regularly updated in line with latest guidance, and can be viewed on our website here.
If you have any queries or concerns in relation to applying for any of the Government schemes, or just generally in relation to your way forward through this coming period, please speak to your usual UHY contact or contact us via our online form.
