Are you self-employed or a freelancer

getting to grips with what #Covid19 support is on offer you?

Take a look at our roundup of support available

from government and other professional bodies 

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What help is available for small businesses, gig workers, and the self-employed affected by coronavirus (COVID-19)?

Posted by Jake Smith on Apr 17th, 2020 |   
Running a business

Government support for small and medium-sized businesses, and the self-employed.

Announcements by the government (jump to the relevant section)

  • 17th April 2020 Coronavirus Job Retention Scheme to be extended by a month so it will now run from 1st March to at least the end of June 2020

  • 15th April 2020 Important change to the Coronavirus Job Retention Scheme for eligibility

  • 8th April 2020 Coronavirus Job Retention Scheme to be launched 20th April

  • 4th April 2020 Confirmation that the Coronavirus Job Retention Scheme is available to limited company directors, including sole director,s to cover their PAYE salary

  • 28th March 2020 – Changes to insolvency rules to help companies trade

  • 26th March 2020  – Support for self-employed announced – taxable grant of up to 80% of trading profits capped at £2,500 per month

  • 25th March 2020 – three-month extension period to file company accounts, confirmation on some details of VAT deferral

  • 23rd March 2020 – Lockdown – details on how businesses are affected

  • 20th March 2020: (Job retention scheme, 80% employee wages promise, deferral of income tax and VAT payments, SSP relief and update to loan scheme)

  • 17th March 2020: (£330bn support package, Mortgage payment holiday, help for renters and Buy-to-Let landlords, changes to Statutory Sick Pay (SSP) for employees, and Employment Support Allowance and Universal credit changes)

Summary of government support available

Measure

Targeted at:

How to apply

Status

Coronavirus Job Retention Scheme

Employers.

Also covers PAYE earnings of limited company directors including sole directors of personal service companies, agency workers and agency workers working through an umbrella company.

Self-serve through HMRC online

Online service available from 20th April 2020

Self-employment Income Support Scheme

Self-employed (sole traders or partnerships only – not directors of limited companies)

HMRC will check potential eligibility and invite applications once the scheme is operational.

Online service available early June 2020

Deferral of Self Assessment payment on account due on 31st July to 31st January 2021

Anyone with a self-assessment payment on account due on 31st July 2020

Applies automatically

Live

VAT deferral until 30th June

All UK businesses who are VAT registered

Deferral applies between 20th March and 30th June – applies automatically

Live

Additional time to pay your tax bills

All UK businesses

Contact HMRC

Live

Suspension of wrongful trading rules to help companies trade

All UK businesses

TBC

TBC

Small Business Grant Scheme £10,000 one-off grant

Small businesses paying little or no business rates in England

No application needed – eligible businesses to be contacted by their local authorities

Live

Statutory Sick Pay Rebate

UK small or medium-sized businesses employing fewer than 250 employees as of 28 February 2020.

TBC

Being developed

Lending facility for larger firms

Large UK businesses

Apply via company banks

Live

Business Interruption Loan Scheme

UK businesses with turnover less than £45 million per year

Apply via company bank or one of the 40 accredited finance providers

Live

Support for retail, hospitality and leisure businesses that pay business rates

Businesses based in England

in the retail, hospitality and/or leisure sector

Applies automatically for the 2020/21 tax year

Live

Cash Grant for Retail, Hospitality and Leisure

Property that has a rateable value of:

– up to £15,000 may be eligible for a grant of £10,000

– over £15,000 and less than £51,000 may be eligible for a grant of £25,000.

No application needed – eligible businesses in the retail, hospitality or leisure sector to be contacted by their local authorities

Live

Support for nursery businesses that pay business rates

Business rates holiday for nurseries in England for the 2020/21 tax year.

No application needed – eligible nursery businesses to be contacted by their local authorities

Live

Support for businesses in Scotland

Measures specific to Scottish businesses

Various in additional to UK wide measures

Live

Support for businesses in Wales

Measures specific to Welsh businesses

Various in additional to UK wide measures

Live

Support for businesses in Northern Ireland

Measures specific to Northern Irish businesses

Various in additional to UK wide measures

Live

Three month extension period to file accounts with Companies House

All UK companies

Online – must apply before company statutory filing deadline for accounts

Live

Interpreting and Translation Updates 

by Klasiena Slaney

 

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