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HMRC Online Services
With the ongoing government announcements regarding support measures for businesses during the COVID-19 pandemic, we are able to provide help and assistance to those wondering what may be available to them.
GOVERNMENT SUPPORT FOR BUSINESSES updates
This includes a package of measures to support businesses including:
a Coronavirus Job Retention Scheme
deferring VAT and Self-Assessment payments
a Self-employment Income Support Scheme
a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
the HMRC Time To Pay Scheme
Access to the CJRS grant
Any entity with a UK payroll and a UK bank account will be able to claim, including individuals, businesses, charities, recruitment agencies and public authorities.
The online service through which claims will be made is expected to be available at the end of April 2020. The claimant, not HMRC, will need to calculate the amount being claimed. It is not yet clear whether, and if so how, agents will be able to apply on behalf of their clients.
The following information will be needed:
ePAYE reference number
the number of employees being furloughed
the claim period (start and end date)
amount claimed (per the minimum length of furloughing of 3 consecutive weeks)
the relevant bank account number and sort code
claimant’s contact name
a contact phone number
Small Business Grant Funding
What is it?
The Government is providing additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
Am I eligible?
You will be eligible if:
1. Your business is based in England* AND
2. In receipt of small business rate relief or rural rate relief as of 11 March AND
3. You are a business that occupies property
Accountant | Peter Brealey Chartered Accountants | Leicestershire T: 01455 612000
Brealey Foster & Co
2-4 The Horsefair, Hinckley LE10 0AN