New, additional, measures have been introduced to provide support to businesses and their employees and also more detail has now been provided on some of the measures already unveiled. These are as follows:

Coronavirus Job Retention Scheme providing grants to businesses to cover 80% of the salary of PAYE employees who would have otherwise been laid off as a result of the crisis

Deferral of the next quarter’s VAT payments until the end of June 2020

Deferral of income tax payments due in July 2020 until January 2021

Universal Credit now available to the self-employed at the same rate as SSP

More detail on the Coronavirus Business Interruption Loan Scheme is now available. See https://www.british-business-bank.co.uk/new-coronavirus-business-interruption-loan-scheme-opens-to-smaller-businesses-across-the-uk/

Business rates holiday for nurseries in England for the 2020-2021 tax year. No action needs to be taken although council tax bills may need to be reissued to exclude the business rate charge

Mortgage & Rent holidays allowing mortgage borrowers (both residential and buy-to-let) and tenants to apply for a 3 month payment holiday from their lenders and landlords respectively

Availability of SSP for up to 2 weeks for directors of limited companies with less than 250 employees who need to self-isolate

More detail on these measures, including specific eligibility requirements and how to apply, can be found here https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

If you are unsure about any of the relief available to your business and/or to your employees or simply require additional clarification then please don’t hesitate to contact us, either by phone on 01942 760500 or by e-mail on info@hulljady.co.uk

As and when any further updates become available we will ensure that you are made aware of them.