COVID 19- Business support finder tool & Government’s support

Business support finder tool & Government’s support
Business support finder tool & Government’s support

HMRC recently launched a new COVID-19 business support finder tool will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic. 

Highlights 

  • New online platform helps businesses easily access the financial support they are eligible for during the coronavirus pandemic 
  • simple questionnaire takes business owners under a minute to complete and will signpost them to relevant government financial support 

Summary of Chancellor’s measures to date: 

At the time of writing this blogpost, here is summary of the Chancellor’s support package for businesses and individuals: 

  • £330 billion of loans and guarantees disbursed for businesses 
  • offered to pay 80 % of the wages of furloughed workers, up to £2,500
  • deferred the next quarter of VAT payments for firms, until the end of June – representing a £30 billion injection into the economy 
  • £20 billion in tax relief and cash grants to help cash flow 
  • Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support 
  • Coronavirus Bounce Back Loan- SMEs affected by coronavirus can borrow between £2,000 and £50,000 (or 25% of turnover, whichever is lower) through a Bounce Back Loan scheme. The government will guarantee 100% of the loan and for the first 12 months you will not have to pay any fees or interest, or make repayments 
  • offered to cover the cost of statutory sick pay 
  • entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily 
  • introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month 
  • deferred Self-Assessment payments due in July 2020 until 31 January 2021 
  • allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online 
  • suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic 
  • offered a 3 months extension for filing accounts to businesses hit by coronavirus 
  • In order to access the tool and know about all the possible schemes which your business could be eligible to, Click here
  • More details on support for businesses can be found on the coronavirus business support hub

123 Financials views? 

Business support finder tool will help businesses and self-employed people across the UK to determine what financial support is available to them during the COVID-19 pandemic. It will ask business owners to fill out a simple online questionnaire and will diplay all the relevant financial support. This tool consolidates all HMRC schemes to date in much needed one intuitive portal.  

Though this tool is straight forward but if you need specific advice or help with applying for these schemes, please contact us on 020 3900 3500 or sales@123financials.com