Coronavirus Business Interruption Loan Scheme:
For small and medium-sized businesses with an annual turnover of up to £45 million, the government is enabling access to loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years.
Further details here: https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This means smaller businesses will benefit from no upfront costs and lower initial repayments.
Business and Leisure Grant Fund:
£10k Small Business Grants Fund (SBGF) & £25k Retail, Hospitality and Leisure Grant Fund (RHLGF) – visit your local authority portal:
- East Suffolk – https://lnkd.in/dgbiC2f
- Ipswich – https://lnkd.in/d-mEdFA
- Babergh & Mid Suffolk – https://lnkd.in/dnhJrb9
- West Suffolk – No form but further information https://lnkd.in/dE-zjgh
Coronavirus job retention scheme:
This provides employees up to 80% of their salaries whilst furloughed. Full details can be found here: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
Deferred VAT & Income Tax:
- All UK businesses that are VAT registered have the option of deferring VAT payments due between 20th March and 30th June; meaning that you will have until 31st March 2021 to pay any VAT postponed as a result of this.
- To proceed with this, simply do not make the VAT payment during this period – you do not need to alert HMRC.
- Don’t forget that you will need to cancel any direct debit payment that you have set up with your bank to stop the payments from automatically being deducted.
- This is all optional; you may continue making the payments if you so wish.
- VAT returns must still be submitted as usual.
Business rates relief:
You can get small business rate relief if:
- your property’s rated value is less than £15,000
- your business only uses one property – you may still be able to get relief if you use more.
The relief will apply to your business rates bills for the 2020 to 2021 tax year. Your local council may have to reissue your bill but will do this as soon as possible.
Contact your local council to find out about your business rate relief https://www.gov.uk/contact-your-local-council-about-business-rates
Self-employed workers (UK based):
80% income support – coming in June 2020:
- Self-employed workers will now receive the same support as employed furloughed workers
- This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
- Only applies for people:
- with trading profits up to £50,000.
- You must have filed an Income Tax Self Assessment tax return for 2018-2019 (you have 4 weeks from 26/03/2020 to get this filed)
- Who earn more than half of their income from self-employment
- Have lost trading/partnership trading profits due to COVID 19
- You cannot apply for this yet; HMRC will contact you if you are eligible and this is currently anticipated to be in June 2020
Whether you are currently in or out of work, if you are on a low income and affected by the economic impacts of COVID-19, you will be able to access the full range of the welfare system, including Universal Credit.
You can claim Universal Credits if:
- You have Covid-19 or are staying at home
- You are self-employed
- Support for rent costs
Focus On Digital Marketing:
Digital Marketing encompasses all the marketing efforts that use the internet so we may as well make the most of the tools on offer whilst human contact is limited.
Check out some of our blogs below that offer some inspiration, tips and benefits – also a gentle reminder demonstrating how important it is:
If you find yourself in need of any support or advice during this time or even just a friendly environment to join, we are offering an online version of our popular Local Meet Sessions. These are hosted by various member of our lovely Star Squad covering a range of business-related subjects that you might need some guidance with.
Go to the following page to view our selection of upcoming online events: https://pioneerchicks.com/events/