Temporary measures to support the UK through the coronavirus
Chancellor Rishi Sunak announced a series of temporary measures to support individuals and businesses during the coronavirus outbreak, stating that whilst the effects may be significant, the government believed they were only temporary.
Help for businesses
SME employers with fewer than 250 staff will be refunded up to 14 days of Statutory Sick Pay (SSP) per employee providing certain conditions are met. These include adequate record keeping and that the sickness is coronavirus related.
Some small businesses affected by coronavirus will receive a 100% Business Rates discount for 2020/21. Relief has also been extended to the hospitality and leisure sectors. Pubs can claim a Business Rates discount up to £5,000, providing the pub has a rateable value below £100,000.
Time to Pay – The HMRC is setting up a dedicated help line with 2,000 experienced call handlers for those affected by the virus. Businesses and the self employed will get extra time to pay their tax liabilities, with late payment penalties and interest waived during the affected period.
Business Interruption Loan Scheme – businesses will be able to access funding and overdrafts via this government backed initiative with the scheme supporting loans of up to £1.2m in value.
Help for individuals
SSP will be available from day 1 of corona-related sickness absence or for those self-isolating.
Employers will relax the requirements around sick notes.
For those ineligible for SSP, it will be easier to access Employment & Support Allowance and the Universal Credit and this is claimable by those self-isolating or directly affected by the coronavirus.
Help for public services
The National Institute for Health Research will receive funding of £30m to carry out research into the virus and its effects. An additional £10m is available for diagnostic testing.
If your finances have suffered as a result of the coronavirus, we can help you understand what help you are entitled to. Please get in touch to discuss your options. [email protected] or call 01527 558539.