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COVID-19: support for businesses

The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.

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

If you do have any queries, please get in touch with your usual contact at Xaviers Chartered Certified Accountants or email: info@xaviersaccountants.co.uk

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Xaviers Accountants Limited are registered with the Association of Chartered Certified Accountants as chartered certified accountants. Xaviers Accountants Limited are registered as auditors by the ACCA in the UK under registration number 4549677.

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