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