Support for COVID-19
The UK, Scottish and Welsh Governments and the Northern Ireland Executive have announced a wide range of measures to support businesses that are experiencing financial difficulties due to COVID-19 (commonly referred to as the ‘Coronavirus’). The support that is available depends on the particular circumstances; for example, the sector in which the business operates.
This guidance is based on the information available as at 6 April 2020. Since developments and updates on this issue is advancing at a fast pace, we encourage you to seek further updated guidance.
Overview of the main types of support:
The key measures announced by the UK, Scottish and Welsh Governments and the Northern Ireland Executive are summarised below by reference to the type of business, the size of the business and the activities carried on by the business.
Although the focus is on tax-related measures, we have included other key measures too, including access to finance, so that you are able to obtain advise the business needs on all of the available options. Only measures directly related to COVID-19 are covered here.
Please note that more than one category may be relevant for a particular business; for example, the business may employ staff and operate in the retail sector, in which case the sections Employers and Particular sectors will be relevant.
Categories and measures:
All businesses category
- Time to pay arrangements – agree payment plan with HMRC
- Protection from eviction due to non-payment of rent
- Income Support Scheme
- 31 July 2020 payment on account (PoA) deferred to 31 January 2021
- Changes to access to, and amounts of Universal Credit
- Apply to Companies House for extension to filing date
- POA deferral (see above) applies to owner managers too
- Directors may qualify for the Job Retention Scheme
- Job Retention Scheme
- Reclaim statutory sick pay (SSP)
- Relief from making VAT payment for three months
- One-year deferral to deadline for digital links for MTD for VAT
- Grant of £10k for occupiers of property
- Coronavirus Business Interruption Loan
Large businesses category
- COVID-19 Corporate Financing Facility - the Bank of England will buy short-term debt from larger companies
- Access to government-backed loans through the Coronavirus Large Business Interruption Scheme
- Changes to the IR35 rules for larger private-sector businesses delayed to 6 April 2021
Particular sectors category
- Enhanced cash grant for retail, etc. business.
- Cash grants from Arts Council England for cultural businesses
Particular regions category
- Wales: grants and funding from £500m Economic Resilience Fund
- Scotland: targeted support for airports, the seafood fishing industry and charities, etc.