Welcome to the Buzzbar Coronavirus Business Hub — your one-stop resource to keep your business moving during the next few weeks and months while it’s business as unusual.
We want you to know you’re not alone. While we may not be able to see you in person, we’re always available to share a virtual cup of tea and chat through your options.
We’ll be constantly updating this page with new information and resources so bookmark it and share with your work and #letskeepbritainmoving.
Need help with your strategy? Book your consultation with one of our Marketing Specialists.
LAST UPDATE: 27th March, 2020 @ 18:00
1) Main resources
UK Government business support centre [LINK]
- Coronavirus Business Interruption Loan Scheme
- Coronavirus Job Retention Scheme
- Small Business Grant Funding
- Statutory Sick Pay Rebate
- Income Tax Deferral for the Self-Employed
- Business Rates Holiday for Retail, Hospitality and Leisure
- Cash Grant for Retail, Hospitality and Leisure
- Time to Pay
- Covid-19 Corporate Financing Facility (larger companies)
- Business Rates Holiday for Nurseries
- VAT Deferral
There are options available to businesses of all sizes:
A grant is available calculated at 80% of business profits. The maximum grant is £2,500 per month. Grant available for 3 months (so maximum of £7,500). Grant to be paid in one lump sum in early June. HMRC will pay directly to your bank account. It is a grant – so NOT repayable
HMRC will calculate based on your submitted Tax Returns. If not filed 18/19 Tax Return, have 4 weeks to do so. HMRC will check eligibility automatically. If eligible, HMRC will invite your application. Do NOT contact HMRC – they will contact you. Annual profits before maximum grant reached is £37,500.
Annual trading profits below £50,000. More than half your income from self-employment (relevant if have rentals, employment, investment income)
Trading profits must be below £50,000 in either: 18/19 tax year or average of 16/17, 17/18 and 18/19 tax year.
A number of different grants are available to businesses during this period, available to anyone paying business rates and receiving small business rate relief. Here’s everything you need to know:
1) £10,000 grant
- NOT repayable
- Guidance is available from 1st April
- Grants will be available from mid-April
- Local council will automatically contact eligible businesses
2) £25,000 grant
Available if you meet 3 conditions:
- PAY business rates
- In retail, hospitality or leisure industry
- Rateable value between £15,000 and £51,000
- Guidance available from 1st April
- Grants available from mid-April
- You will need to apply direct to your local council (once guidance is available)
3) Employee guidance
If you’re an employee of any business, not just small businesses, you can find the latest government advice here
No payment of VAT between 20th March and 30th June.
As VAT is normally due one month and seven days after VAT quarter ends, then the following quarters apply under new rules:
- Quarter ended 29st February 2020
- Quarter ended 31st March 2020
- Quarter ended 30th April 2020
Any “deferred”/unpaid VAT MUST be paid by 5th April 2021.
Note: this is VAT payments due in the above time period.
Remember – VAT for quarter ended 31st May 2020 is due 7th July 2020, so NOT covered by new rule.
If you prepare MONTHLY VAT Returns then payments for the following periods do NOT need paying:
- Month ended 29th February 2020
- Month ended 31st March 2020
- Month ended 30th April 2020
Comprehensive advice for employers and employees — including social distancing, Statuory Sick Pay (SSP), and redundancies — can be found over at ACAS.
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