ADDITIONAL BUSINESS INFORMATION
If you require more immediate financial support and intervention, please contact your own bank or creditors in the first instance. Short term extensions to overdrafts or other solutions may be available until the following government measures are in place. Please consider your options carefully and please hang in there - we are trying to get help to you.
The UK Government’s support for business was announced on 20 March.
Full details are available here.
The Chancellor has asked that no employer shed any staff in light of these commitments.
The package announced by the Chancellor included:
- The creation of a Coronavirus Job Retention Scheme which will see any employer in any sector, be it a commercial enterprise, charity etc, able to apply to HMRC for it to pay 80% if the salary of any employee who is unable to work as a result of the pandemic, either through illness, self-isolation or furlough (a leave of absence).
HMRC will pay the salary of each employee up to a cap of £2,500 per month. This will pay for any number of employees in each organisation.
It will be backdated to the beginning of March.
The UK Chancellor has confirmed the extension of Furlough payments until the End of October, with a possibility of further extension. More than a quarter of the UK workforce are now furloughed under the Job Retention Scheme.
The aim of this announcement is to give firms and workers enough confidence to avoid having to enter a redundancy process. The government has also signalled that from August employers will be expected to make a contribution to the scheme.
If your business needs short-term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan. These loans will be available from 23 March 2020 and will be interest free for 12 months. More information can be found here
- To help business’ cash flow the UK Government will defer the next quarter of VAT (up to end of June) until January 2021.
Business support is partially devolved, meaning Scottish businesses should pay attention to what is announced by the Scottish Government as well as the UK Government. Both of Scotland’s governments have made a commitment to make their measures as consistent as possible.
The Scottish Government has also already announced some business support measures. These include:
- a 75% rates relief for retail, hospitality and leisure sectors with a rateable value of less than £69,000 from 1 April 2020 (this differs from the relief in England of 100% up to £51,000 RV)
- an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19 (sectors still to be determined)
- A £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people opens for applications today. More details here.
- 1.6% rates relief for all properties across Scotland, effectively reversing the planned below inflation uplift in the poundage from 1 April 2020
- a fixed rates relief of up to £5,000 for all pubs with a rateable value of less than £100,000 from 1 April 2020
Further measures announced on the 18th of February:
- a full year’s 100% non-domestic rates relief for retail, hospitality and tourism
- £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief
- £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000
- 1.6% relief for all properties, effectively freezing the poundage rate next year
- the relaxing of planning rules to allow pubs and restaurants to operate temporarily as takeaways
- extending the go live date for the deposit return scheme to July 2022
Scottish businesses can call a new advice helpline on 0300 303 0660.
Information can also be found here through the Business Gateway
The Federation of Small Businesses has created a dedicated business support hub, containing a wide range of useful, constantly updated information. This is open to all businesses, non-members included
If you need help and advice, see the links and hotline numbers below:
- The Scottish Govt have set up a helpline number for businesses is 0300 303 0660, which will be open Monday to Friday, between 8.30 am to 5.30 pm.
- The Federation of Small Businesses has created a dedicated business support hub, containing a wide range of useful, constantly updated information. This is open to all businesses, non-members included.
- UK Govt has set up a separate mailbox to help facilitate any offers for help from business aside from ventilators. These offers can be in relation to property, logistics, food supply, other medical equipment, and so on. The more information which businesses/people can provide about their offer, the better. The email address for these additional business offers is [email protected]
- HMRC have set up hotlines for businesses and self-employed people for specific COVID advice - 0300 456 3565 and 0800 0159 55
See below for information on HMRC support:
- Has now waived everyday banking fees and overdraft charges for SMEs with turnover under £250,000
- Will no longer require personal guarantees on the CBILS Loans