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COVID-19: Further help for employers and the self-employed announced

The Government announced this week that it will increase the amounts and reach of its winter support schemes, to help businesses impacted by the new tiered lockdown system.

Can I furlough myself? Employment support for directors of small limited companies

Financial assistance for people struggling with the COVID-19 pandemic was first announced for employees and then later for the self-employed. But, what about small businesses who trade through Limited Companies? 

Universal Credit/Employment and Support Allowance

If you are not eligible for Statutory Sick Pay (SSP) perhaps because you are self-employed or earning below the Lower Earnings Limit of £118 per week and you have COVID-19 or are advised to stay at home, you can make a cla

Mortgage/rent holiday

Are you a homeowner? Mortgage borrowers can apply for a three-month payment holiday from their lender. Please note that interest will still be charged on the amount owed. Buy-to-let mortgages are also eligible.

Deferment of 31 July 2020 Income Tax Liabilities

Any income tax payments that you were due to pay by 31 July 2020 will be deferred until 31 January 2021.

Eligibility

This applies to all taxpayers.

Change to insolvency law to support businesses under pressure

Businesses feeling increasingly under pressure due to the current global health crisis have been thrown a lifeline. Insolvency rules have been relaxed retrospectively from 1 March 2020 for three months.

Grant for recipients of Small Business Rate Relief

This grant is a one-off cash amount of £10,000.

Grant for recipients of Small Business Rate Relief

This grant is a one-off cash amount of £10,000.

Grants & Rates relief for Retail, Hospitality or Leisure businesses

This scheme offers a business rates holiday.  No rates will be payable for the 2020-2021 tax year.

Corporate Financing Facility (CCFF)

Under this new facility, the Bank of England will buy short-term debt (of up to one-year maturity) from larger, non-financial companies.

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