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COVID-19 (CORONAVIRUS) - SUPPORT SUMMARY

25.03.20 Popular
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    INTRODUCTION

    The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. As such, the UK is currently facing an unprecedented period of economic disruption, with many small and medium-sized businesses already feeling its effects. In light of this, the Chancellor has set out a package of temporary, timely and targeted measures to support UK businesses through this period of disruption. We have prepared this note to brief you on the short and medium-term HMRC and Government related support available to you, in particular:

    1. Summary of the Packages Announced.

    2. Eligibility Criteria and details of How to Access.

    3. Support on Negotiating Time to Pay (TTP).

    4. Basic rules around managing HMRC.

    The outbreak is moving quickly and some of the support identified may fall rapidly out of date and/or new support measures may be announced which are not currently included. We will update it regularly as the outbreak evolves and HMRC announce new measures.

    This briefing reflects the position as of 25 March 2020

    HEADLINE ANNOUNCEMENTS

  • a Coronavirus Job Retention Scheme
  • deferring VAT and Income Tax payments
  • Statutory Sick Pay relief package for SMEs.
  • A 12-month business rates holiday for all retail, hospitality and leisure 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.
  • 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.

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