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Individuals

Businesses

  • Time to Pay: If you cannot pay your tax bill.

  • Universal Credit: If you are self employed, or employed but not eligible for SSP, then you will need to apply for Universal Credit. 

  • Mortgage Repayment Holiday: for 3 months where householders are experiencing financial difficulties from Corvid-19. You will need to speak to your mortgage lender.

  • July Income Tax Deferral: The payment on account due by 31st July 2020 has now been deferred until 31st January 2021.

  • The FCA has proposed: 

    • A three-month payment freeze on loans and credit cards

    • No interest on the first £500 of an arranged overdraft on a main personal current account for three months

    • Individuals should not be adversely affected by the recent changes to overdraft charges

    • Anyone using these temporary measures should not have their credit rating affected

  • Time to Pay: if you cannot pay your tax bill.
  • Business Rates Holiday: 2020/21 business rates holiday for businesses within the retail, hospitality and leisure industries. No need to claim, local authorities will re-bill shortly. It has been advised that you contact your bank to cancel your direct debit to ensure payment for the 2020/21 year is not taken by mistake.
  • Cash grants for retail, hospitality and leisure businesses: a grant of £10,000 for businesses operating from smaller premises with a rateable value below £15,000, or a grant of £25,000 where the rateable value is between £15,001 and £51,000. Your local authority will contact you to provide you with this one-off grant. However some local authorities are now requiring completion of an online application form. See here for links to your local authority.
  • Small Business Rate Relief (SBRR) £10k Grant: if your business is already eligible for SBRR or rural rate relief your local authority will contact you to provide you with this one-off grant. However some local authorities are now requiring completion of an online application form. See here for links to your local authority.
  • Business Interruption Loan Scheme: government backed loans and overdrafts up to £5m to be provided by accredited lenders, which will be interest free for the first six months and should be on a low interest rate thereafter. 

  • Coronavirus Bounce Back Loan: 100% guaranteed loan for small and medium-sized businesses to borrow between £2,000 and £50,000. Loan will not have any fees or interest to pay for the first 12 months. The scheme will be delivered through a network of accredited lenders. Note you will not be able to apply for this loan if you have already applied successfully for Business Interruption Loan Scheme.

  • Insurance: check your policies, but most likely you will not be covered unless you specifically chose additional cover against pandemics.
  • Trading Taxable Losses: if the impact of this pandemic causes you to suffer a trading loss for a financial year, it is possible in many instances to carry this loss back to the previous year and obtain a tax refund. It may even be possible to accelerate this by altering your accounting period.
  • IR35 Changes Delayed: changes to the off-payroll working regime will now not take effect until April 2021.
  • VAT Payment Deferral: any VAT payment usually due to HMRC between 20th March and 30 June 2020 until the end of the 2020/21 tax year. It has been advised that you contact your bank to cancel your direct debit to ensure payment is not taken by mistake when your VAT return is filed which is still due by the usual deadline.

  • Self-employment Income Support Scheme: Use this scheme if you're self-employed or a member of a partnership and have lost income due to corona virus.

 

Employers

 

 

COVID-19 - GOVERNMENT SUPPORT AND GRANTS

Landlords and Tenants