An unprecedented level of financial support for retailers and other businesses has been announced over the last fortnight.
We have produced a detailed guide to these financial support measures in the members’ area of our website.
Below is a short summary of financial measures announced so far:
Coronavirus Job Retention Scheme will pay 80% of a worker’s wage up to £2,500 per month if that worker is placed on the Coronavirus Job Retention Scheme.
Coronavirus Business Interruption Loan Scheme will provide loans backed by the Government to small and medium sized business.
HMRC’s Time to Pay service will enable businesses in financial distress to agree bespoke payment arrangements to allow businesses additional time to pay outstanding tax liabilities. to administer this scheme.
VAT Payment Holiday means no business will be required to make the next quarterly VAT payment to assist with their cash flow. The deferred VAT payments will need to be made by the end of the 2020/21 tax year.
Statutory Sick Pay (SSP) – businesses with fewer than 250 staff will be able to reclaim up to two weeks of coronavirus related SSP from HMRC per employee.
Business rates holiday – retailers in England, Wales and Scotland will receive 100% business rates relief for a year.
Cash grants for retail businesses of up to £25,000. The delivery of these grants varies significantly across England, Wales, Scotland and Northern Ireland.
Annual accounts extension – businesses can apply for an automatic 3-month extension for filing their accounts with Companies House.
COVID-19 Corporate Financing Facility will involve the Bank of England buying short term debt from larger companies.
You can access our full guide to the financial support available in the members’ area of our website.