WHAT CAN I CLAIM?

This is a basic guide to the financial support available to businesses and self-employed people as a result of the Coronavirus (COVID-19) pandemic. Hopefully this will answer many of your questions but please get in touch if you would like any additional assistance. 

This page will be updated as the Government announces new support mechanisms and publishes further detail about existing schemes. 

Businesses

 

 

BUSINESS RATES HOLIDAY 

*NO ACTION REQUIRED*

 

Businesses in the retail, hospitality and leisure sectors, as well as nurseries, will not have to pay business rates for the 2020-21 tax year.

 

If you are eligible, East Riding of Yorkshire Council will apply the business rates holiday to your bills.

 

For more information for businesses in retail, hospitality and leisure click here.

 

For more information for nurseries click here.

SMALL BUSINESS GRANT FUNDING

*NO ACTION REQUIRED*

This is a grant for small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

East Riding of Yorkshire Council will write to you if you are eligible for this grant.

For more information click here.

 

CASH GRANT FOR RETAIL HOSPITALITY AND LEISURE

*NO ACTION REQUIRED*

 

If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property.

 

Businesses in these sectors with a rateable value of under £15,000 will receive a grant of £10,000. Businesses with a rateable value of between £15,001 and £51,000 will receive a grant of £25,000.

 

East Riding of Yorkshire Council will write to you if you are eligible for this grant.

For more information click here.

 

JOB RETENTION SCHEME

*ACTION REQUIRED*

 

In order to encourage businesses not to lay off employees, you can apply to HMRC for a grant to cover 80% of the salary of any employee for whom work is not available, up to £2500 per month. This will be for an initial three-month period and is backdated to 1 March 2020.

You need to designated any affected employees as ‘furloughed workers' as soon as possible and inform them of the change.

 

You can now apply for the scheme. For more information click here

 

VAT DEFERRAL

*ACTION REQUIRED IF YOU HAVE A DIRECT DEBIT FOR PAYMENTS*

VAT payments due over the next three months can be automatically deferred until 5 April 2021. This covers the initial period from 20 May to 30 June 2020.

 

This is an automatic offer with no applications required.

 

For more information click here

 

STATUTORY SICK PAY REBATE 

*ACTION REQUIRED - DETAILS TBC*

 

The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus. This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of coronavirus.

The Government has yet to provide details of how to apply but is expected to do so in the coming days. 

 

For more information click here.   

 

BUSINESS INTERRUPTION LOAN SCHEME

*ACTION REQUIRED*

 

The temporary Coronavirus Business Interruption Loan Scheme can support small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million. Loans are interest-free for 12 months. 

 

To access the scheme please contact your bank or building society as soon as possible. It is not allocated directly from central Government to businesses.

 

For more information click here

BOUNCE BACK LOAN SCHEME

*ACTION REQUIRED*

Small and medium-sized businesses can borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any repayments or interest to pay for the first 12 months.

 

Loan terms will be up to six years and the Government will work with lenders to agree a low rate of interest for the remaining period of the loan.

 

The scheme will be delivered through a network of accredited lenders.

 

The Bounce Back Loan scheme is now open. To apply click here

TIME TO PAY

*ACTION REQUIRED*

 

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

For more information about the scheme and how to contact HMRC click here

Self-employed

 

 

SELF-EMPLOYED INCOME SUPPORT SCHEME

*ACTION REQUIRED*

 

This scheme provides a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.

 

HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.

The scheme will be available from 13 May. To see further details about the eligibility criteria click here.

DEFERRAL OF SELF-ASSESSMENT PAYMENT

*THIS REQUIRES NO ACTION*

Your Self-Assessment tax payment, that is due to be paid to HMRC by 31 July 2020 may now be deferred until January 2021.

This is an automatic offer with no applications required.

For more information click here.

TIME TO PAY

*ACTION REQUIRED*

 

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

For more information about the scheme and how to contact HMRC click here

UNIVERSAL CREDIT

*ACTION REQUIRED*

Self-employed people may be eligible for benefit payments, including sick pay, through Universal Credit. This can assist with cashflow concerns while you wait for other grants or payments. 

To apply for Universal Credit click here.

Photographs thanks to Driffield Town Council. Website created with Wix.com

  • c-facebook
Driffield-canal