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Coronavirus Financial Assistance – Daily Update – 26.3.2020

Coronavirus Financial Assistance – Daily Update – 26.3.2020

Update 26.03.2020

Our previous update can be accessed here:
Update 24.03.2020

Overviews of the available schemes and further links can be found here:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
and
https://www.businesssupport.gov.uk/coronavirus-business-support/
and
https://www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-scotland

Please see below for information and links regarding the government’s Covid-19 support packages:

1. Self-employment Income Support Scheme (newly released)
2. Coronavirus Job Retention Scheme
3. Coronavirus Business Interruption Loan Scheme
4. Cash Grants
5. Rates Reductions & Holidays
6. Tax Time-to-Pay
7. VAT Deferment
8. Income Tax Deferment (now open to all self-assessment taxpayers)
9. Insurance Cover
10. Statutory Sick Pay
11. Corporate Financing Facilities

 1. Self-employment Income Support Scheme

New guidance available today, so please refer to the link below for more information and please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk to discuss any assistance you might require.

https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

2. Coronavirus Job Retention Scheme

We’re still awaiting the finer detail on this scheme, but please contact our Covid-19 Task Force at taskforce1@dhco.co.uk to discuss this further.

https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/

3. Coronavirus Business Interruption Loan Scheme (CBILS)

Applications are now open and additional information can be found here:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

Please contact your own bank to discuss this further, or one of the other potential lenders:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/

If you require assistance to prepare financial information, projections and/or a borrowing proposal, please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk

4. Cash Grants

Scotland
https://www.mygov.scot/non-domestic-rates-coronavirus/

England
https://www.businesssupport.gov.uk/cash-grant-for-retail-hospitality-and-leisure/

If you have any queries regarding eligibility, or need help completing forms, please get in touch with our Covid-19 Task Force at taskforce1@dhco.co.uk.

5. Rates Reductions & Holidays

Scotland
https://www.mygov.scot/non-domestic-rates-coronavirus/

England
https://www.businesssupport.gov.uk/business-rates-holiday-for-retail-hospitality-and-leisure/

6. Tax Time-to-Pay

https://www.businesssupport.gov.uk/support-for-businesses-paying-tax/
and
https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

If you’re worried about your next tax payment, due to coronavirus, please contact HMRC on 0800 024 1222 or 0800 0159 559.

7. VAT Deferment

https://www.businesssupport.gov.uk/vat-deferral/

The deferral will apply from 20 March 2020 until 30 June 2020 and all UK businesses are eligible.

How to access the scheme

  • This is an automatic offer with no applications required.
  • Businesses will not need to make a VAT payment during this period.
  • Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.
  • VAT refunds and reclaims will be paid by the government as normal.
  • If you normally pay by Direct Debit, this must be cancelled in sufficient time.

8. Income Tax Deferment

https://www.businesssupport.gov.uk/deferral-of-self-assessment-payment/

For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021 and this now applies to all self-assessment taxpayers.

How to access the scheme

  • This is an automatic offer with no applications required.
  • No penalties or interest for late payment will be charged in the deferral period.

9. Insurance Cover

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#commercial-insurance

10. Statutory Sick Pay (including self-employed claims)

https://www.businesssupport.gov.uk/statutory-sick-pay-rebate/

11. Covid-19 Corporate Financing Facility (for Larger Companies)

https://www.businesssupport.gov.uk/covid-19-corporate-financing-facility/

All our offices are now closed, but we are still working from home, and our phone lines are still operational, therefore please call 01573 225 082 to discuss suitable arrangements for the transfer of any necessary business information, or to discuss any queries you may have.



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