Business Owners Affected By COVID-19

The UK Government has announced a package of measures aimed at providing financial support for business owners affected by COVID-19.

Some of the financial support measures on offer are:

  • a Self-employment Income Support Scheme
  • a Coronavirus Job Retention Scheme
  • a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
  • a deferral of VAT and Income Tax payments
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • a Coronavirus Business Interruption Loan Scheme (CBILS) for SMEs to access loans, overdrafts, invoice finance and asset finance
  • a Coronavirus Bounce Back Loan of up to £50,000 for SMEs.

If you run a business or are self-employed and concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559.

Business owners affected by COVID-19 can also telephone the Business Support Helpline for free advice: 0300 456 3565 (Monday to Friday, 9am to 6pm)

Banks are offering mortgage payment “holidays” for up to 3 months. Also credit card payment holidays. It’s not cost-free and the details are likely to differ between banks, so it’s important for anyone struggling to speak to their banks.

Business Owners affected by COVID-19

Many people are unfortunately experiencing financial difficulties due to COVID-19. If you’re a business owner or self-employed person worrying about the Coronavirus I can offer:

  • A free business health check
  • Assistance with cashflow forecasting and management
  • Assistance with applying for grants and loans
  • Assistance with speaking to HMRC and creditors for time to pay
  • Assistance with implementing efficient accounting and admin systems

Call me on 07966 421381 or email me via the contact page to arrange a no obligation chat.

Read Credit control, Cash Flow and Late Payers for tips on getting your customers to pay you on time.

I sincerely hope things improve soon for everyone.

Take care and remain safe.

© 2020 Paul J Lockey

Image credit: Mélissa Jeanty on Unsplash

Last updated: 28 April 2020.

Bookkeeping, Accounting,, Business Administration, Training