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.
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
Last updated: 28 April 2020.