The Coronavirus (COVID19) pandemic has had a massive impact in the UK. The government has announced a number of new initiatives to support the UK economy. We’ve put together this blog to keep you up to date with the constantly changing support available.
On 26th March, the chancellor announced support for the self-employed, making available a taxable grant of up to £2,500 per month. This announcement was in addition to the previous commitments such as deferral of VAT and Income Tax payments.
Ltd Companies and Small Businesses
There are a range of measures made available by the government to support the businesses and they include small business grants, business rates relief, deferral of VAT payments, Business Interruption Loans and extension to Company Accounts filing.
With the current directive from the government asking everyone to stay home except for essential travel, there has been an enormous impact on employees. The government support currently available includes support such as Coronavirus Job Retention Scheme (CJRS) and enhanced Statutory Sick Pay (SSP). Under the CJRS scheme, the employees’ 80% of the pay (limited to £2,500) will be covered by the government to ensure job losses are kept to a minimum.