Go to section: Summary of support | News releases
With UK businesses facing a challenging year, our clients deserve as much clarity as we can provide. Here are some of the key details and sources of guidance regarding coronavirus. We will be updating this page on a continuous basis to keep you, your business and your employees informed with all the latest information. You can also read the latest advice and guidance from government for businesses on its coronavirus pages.
We would like to take a moment to thank and appreciate our business community, family and friends who may be trying to care for their loved ones and of course the health and community workers who are on the front line. We will be doing all that we can to support your business and our community during this time.
Covid-19: a summary of practical business support announced by the UK government
- VAT deferral for payments due up to 30 June. Find out more: Government guidance | Mouktaris & Co guidance
- Time to Pay – 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. Find out more: Government guidance | Mouktaris & Co guidance
- Extension for filing statutory accounts with Companies House – Companies or LLPs who have not passed their filing deadline can apply for a three month extension for filing accounts, which will be automatically granted if delay is due to Covid-19.
- Changes to insolvency rules to help companies trade – changes will be made to enable UK companies undergoing a rescue or restructure to continue trading, helping them avoid insolvency. Changes include enabling them to buy supplies while attempting a rescue, and temporarily suspending wrongful trading provisions retrospectively from 1 March 2020 for three months for company directors so they can keep their businesses going without the threat of personal liability.
- Coronavirus Job Retention Scheme where all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those who would otherwise have been laid off during this crisis. Find out more: Government guidance | Mouktaris & Co guidance | Mouktaris & Co guidance 26/10/2020 | Mouktaris & Co guidance 11/11/2020 | Mouktaris & Co guidance 21/12/2020
- Emergency legislation relaxing the restriction on carrying forward four weeks’ annual leave, such that employees who have not taken all of their statutory annual leave entitlement due to coronavirus will now be able to carry it over into the next two leave years. Find out more: Government guidance | Mouktaris & Co guidance
- Self-employment Income Support Scheme – will provide grants to self-employed individuals or partnerships negatively impacted by COVID-19, worth 80% of their profits up to a cap of £2,500 per month. Find out more: Government guidance | Mouktaris & Co guidance | Mouktaris & Co guidance 24/09/2020
- Deferral of Self-Assessment payment – the self-assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020, may now be deferred until January 2021. Find out more: Government guidance | Mouktaris & Co guidance
- Increases to Universal Credit worth £1,000 per year. Find out more: Government guidance | Mouktaris & Co guidance
- Small Business Grant Funding whereby the Government is providing additional funding for local authorities to support small businesses that 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. Eligible businesses will be contacted their local authority, which is responsible for administering the scheme. Find out more: Government guidance | Mouktaris & Co guidance | Mouktaris & Co guidance 21/12/2020
- Coronavirus Business Interruption Loan Scheme which will help businesses affected to access bank lending and overdrafts if they need to. For loans up to £5 million, the Government is providing a guarantee for each loan. Find out more: Government guidance | Mouktaris & Co guidance | Mouktaris & Co guidance 21/12/2020
- Bounce Back Loan of between £2,000 and £50,000, where the government will guarantee 100% of the loan and there will be no fees, interest or repayment in the first 12 months. There is an intention that the application will be a simple two-page form and that loans will be made within two days of application through a network of accredited lenders. Find out more: Government guidance | Mouktaris & Co guidance | Mouktaris & Co guidance 21/12/2020
- Statutory Sick Pay Rebate to allow small and medium-sized businesses to reclaim Statutory Sick Pay paid for staff absence due to coronavirus. Find out more: Government guidance | Mouktaris & Co guidance
- Rates Holiday for Retail, Hospitality and Leisure sectors in England whereby businesses will not have to pay business rates for the 2020-21 tax year. Find out more: Government guidance | Mouktaris & Co guidance
- Cash Grant for Retail, Hospitality and Leisure in England. Businesses in these sectors with a property that has a rateable value of £15,000 and under may be eligible for a grant of £10,000. Businesses in these sectors with a property that has a rateable value of over £15,000 and less than £51,000 may be eligible for a grant of £25,000. Eligible businesses will be contacted their local authority, which is responsible for administering the scheme. Find out more: Government guidance | Mouktaris & Co guidance
- Protection from eviction for commercial tenants who miss rent payments, until 30 June 2020. Find out more: Government guidance | Mouktaris & Co guidance
- Mortgage holiday whereby mortgage borrowers can apply for a three-month payment holiday from their lender. Both residential and buy-to-let mortgages are eligible for the holiday. Find out more: Government guidance | Mouktaris & Co guidance
- Rent holiday whereby residential tenants can apply for a three-month payment holiday from their landlord. No one can be evicted from their home or have their home repossessed over the next three months. Find out more: Government guidance | Mouktaris & Co guidance
- Hardship fund providing council tax relief to those receiving Local Tax Council Support. Find out more: Government guidance | Mouktaris & Co guidance
NEWS AND RESOURCES
Covid-19: news releases and analysis
CJRS extended to 30 April 2021
In a partial repeat of the announcement made by the Chancellor on 5 November 2020, the government has announced extensions to the furlough scheme and three of its business loan schemes: The Coronavirus Job Retention Scheme (CJRS) has been extended by a further month to 30 April 2021. The furlough scheme will continue to pay […]
Coronavirus: Latest version of the Furlough Scheme
On 5 November, the Chancellor announced that the CJRS would be extended until the end of March 2021 for all parts of the UK. Employers want to know the details announced yesterday, as employees hope this will be enough to secure their jobs. HMRC has circulated a short round-up explaining the impacts of this and […]
Coronavirus: additional schemes and updates
Chancellor Rishi Sunak has vowed to “go further” as he announced the government’s latest Plan for Jobs: three new measures to help workers and businesses get through lower demand over the winter due to a coronavirus second spike. The most significant announcements concern the Job Support Scheme (JSS), which will be made up of two […]
Winter Economy Plan
Chancellor Rishi Sunak today delivered a statement setting out plans to help workers and businesses hit by new coronavirus restrictions. With plans for an Autumn 2020 Budget cancelled, the Chancellor announced his Winter Economy Plan. In it he outlined how the various government support schemes to help businesses through the coronavirus restrictions will be extended […]
Technology and Professional Services Grant for SMEs
The government has announced details of new funding, designed to help small and medium sized businesses (SMEs) access technology and advice. SMEs will have access to grants of between £1,000 – £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back […]
Summer Statement 2020: summary
Four months after using his Spring Budget speech to announce the government’s first round of economic stimulants for supporting households and businesses through coronavirus, the chancellor yesterday cemented his status as the government’s Santa Claus, lavishing more gifts to Christmas 2020 and beyond. It was branded as ‘A Plan for Jobs’ with a focus on […]
The Coronavirus Local Authority Discretionary Grants Fund
The Chancellor announced further government support to small businesses with fixed property costs, that are not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund. The grant is designed to allow businesses to continue meeting their property-related overheads, so that in turn less strain is placed on landlords, who […]
Coronavirus Bounce Back Loan Scheme
Among the range of UK Government measures to help protect businesses and individuals from the economic impact of coronavirus, the latest to be announced is the Bounce Back Loan Scheme (BBLS). Launched on Monday 4 May 2020, smaller businesses impacted by coronavirus are now able to apply for funding support of up to £50,000 via […]
Coronavirus: Help for the Self-employed
Expanding the UK Government’s measures to protect people and businesses from the economic impact of coronavirus, the Chancellor now focused on self-employed individuals (including members of partnerships) whose incomes have suffered. The Self-employment Income Support Scheme, announced on 26 March 2020, will come as a welcome relief to those in self-employment, who comprise 15.3% of […]
Negotiating time to pay with HMRC
HMRC has published details of the specific helpline to contact, but it’s not known whether HMRC will change its usual approach to time to pay, for taxpayers who are having difficulty paying. The following usually needs to be considered when negotiating time to pay with HMRC. WHEN TO MAKE CONTACT – In general it is […]