COVID-19 HELP FOR SMALL BUSINESSES

Have you checked what help is available for your business?

It is a very difficult and challenging time for small businesses at the moment. There is a lot of uncertainty at the moment. Here at RLTP, we can help to guide you through this. Below is a list of confirmed help from the government, for Businesses. We will be posting updates regularly.

Small businesses with Premises:

  • A 12-month business rates holiday for all retail, hospitality and leisure businesses in England
  • Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief. Local councils have opened applications already.
  • Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

Small businesses with Employees:

  • A statutory sick pay relief package for SMEs
  • Furlough pay, equating to 80% of an employees wage, with a cap of £2,500 if they are unable to work due to Covid-19

    Director only Businesses:

    Check back for updates.

    Self Employed Businesses:

    Check back for updates.

    All of the above Businesses should be eligible for:

    • The Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance. The advice is to approach your current bank first, as this should be the fastest route to funding. If you are unable to obtain help from your bank, we would recommend sourcing help elsewhere. Our friends at Asset Finance Arena are helping companies to either refinance, or seek a Coronavirus Business Interuption Loan.
    • You are able to defer VAT payments due from 20th March 2020 – 30th June 2020. Simply cancel you Direct Debit (If you have one). You will automatically qualify for this. Any deferred VAT will need to be repaid by 31st March 2021.
    • Self Assessment tax due on 31st July 2020, can be deferred as well. This would need paying by 31st January 2021.
      HMRC time to pay arrangements.

    If you would like to discuss how Coronavirus is affecting your business, and what we can do to help, please feel free to contact us at hello@rltp.co.uk, call us on 01332 238833 or contact us here.