Chancellor’s Emergency Measures for COVID-19

Chancellor Rishi Sunak pledges measures by the Government to ease the financial burden on businesses and protect jobs, due to the COVID-19 Crisis

Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but are furloughed and kept on payroll rather than being laid off.  Chancellor Rishi Sunak - March 20th 2020

Businesses can apply for a grant of up to £2,500 a month to cover 80% of salary for those retained but not working

 

  • VAT for all businesses deferred until end of June

To ease cash flow pressures for UK VAT registered businesses, VAT bills from now until the end of June, will be deferred until the end of the tax year.

 

  • Income tax payments due in July 2020 deferred to January 2021

Income tax payments due in July 2020 under the Self Assessment system will be deferred to January 2021, benefitting up to 5.7m self-employed businesses.

 

  • The business loan scheme will now be interest free for 12 months

The Coronavirus Business Interruption Loan Scheme, launched at Budget, will now be interest free for twelve months.

 

  • Universal Credit allowance increases £1,000 a year

 

  • Self-employed will get full Universal Credit at a rate equivalent to statutory sick pay, and a further £1bn to cover 30% of house rental costs

 

  • Further measures next week (w/c 23 March) to ensure SMEs will be able to access the credit they need

 


Date available: 20 March

Application process: Many of the measures will be implemented at Government level.
Grant applications can be made through HMRC - 0800 0159 559 with information available from the Chamber’s Information team

 

 

Author of this COVID-19 Business Support Hub Article

East Midland Chamber Derbyshire, Nottinghamshire, Leicestershire

Whatever the sector, shape or size of your organisation, our primary focus is to help you thrive. At the Heart of East Midlands Business News and Events.

More About East Midlands Chamber

 

East Midland Chamber

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Providing access to skills – the Chamber can provide you with expert analysis of your current situation, connect you with fully- or partially-subsidised training or even introduce you to new talent.

Reaching and influencing the right person – the Chamber is an authoritative body which has the status and mandate to ensure your voice is heard by the right people.

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How to get in touch with East Midlands Chamber

www.emc-dnl.co.uk

 

COVID-19 Business Support Hub

These are challenging times for business and although our ethos is to only shout about good news, we've created COVID-19 Business Support Hub on the Love Business the website to support you with expert tips, advice and ideas from your fellow businesses to help you get through this COVID-19 crisis. 
 

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