The government has launched an online tool to enable employers and the self-employed find out whether they are eligible to apply for support such as loans, tax relief and cash grants.
Submitting answers to a short set of questions including location, number of employees and turnover will provide business owners with a list of potential financial support options. Examples are:
HMRC’s Time To Pay Service: Support for businesses paying tax
If you cannot pay your tax bill on time because of coronavirus, you may be able to delay it without penalty using HMRC’s Time to Pay service.
Coronavirus Business Interruption Loan Scheme
If you are an SME, you may be able to apply for a temporary loan, overdraft, invoice finance and asset finance of up to £5 million, for up to 6 years.
Self-employment Income Support Scheme
If you are self-employed (either as an individual or in a partnership), you may be able to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month, for 3 months. This may be extended.
Coronavirus Job Retention Scheme
If you are an employer with a PAYE scheme, you should be able to access support to continue paying part of your employees’ salary instead of laying them off.
Deferring VAT
If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer payment until 31 March 2021.
You can access the tool by clicking here.
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