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In our previous post we laid out what support packages the government put in place for small businesses. Now, more information is available on how to claim if your business has been hit by the COVID-19 pandemic.
Here's how small businesses can access government relief packages.
At a glance
| Source | What's the scheme? | How to apply? | ||
| Grant Funding |
£10,000 grant for businesses receiving small business rate relief. £25,000 grant for retail, hospitality, leisure businesses with £15-51k rateable premise. |
Nothing, your local authority will contact you if eligible. Check your mail or call | ||
| VAT | Defer your next VAT payment (due 20 Mar to 30 Jun) until March 2021 |
Nothing, don’t pay your next VAT liability or visit How to defer your VAT payment |
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| Business Rates |
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Nothing, your local authority will contact you if eligible. Check your mail or call. | ||
| Job Retention | Claim 80% of wages for employees put on leave and not working due to COVID-19. |
Check online by the end of April 2020. |
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| Self-employed | Self-employed grant of up to £2,500 x 3 months (max. 80% of revenue). | Claim through the Self-employment Income Support Scheme |
Financial support
There are various financial grants put in place help small businesses.
Grant funding: Businesses who receive small business rate relief can access a grant up to £10,000.
How to claim: These will be reviewed by local authorities who will be in contact with eligible businesses by phone or mail.
Retail, hospitality and leisure sector: Businesses with £15-£51k rateable premise who are in these sectors are eligible for a grant up to £25,000.
How to claim: These will be reviewed by local authorities who will be in contact with eligible businesses by phone or mail.
Tax
For small businesses who are struggling to pay their VAT due March 20th to June 30th, this payment can be deferred until March 2021.
How to claim: Simply don’t pay your next VAT liability or visit how to defer your VAT payment.
Business Rates
There are business rates relief available for small businesses. For retail, hospitality, leisure and nursery sectors there is a 12 month holiday on paying business rates. For any businesses whose premises are empty during the pandemic there is up to 3 month holiday on business rates.
How to claim: These will be reviewed by local authorities who will be in contact with eligible businesses by phone or mail.
Employers
For employees put on leave and not working due to COVID-19, 80% of wages can be claimed back through the government up to £2,500.
How to claim: This scheme will be live by the end of April 2020 and one claim can be submitted every three weeks.
Self-employed
The government finally put schemes in place to support the self employed with the Self-employed Income Support Scheme. This allows self-employed workers to claim a taxable grant worth 80% of trading profits up to £2,500 per month for the next 3 months.
How to claim: HMRC will contact you if you are eligible for the scheme and invite you to apply online.
Resources
For more information, we urge you to visit the verified government website to find out about all the support available.
These schemes are applicable for small businesses based in England, for information on support schemes outside of England check your government official's website where you are.
