New coronavirus business support finder tool

The Government has published a new ‘support finder’ tool to help businesses and self-employed people to determine what financial support is available.

The Government has published a new ‘support finder’ tool to help businesses and self-employed people to determine what financial support is available. Please see here.

A simple questionnaire takes business owners under a minute to complete and will signpost them to relevant government financial support they may be eligible for.

To support business, workers and the self-employed during the coronavirus outbreak, the Government has:

  • made up to £330 billion of loans and guarantees for businesses;
  • offered to pay 80% of the wages of furloughed workers, up to £2,500;
  • deferred the next quarter of VAT payments for firms, until the end of June;
  • introduced £20 billion in tax relief and cash grants to help businesses with cash flow;
  • introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses;
  • offered to cover the cost of statutory sick pay;
  • entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily;
  • introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month;
  • deferred Self Assessment payments due in July 2020 until 31 January 2021;
  • allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
  • suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; and
  • offered a three month extension for filing accounts with Companies House, to businesses hit by coronavirus.

If you would like to discuss any of the above, please contact your Finura adviser.

Articles on this website are offered only for general informational and educational purposes. They are not offered as and do not constitute financial advice. You should not act or rely on any information contained in this website without first seeking advice from a professional. Capital is at risk; investments and the income from them can fall as well as rise.

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