Covid 19 – Financial Support recap



From NFF Admin

In category - Members News - News

May 14, 2020


Job retention scheme Government cover 80% of wages for furloughed employees (up to £2,500 per month). Please note employees that were made redundant before the scheme can be re-hired and furloughed. Furloughed employees should not carry out any work related tasks. Available to directors and employees and agency workers.  Employees need to provide written consent. Details will be entered onto HMRC portal once this is operational.

Statutory Sick Pay Refund 14 days will be refunded to employers for employees off sick or self-isolating For businesses with <250 employees Scheme will hopefully be live soon.

Small Business Grant Businesses receiving Small Business Rate Relief or Rural Rate Relief will be entitled to £10,000 Businesses in Retail, Leisure & hospitality operating from premises with rateable value of £15,001 – £51,0000 will receive £25,000 Local Authority will make contact with the business

Business Interuruption Loan Scheme Up to £5m, interest free for first 12 months When turnover is under £45m. Will only be offered if the business would not be eligible for a normal commercial loan. Business Rates Holiday For those operating in Retail, Leisure & Tourism there will be a holiday for the 2020/21 tax year Businesses of all sizes qualify.  This will automatically be applied.

VAT deferment Any VAT that was due to be paid between 20th March 2020 and 30 June 2020 will be deferred until 31 March 2021. Available for businesses of all sizes.  The VAT returns should still be submitted and any direct debits with HMRC should be cancelled.Time to pay arrangements Businesses and self employed workers can apply HMRC can be contacted on 08000159559

Self-Employed Income Support Scheme Similar to Job Retention scheme with 80% of average monthly profit over the past 2 years (up to £2,500 per month) Available where trading profits are up to £50,000.  Will be available from June 2020.  HMRC will contact individuals directly.

Self-Assessed Income Tax Payments The 2nd payment on account due in July 2020 will be deferred until January 2021. This will be offered by HMRC automatically. Universal Credit Self-employed workers will be eligible for this benefit which is the equivalent of Statutory Sick Pay. Available for self employed individuals

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