Covid-19

We have created this Covid-19 Toolkit for small businesses to help you navigate to the right place for the information that you need

On a practical level, interpreting the legislation, even with the guidance can be difficult to translate into your specific circumstances. In January 2021, Adam Wagner, human rights barrister with Doughty Street Chambers, calculated that since March 2020, when the first lockdown was brought into force there had been 64 changes to the legislation. It is therefore not surprising that finding a conclusive answer to a question can be challenging in these unprecedented and challenging times. There are sources of support available for you, your bookkeeper, accountant, any industry specific bodies for your industry as well as organisations such as the FSB. Once you have concluded your judgement on any matter, whether it be business operations or interpretation of eligibility for grants, you should keep a copy of the guidance at the time that you referred

Full details of The Coronavirus Act 2020 can be found here:

https://www.legislation.gov.uk/coronavirus

There is much information and guidance available to help you interpret the legislation here

https://www.gov.uk/coronavirus

With the speed at which changes are made and must be acted on it is important to ensure that you are getting current guidance from a trusted source as well as ensuring that you are looking at current guidance not someones blog that has since become outdated, for this reason we have mainly provided links so that you can read the guidance directly to ensure you are reading the latest version

Coronavirus (COVID-19) support is available to businesses:

  • Loans, tax relief and cash grants are available
  • Employers might be eligible for financial support to pay wages
  • Self-employed people might be eligible for a taxable grant covering 80% of trading profits

https://www.gov.uk/coronavirus/business-support?priority-taxon=774cee22-d896-44c1-a611-e3109cce8eae

Use the business support finder can help you navigate the support available for you and your business

https://www.gov.uk/business-coronavirus-support-finder

Covid-19 Business Grants

Grants do not need to be repaid but will be declared as income in your accounts

https://www.gov.uk/guidance/check-if-your-business-is-eligible-for-a-coronavirus-grant-due-to-national-restrictions-for-closed-businesses

Generally available through your local council for those with business premises paying business rates. Some grants have a discretionary element for those not paying business rates, details can be found on your local authority website

Cherwell District Council https://www.cherwell.gov.uk/info/258/coronavirus/675/coronavirus-guidance-for-businesses/2

South Northamptonshire Council https://www.southnorthants.gov.uk/info/4/business/445/covid-19-support-for-employers-and-employees/2

Warwickshire District Council https://www.warwickdc.gov.uk/info/20827/coronavirus/1553/coronavirus_information_for_businesses

You should check the website of any industry specific organisations for any grants available for your industry

Business Rates Relief

Business rates relief may be available for retail, hospitality and leisure businesses and you should check with your local authority for details and eligibility

https://www.gov.uk/guidance/check-if-your-retail-hospitality-or-leisure-business-is-eligible-for-business-rates-relief-due-to-coronavirus-covid-19

Covid-19 Business Loans

THESE SCHEMES HAVE A CLOSING DATE

Loans will need to be repaid

Coronavirus Business Interruption Loan Scheme https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

Coronavirus Bounce Back Loan https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

Recovery Loan Scheme https://www.gov.uk/guidance/recovery-loan-scheme

Support for self employed and partnerships

DEADLINES APPLY FOR APPLICATION

Grants do not need to be repaid but will be declared as income in your accounts

www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

It is important to distinguish that sole traders and partners, eligible for the Self-Employed Income Support Scheme are able to continue trading, subject to general Covid-19 business restrictions

Support for businesses paying tax: Time To Pay Service

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.

https://www.gov.uk/difficulties-paying-hmrc

Support for Employers

DEADLINES APPLY FOR APPLICATION EACH MONTH

Grants do not need to be repaid but will be declared as income in your accounts

https://www.gov.uk/government/collections/coronavirus-job-retention-scheme

It is important to note that employees who have been furloughed must not undertake any work for the business that has furloughed them for the time that they are furloughed. Flexible furlough may be available, allowing some working time and also employees are able to work for other employers provided that their employment contract allows

NEST – Coronavirus impact: Support for employers and your workers relating to pension contributions

https://www.nestpensions.org.uk/schemeweb/helpcentre/workers/coronavirus-support-for-employers.html

Find out about taxable expenses and benefits when they are paid to employees because of coronavirus and how to report them to HMRC.

www.gov.uk/guidance/how-to-treat-certain-expenses-and-benefits-provided-to-employees-during-coronavirus-covid-19?

If you had a VAT payment due between 20 March 2020 and 30 June 2020, you can defer payment until 31 March 2021. Instead of paying the full amount by the end of March 2021, you can make up to 11 smaller monthly instalments, interest free. All instalments must be paid by the end of March 2022

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

Other sources of information is available on Federation of Small Businesses Covid-19 hub

https://www.fsb.org.uk/campaign/covid19.html

Benefits are payments from the government to certain people on low incomes, or to meet specific needs.

Use an independent benefits calculator to find out:

  • what benefits you could get
  • how to claim
  • how your benefits will be affected if your situation changes

https://www.gov.uk/benefits-calculators