COVID 19 – How HMRC is Supporting Businesses?

In the Budget (11 March 2020) the Chancellor announced a package of measures to provide support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised. These measures will really help small Business and Individuals working for them to survive through tough times. Below are some highlights of benefits that small businesses can claim –

• 6 months interest free loan to cover up to 80% of losses from British Business Bank under Coronavirus Business Interruption Loan Scheme
• 14 days (starting from 1^st day off work) Statutory Sick Pay for all employees
• Pay arrangement programme with dedicated support line (0800 0159 559) to help financially distressed tax payers (Business and Self-employed)
• £10,000 cash grant for small business that are eligible for small business rate relief / Rural rate relief
• Business rate holiday for retail, hospitality and leisure businesses for tax year 2020-21
• Additionally, £25,000 grant for retail, hospitality and leisure businesses operating from smaller premises

Further, the UK government has decided to delay the rollout of IR35 tax reforms until 06 April 2021.