COVID-19 SMEs and self-employed

The current pandemic is worrying for businesses and the self-employed.

Many government support packages have now ended. However, there is still a certain amount of help out there. This page summarises what's still available for SMEs and the self-employed.

COVID-19 INFORMATION FOR BUSINESS

  1. Help with finances / cashflow
    1. RECOVERY LOAN SCHEME (from 1st April 2021)
      This replaces the Bounce Back Loan Scheme and the Coronavirus Business Interruption Loan Scheme (CBILS). Recovery Loans are 80% guaranteed by the government. Viable, UK businesses can take out loans and overdrafts between £25,001 and £10m or invoice / asset finance between £1,000 and £10m. More details are here.
    2. OMICRON GRANTS FOR HOSPITALITY / LEISURE / ACCOMMODATION BUSINESSES
      You may be able to claim a grant of up to £6,000 if you have been adversely affected by restrictions put in place to slow the spread of the Omicron variant of COVID-19. More details are here.
    3. OTHER OMICRON GRANTS
      There are also discretionary grants for businesses in other sectors, plus money for museums, cinemas, theatres and heritage organisations via the 'Culture Recovery Fund'. More details about both are on this page.
  2. Help with paying employees
    1. HELP WITH SICK PAY
      Government is reintroducing this scheme from mid-January 2022. If you are paying employees who are ill with COVID-19, government may refund up to two weeks’ worth of Statutory Sick Pay (SSP). Full information is available here.
  3. Help with tax
    1. VAT RATE FOR HOSPITALITY, HOLIDAY ACCOMMODATION AND ATTRACTIONS.
      This 5% VAT rate, which applied to most sales in the hospitality and tourism sectors, was introduced on 15th July 2020 and ended on 30th September 2021. An interim 12.5% VAT rate now applies until 31st March 2022, after which it will revert to 20%. More information here.
  4. Help with business rates
    1. HELP FOR RETAIL, HOSPITALITY & LEISURE BUSINESSES
      If your business is in the retail, hospitality, leisure or nursery industry, then you could qualify for business rates relief. More details available here and here (for nurseries).

For the latest government updates on support for businesses, visit this page: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 INFORMATION FOR THE SELF-EMPLOYED

    1. INCOME TAX
      If you are having problems paying your Income Tax bill, you may be able to arrange a 'Time to Pay' agreement with HMRC. You can find out more about these agreements here.

FURTHER LINKS ON CORONAVIRUS

For the latest coronavirus news stories and blog posts, please visit the following links:

COVID-19 business news and blogs

Read More

COVID-19 personal news and blogs

Read More
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