It was announced today that new support will be coming to help UK SMEs and Businesses throughout the coming weeks. To help keep you updated we will be sharing updates as soon as they come out on our blog and on our Instagram, which you can follow here. We hope these updates will help you understand what is being offered and provided for businesses during this time.
The first point to note is that the HMRC have created a helpline number specifically for people struggling with payments as a business. You can call 0800 0159 559, please note, due to the number of people calling, you may be on hold for some time, so do speak to your accountant or tax provider who may be able to assist you personally.
If your business pays little or no business rates you can get support with a one off grant of £3,000 to meet your ongoing business costs. You have no need to apply, the local authority will be contacting you in April 2020.The retail discount has been increased to 100% for 2020/21 tax year for properties under £51,000 rateable value.
The government are providing a guarantee of 80% on each loan (subject to a per-lender cap on claims) with no charge for businesses or banks for the guarantee. This support is for loans up to £1.2m, being on top of current support offered through the British Business Bank.As a final note, the IR35 legislation has been deferred for a year.If you have questions, or want to stay up to date each day with the options available and new schemes being offered, please head to our Instagram profile to follow. We are also hosting weekly live Q&A sessions with Elena on Thursdays at 2pm UK time.
