Coronavirus update for Businesses & Self-Employed

Information posted as at 13th March 2020

Coronavirus (COVID-19) is a developing issue that will impact most, if not all, businesses and self-employed people over the coming weeks and months.

We’ve been keeping up to date with the latest developments to provide our clients with information on the support that is available:

Self-employed

If you are a self-employed individual affected by COVID-19, you can access the following:

• Employment & Support Allowance (ESA) worth £73.10 a week or £57.90 a week for under 25’s from day one of illness.
• Universal Credit to help with your living costs, paid monthly. For more information and to apply online please visit the link here
• Local council hardship funds available to vulnerable people - please contact your local council to find out availability and eligibility.
• Dedicated HMRC helpline for self-employed people in financial distress and with outstanding tax liabilities. If you are concerned about being unable to pay your tax due to Covid-19 you should call 0800 0159 559 to agree a bespoke Time to Pay arrangement.

Businesses

• Fewer than 250 employees you can reclaim SSP from day one of illness and up to 2 weeks per employee.
• Coronavirus Business Interruption Loan Scheme will be available to businesses with a turnover of under £41m. The government will cover 80% of any losses with no fees. More information on this will be released in the next couple of weeks. Keep an eye on the following website for updates: >>> website <<<
• £3000 cash grant available to smallest businesses delivered by Local Authorities. Please contact your local authority to check availability and eligibility.
• Temporary increase to Business Rates Retail Discount in England 100% discount for properties with a rateable value below £51k.
• Dedicated HMRC helpline for businesses in financial distress and with outstanding tax liabilities. If you are concerned about being unable to pay your tax due to Covid-19 you should call 0800 0159 559 to agree a bespoke Time to Pay arrangement.

Other useful resources:

Government Coronavirus (COVID-19) action plan - website here

ACAS - information for employers & employees - information here

The Business Hut Ltd continue to monitor the development of COVID-19. We will adhere to guidance by local, national and international authorities as part of our commitment to minimise the risk to our staff, clients, visitors and the wider community.

If you have any queries, please do not hesitate to contact us.

The Business Hut Team