The Government have announced their new ‘support finder’ tool. If you have a UK business or are self-employed, the aim of the new tool is to quickly and easily determine what financial support is available to you during the coronavirus pandemic.
The aim of the new coronavirus business support finder tool
- the new online platform helps businesses easily access the financial support they are eligible for during the coronavirus pandemic
- simple questionnaire takes business owners under a minute to complete and will signpost them to relevant government financial support
Business Secretary Alok Sharma said:
Businesses of all shapes and sizes play a vital role in our economy, which is why we want to make it as easy as possible for all of them to access our wide-ranging package of financial support during this challenging time.
The UK Government’s financial support for business, employees and the self-employed during COVID19
- made up to £330 billion of loans and guarantees for businesses
- offered to pay 80 per cent of the wages of furloughed workers, up to £2,500
- deferred the next quarter of VAT payments for firms, until the end of June – representing a £30 billion injection into the economy
- introduced £20 billion in tax relief and cash grants to help businesses with cash flow
- introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support
- offered to cover the cost of statutory sick pay
- entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily;
- introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month
- deferred Self Assessment payments due in July 2020 until 31 January 2021
- allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
- suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; and
- offered a 3 month extension for filing accounts to businesses hit by coronavirus.
Access to the Business Support Finder Tool
The new business support finder tool can be found here: https://www.gov.uk/business-coronavirus-support-finder
More details from Gov.UK on support for businesses can be found here: coronavirus business support hub
We hope this information helps you and we are here for you during this difficult time. We will continue to keep you updated as the Government releases new information. Our business contingency plan is in place and we will do everything we can to support our clients during this uncertain period, please do not hesitate to contact us here if you have any concerns or queries.
Visit our COVID19 Business Hub for more information
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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
