The presence of the pandemic in the UK. This has prompted emergency assistance for UKCompanies Affected By Coronavirus (COVID)19 by the present UK Government.
The shutdown affects have hit the UK economy hard.
The long term effect as yet unknown for business in the UK.
UK Companies Affected by Coronavirus (COVID-19)? – So what has been done?
The UK Government
Income Tax due 31 July 2020 deferred to 31 January 2021.
The Chancellor announces a bonus of £1000 per employee paid to employers that allow furloughed employees back.
The furlough scheme will continue until October, with employees receiving 80% of their monthly wages up to £2,500. From August, employers must pay National Insurance and pension contributions, then 10% of pay from September before this percentage rises to 20% in October.
Since May 26th, 2020, an extension to max loan available through the CBILS ranging £50m to £200m. (Conditions Apply)
VAT: reduced rate of 5% for hospitality to January 31st,2021.
HMRC’s Time to Pay extended.
Any businesses may apply for a Coronavirus business interruption loan. Companies not required to pay the VAT due until the end of June 2020. Businesses can settle liabilities deferred at the end of the 2020-21 tax year.
Loans under £250,000 require no guarantees personally.
Since 30 July 2020, changes to the CBILS scheme. The Government then declared smaller businesses might claim loans up to £5 million. It mainly helps businesses consider ‘undertakings in difficulty’ therefore, access denied due to EU rules.
Face masks now compulsory by law in public indoor environments commencing 8 August 2020.
RE furlough scheme: As of 1 August 2020, companies will need to start paying national insurance and pension contributions. They will also have to pay 20% of furlough costs. Furloughed staff can be brought back to work on a part-time basis, but must be paid by their employers for the days they do. For the days they don’t work, the UK Government will pay 80 per cent of their salary, up to a cap of £2,500 per month. The level of grant reduces monthly until the scheme ends.
Eat out a discount of £10 per head on all meals out, Monday-Wednesday in August at participating restaurants. (Finished 31/8/20)
For further help with Companies Affected by Coronavirus (COVID-19)?
Update January 2021.
Rushi Sunak extends furlough and loan schemes
The furlough scheme has been extended until the 30th of April 2021 with the UK government continuing to contribute 80% towards wages – allowing UK businesses and employees certainty.
Winston Churchill once said,Never waste a good crisis.”
Financial support for businesses during coronavirus (COVID-19):