Coronavirus business support – Government measures announced so far

Coronavirus business support – Government measures announced so far

Background

The Coronavirus / COVID-19 has had an unprecedented impact on business and the economy in the UK and most other countries.

The UK Chancellor of the Exchequer, Rishi Sunak, has set out a package of measures to support businesses and their staff through this period of disruption caused by COVID-19.

ETC Tax has been reviewing these measures and are happy to help professional advisers or clients with any questions they might have on the measures that might be available.

Overview of measures

The measures applicable to businesses that have been announced thus far are as follows:

• Coronavirus Job Retention Scheme;
• Self Employed Income Support Scheme;
• Deferral of VAT and Income Tax payments;
• Statutory Sick Pay relief package for SMEs;
• 12-month business rates holiday for all retail, hospitality and leisure businesses in England;
• Grant funding of up to £25,000 for retail, hospitality and leisure businesses
• Small Business Grant Funding for certain businesses that pay little or no business rates;
• Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
• Covid Corporate Finance Facility – a new lending facility from the Bank of England to help support liquidity among larger firms
• HMRC Time To Pay Scheme

Please click on the relevant link to find out further information about the relevant measure

Next steps

If you have any queries about any of the measures announced as part of Coronavirus business support then please visit the Government’s pages or get in touch with us and we will be happy to assist.

Who are we?

Due to demand for high quality specialist tax advice ETC Tax has seen rapid growth over the past few years. Today, our tax team is made up of a group of highly experienced Chartered Tax Advisers who between us have amassed a wealth of tax experience, mostly gained at Big 4 and Top Ten accountancy firms. Supported ably by a team of passionate Tax Advisers and committed support staff we enjoy working together to achieve the best possible outcome for our clients, priding ourselves on delivering complex tax advice in a commercial and ‘user friendly’ way.

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