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For small businesses working in your community, or run by your residents, here’s some information about the government’s support for small businesses.
Job Retention Scheme.
This is available for any employer in the country small or large, charitable or non-profit will and all will be eligible for the scheme.
Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but kept on payroll rather than being laid off. Government grants will cover 80% of the salary of retained workers up to a total of £2,500 a month.
Business rates holiday
There will be a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England.
Deferring VAT payments
This means no business will pay any VAT liability from now until the end of June and businesses will have to the end of the financial year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
Increasing Universal Credit
To strengthen the safety net the chancellor will be increasing Universal Credit standard allowance for the next 12 months by £1,000 a year, alongside the same increase for working tax credit basic element for the same 12 month period. This he mentioned will benefit 4 million of the most vulnerable households.
People who are self-employed
Self-employed individuals can now access in full Universal Credit at a rate equivalent to Statutory Sick Pay (SSP) for employees.
Self-assessment liability payments deferred
The next self-assessment liability payments due 31 July 2020 will be deferred to 31 January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.