The Government has unveiled a new support finder tool. This is to help UK businesses and the self-employed understand what funding support is available to them during the Covid-19 pandemic. Also outlined is how quickly and easily that funding can be made available to help their businesses survive the current crisis.
What has the Government Announced?
- New online platform to help businesses easily access the financial support they are eligible for during the coronavirus pandemic
- A simple questionnaire under a minute long, to signpost relevant government financial support
A new ‘support finder’ tool will help businesses and self-employed workers across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic.
The finder tool on GOV.UK will ask business owners to fill out a simple online questionnaire, which can take minutes to complete, and they will then be directed to a list of all the financial support they may be eligible for.
This platform will help SMEs and microbusinesses, along with the self-employed, by sign-posting support and aid individuals during the application process with advice and support features.
The Chancellor stated:
We’ve launched an unprecedented package of support to protect jobs, businesses and incomes during these challenging times.
Millions are already benefiting, and this new online tool will allow firms and individuals to identify what help they are entitled to in a matter of minutes.
We are doing everything we can to make our support as accessible and as easy to navigate as possible.
To support business, workers and the self-employed during the coronavirus outbreak, government has:
- 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.
At Prestige Business Management We Can Help Your Business?
At Prestige Business Management we can help your business during this unprecedented period of uncertainty. We can help you with a range of business and personal tax and accountancy issues – including advice and help with Government funding schemes. Whatever advice or support you need Prestige Business Management can help. Call us today on 0203 773 2927 today.