COVID-19 Tax Breaks and Business Support Information
Explore various tax breaks and financial assistance programs available for businesses affected by COVID-19, including relief from business rates, cash grants, wage cost refunds, and more. Find out how to qualify and access these beneficial schemes to help your business during these challenging times.
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Presentation Transcript
1 COVID-19 Tax Breaks and help for business
COVID-19 2 Help with business premises Help for employers Time to pay tax INTRODUCTION Generating tax refunds Other help
COVID-19 3 100% relief from business rates for 2020/21 Leisure, hospitality and retail sectors plus childcare providers Automatically given by local authorities no need to claim BUSINESS RATE RELIEF Where to find details of properties that qualify https://assets.publishing.service.gov.uk/government/uploa ds/system/uploads/attachment_data/file/873622/Expande d_Retail_Discount_Guidance.pdf
COVID-19 4 10,000 cash grants Premises qualifying for small business rate relief or rural rate relief Retail leisure and hospitality premises with ratable value of less than 15,000 BUSINESS GRANTS Automatically given by local authorities no need to claim
COVID-19 5 25,000 cash grants Leisure, hospitality and retail sectors in smaller property with ratable value between 15,000 and 51,000 Automatically given by local authorities no need to claim BUSINESS GRANTS Where to find details of properties that qualify https://assets.publishing.service.gov.uk/government/uploa ds/system/uploads/attachment_data/file/873622/Expande d_Retail_Discount_Guidance.pdf
COVID-19 6 Qualifying properties: Shops, restaurants, cafes, drinking establishments, cinemas, & live music venues Premises for public assembly and leisure Guest houses, hotels & boarding premises, and self catering accommodation BUSINESS GRANTS Properties which don t qualify: Banks, betting shops, pawn brokers Estate agents, insurance brokers Doctors, dentists Accountants, solicitor
COVID-19 7 80% refund of wage costs Employees who would otherwise be laid off or made redundant Limited to 2,500 per month JOB RETENTION SCHEME HMRC building online portal to make claims Backdated to 1 March 2020 Furloughed employees must not do any work
COVID-19 8 SSP payable from day 1 no waiting days. Weekly rate will be 95.85 from 6.4.20 Up to 14 days SSP recoverable from HMRC if less than 250 employees HMRC setting up repayment system It should not be reported through payroll submissions (RTI) STATUTORY SICK PAY Includes absence due to self isolation where other member of the household is infected or showing symptoms Doctor s note not required Isolation notes available from NHS 111
COVID-19 9 Little support for self employed Chancellor is has said that he is considering how to help the self employed but it is difficult Universal credit increased to SSP level SELF EMPLOYED
COVID-19 10 Time to pay tax liabilities Phone 0800 0159 559 after the liability has been recorded Any VAT die between 20.3.20 and 30.6.20 automatically deferred to April 2021 TIME TO PAY Self employed July payment on account delayed to 31.1.2021
COVID-19 11 Look at R&D claims (companies only) based on expenditure in last two years Consider reducing 2019/2020 payments on account to generate refund of part of January 2020 payment GENERATING TAX REFUNDS Extend accounting date to dilute profits pre Dec 2019 with losses since. May also release overlap relief Review bad debt and stock provisions Consider loss carry back claims
12 More information is available on our web site Follow the link to the Coronavirus Support page The webinar programme includes regular general updates plus specialist advice for those in the Charities sector and in Farming and agriculture
13 Thank You
