Just in case any of you have missed the many recent announcements, we have put together a summary of the support available from Welsh and UK Governments to businesses, employees and the self-employed at this difficult time. SWOAPG would be interested to hear your experiences of using these various schemes so we can pass on any ‘top tips’ to our Members.
Support for Businesses
Visit https://businesswales.gov.wales/coronavirus-advice for the support available to businesses in Wales (or the UK Government website for businesses in England), including:
- Business Rate Relief;
- Business grants and finance – including Wales’ Economic Resilience Fund for micro-businesses and SMEs (which is currently paused as at 6 May), the new (from 5 May) Bounce Back Loan, the Wales Business Loan Scheme and UK Business Interruption Loans (check your eligibility here for Welsh Government support); and
- Support for employees.
For information about deferring VAT payments due between March and June 2020, visit https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19.
Also, if you are due to pay your second Income Tax Self-Assessment payment on account on 31 July 2020, you may now defer payment on this until January 2021 with no penalties or interest for late payment (as stated here).
Support for Employees
Visit https://businesswales.gov.wales/support-employees for the support available to employees, including:
- Statutory Sick Pay Support;
- the Coronavirus Job Retention Scheme; and
- Claiming benefits (including Universal Credit).
Support for the Self-Employed
Visit https://businesswales.gov.wales/support-self-employed for information about the Self-Employed Income Support Scheme (applications and payments – of up to 80% of 3 months’ average earnings – to be made in June 2020).
In the meantime, the following support may also be available to the self-employed:
- the new Bounce Back Loan, the Wales Business Loan Scheme and UK Business Interruption Loans; and
- Universal Credit.
For information about deferring VAT payments due between March and June 2020, visit https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19.
Also, if you are due to pay your second Income Tax Self-Assessment payment on account on 31 July 2020, you may now defer payment on this until January 2021 with no penalties or interest for late payment (as stated here).
Insurance Cover
From Welsh Government: “The Association of British Insurers (ABI) members is working to support its customers by providing clear and quick answers to their questions. ABI has provided guidance on the common questions relating to insurance and other business issues; and further information including advice, guidance, and common questions relating to insurance can be found on the ABI Coronavirus Information Hub. See also ABI’s general guidance on Business Insurance cover.”
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