The Government have provided a range of financial measures and these vary across the three lockdown Tiers.
We have set out below a summary of the support available for businesses from 1st November, depending on the Tier level that the business is under.
|Job Support Scheme
|Where employees work 20% of their normal hours, then the Government will meet 61.67% of the non-working hours gross pay, employees give up 1/3rd of their gross pay and the employer pays the balance.
|Where a business is required to close due to local restrictions then the Government will pay 66.67% of the employees’ gross pay.
|Job Retention Bonus
|Where furloughed employees are retained until at least 31st January 2021, being paid a minimum of £1,560 over the 3 months ended 5th February 2021 then a bonus of £1,000 per employee can be claimed by the employer.
|Self Employed Income Support
|Where a self-employed business is adversely affected by COVID then it can claim for a grant equal for the 3 months ended 31st January 2021 of 40% of their previous profits, capped at £3,750.
|Grants (where adversely affected)
|For businesses in hospitality, accommodation and leisure, that are not required to close, grants of up to £2,100 per month are available.
|For all businesses that are required to close, grants of up to £3,000 per month are available.
|Coronavirus Business Interruption Loan Scheme, Bounce Back Loan Scheme are available for all businesses to apply for up to 30th November 2020 and funding must be in place by 31st December 2020.
|Tax payment deferral
|Those who deferred their VAT liabilities in March to June this year are due to pay this by 31st March 2021 but they can defer this by opting into a deferral agreement and spread the cost of the deferred VAT up to 31st March 2022.
|Taxpayers can arrange with HMRC to spread their income tax liabilities due on 31st January 2021, including those deferred from 31st July 2020, over the 12 months ended 31st January 2022.
If you require guidance on any of these support measures, please contact our HR team at email@example.com or call your local partner on 0330 088 7111 for more information.