Please visit the Government’s Business Support website for the full range of financial support for businesses including for the self-employed.
Business rate relief
We are working to identify businesses that will qualify for the additional business rate relief announced by Government. We will be contacting eligible businesses to notify you of the relief and revised business rate bills will be issued as fast as possible.
Business rates payments deferred
The council will not be collecting any business rates payments by direct debit during April 2020 to help ease business cashflow concerns. Instead, this payment will be deferred until all appropriate reliefs and grants have been applied. For those businesses that pay their business rates from April to January, this change will mean that payment instalments will move from May to February. The deferral will take place automatically - no action is required from businesses.
Workers' Support Package
The Government has announced a Workers' Support Package to ensure staff are still paid during the COVID-19 crisis:
- Coronavirus Job Retention Scheme which will pay 80% of workers' wages up to £2,500 per month
- VAT payments due between now and the end of June will be deferred
- Income tax payments due in July 2020 under the Self Assessment system will be deferred to January 2021
- The Coronavirus Business Interruption Loan Scheme, launched at Budget, will now be interest free for twelve months.
Guidance for Employers
Employers will be able to use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. We expect the scheme to be up and running by the end of April.
Guidance for Employees
Guidance to support workers understand whether they are eligible for the scheme, and how much the employer can claim if they are unable to operate or if there is no work due to coronavirus (COVID 19).
Support for the self-employed
The Chancellor has just announced the Self-employed Income Support Scheme. This will be a grant worth 80% of the person's monthly profits over the last three years, up to £2,500 a month. To be eligible for the scheme, the person:
- must earn the majority of income from self-employment
- must earn a maximum of £50,000 per year averaged over the last three years
- must have a tax return for 2019
People that have only been trading for one or two years will still be eligible. There will be an extra four weeks grace for those who have not yet submitted their 2019 tax return so they can be included in the scheme.
The scheme will be administered by HMRC and it is hoped it will be up and running in June. People do not need to contact HMRC now; if they are eligible HMRC will contact them directly.
For more information: Self-employed Income Support Scheme
For an up to date list of businesses that need to close and the list of those allowed to remain open, please visit the Gov.uk website