Business & Self Employed Help
Financial Support for your business
If you are self employed or a business owner and have been effected by the Coronavirus lockdown, we have collated some useful information to help you decide on the correct financial support to keep your businesses operating over the coming weeks and months.
Business interruption and Bounce Back
Until the Self employed Income Support Scheme is available in June 2020, or you are business owner who requires more cash flow in the short term, you may need to apply for a loan to assist you financially over the next couple of months.
There are now 2 loans available, both unsecured and guaranteed by the government.
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak up to £50,000 and can be available in a very short amount of time.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19) up to £5 Million
Choose your Bank to find out how to apply for either:
Self Employed Income
If you are self employed and qualify, you will be able to apply for the Self Employed Income Support Scheme. A backdated payment will be made in June for a sum of money equivalent to 80% of the average of your previous three years profits.
For more information on whether you qualify and how the application will work, see HERE
Small Business Rate
In response to the coronavirus (COVID-19) outbreak, the government has announced support for small businesses and businesses in the retail, hospitality and leisure sectors. Two new grant funding schemes have been announced:
Small Business Grant Fund (SBGF)
Retail, Hospitality and Leisure Grant Fund (RHLGF)
To find out more information and to check you are eligable for a grant via the Dorset for you council website:
To Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19):
To make a claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19)
Income Tax and VAT
In order to help manage your business cash flow over the coming months, the government have announced a deferral period for both VAT and for your self assessment tax bill
For information on VAT deferral:
Your mid year Self assessment tax bill would normally be required in full by July 31st however, if required, you can delay making your second payment on account. If you choose to delay, you’ll have until 31 January 2021 to pay it.