Coronavirus – Support for Small Business – Welsh Edition
Business Rates Relief – Now in line with UK support
- Shops as well as businesses in the leisure and hospitality industries with a rateable value of £51,000 or less will receive 100% relief on their business rates for 2020/21. Check your rateable value here: https://www.gov.uk/correct-your-business-rates
- A grant of £25,000 for businesses in the sectors described above for properties with a rateable value between £12,001 and £51,000
- A grant of £10,000 for all businesses eligible for Small Business Rates Relief with a rateable value less than £12,000
- Awaiting information on when this money will become available. Administered via local authorities.
Business Interruption Loan Scheme (Wales Specific)
- Launching in a few weeks to support businesses in accessing loans and overdrafts. 80% of the loan guaranteed by UK government. Will be available in Wales via High Street Banks and Development Bank of Wales.
HMRC Time To Pay Service
- If you are concerned you won’t be able to pay your corporate or personal taxes (or are already struggling) call HMRC on 0800 0159 559. I would not advise simply not paying without speaking to them first.
SSP Rebate for Employers
- Applies where an employee is off work with with COVID-19 (either sick or self-isolating)
- Up to 2 weeks per employee reimbursed by the government. £94.25 per week (currently) per employee earning more than £118 per week. No waiting period applies.
- Applies to businesses with fewer than 250 employees.
- Employer to maintain records but no GP fit note required.
- Government working on repayment mechanism to businesses. For now, record SSP as usual in your payroll software.
Support for the self employed and employees earning less than £118 per week
- If you are not entitled to SSP you may be able to apply for Universal Credit or Employment and Support Allowance (ESA).
- If you are self-employed you may be able to apply for Universal Credit.