| The IMDA’s Summary of financial support available to the Motor Industry. | What’s covered -basics | How to access -ACTION |
| Coronavirus Job Retention Scheme | HMRC will reimburse 80% of furloughed workers’ wage costs, up to a cap of £2,500 per month. Targets employees who would otherwise be laid off. Backdated from 1st March (to allow staff already made redundant to be re-hired). | HMRC. Expected to be operational by April 20th
You must have enrolled for PAYE online (this can take up to 10 days) |
| Self-Employment Income Support Scheme | Arrangements for self-employed and zero hours contract staff expected to be announced now available |
HMRC is urgently working to deliver the scheme; grants are expected to start to be paid out by beginning of June 2020. For eligible individuals who have not submitted their Income Tax Self-Assessment tax return for 2018-19, they must do so by 23 April 2020 to file their returns and therefore become eligible for this scheme |
| Coronavirus Business Interruption Loan Scheme (CBILS) | Govt-backed loans and other financial support up to £5m provided by the British Business Bank via participating lenders. Interest-free for first 12 months. | Contact your own Bank /Lender at the first instance to find out if they are participating in the scheme , apply online. |
| Business rates relief :-
Rates holiday for 2020/21 tax year |
100% rates relief for occupied retail, hospitality and leisure businesses from 1st April 2020. England, Scotland, NI & Wales may differ | Applied automatically by local authorities.
Contact your Local Authority for clarification however this relief is automatically issued
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| UK Government cash grants
(England, Scotland, NI & Wales may differ please check) ie- Scottish Government restricts the Grant to only one property per business. |
A one-off grant of £10,000 for small businesses who get Small Business Bonus Scheme relief or Rural Relief.
Retail businesses with a rateable value between £18,000 to £51,000 will be able to apply for a one-off grant of £25,000. |
To be delivered by local authorities –
Contact you Local Authority for clarification, however many local authorities now have an application form available on their website to apply.
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| VAT deferral | VAT deferral for all businesses from 20 March until 30 June 2020. | Automatically applies – businesses will not need to make a VAT payment during this period. Although you need to do nothing please ensure that you cancel your DD at your Bank.
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| Income tax deferral | Income tax self-assessment payments for the self-employed due on 31 July 2020 will be deferred until 31 January 2021. | Automatic – no applications needed. |
| HMRC Time to Pay | Support from HMRC for all businesses and self-employed people in financial distress, and with outstanding tax liabilities. | Agreed on a case-by-case basis by HMRC, tailored to individual circumstances and liabilities. |
| Insurance | If you have Business Interruption insurance it’s unlikely to cover you for the COVID-19 Pandemic due to exclusion of the virus being named within the cover. | Businesses should check the terms and conditions of their specific insurance policy and contact their provider and if still unsure, call your insurance company direct or via your broker. |
| Bank lending & Unit Stocking Loans | Businesses to contact their bank to discuss options open to them (e.g. capital holidays, extensions) as well as any new funding requirements. | Contact your funders directly, help is available. |
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