A Guide to Financial Buinesss Support

London Business Hub has created this factsheet to help you access the support that has been made available for your business. For detailed information on the schemes available, please click on the hyperlinks in the relevant section below.

Support for employees

  • All UK employers with a PAYE scheme will be able access support to continue paying salaries for those who would have otherwise been furloughed or let go due COVID-19. Find out more.
  • SMEs are now able to reclaim Statutory Sick Pay for staff that have been absent due to COVID-19.

Finance available

Eligibility for funds

  • Your local authority will be in touch if your business is eligible for SBRR or rural rates relief. Find out more.
  • Local authorities will receive funding for grants from April 2020 – see guidance here.

Delayed payments

  • From March until the end of Jun 2020, VAT payments have been delayed until the end of the tax year. The self-employed have until Jan 2021 to pay income tax. Find out more.
  • Call the HMRC COVID-19 helpline on 0800 0159 559 for more information.
  • All retail, hospitality and leisure businesses have a 12 month holiday from paying business rates.

Self-employed Londoners

  • IR35 tax reforms have been pushed back one year for the self-employed. Find out more.
  • Self-employed workers earning less than £50K can obtain a grant worth 80% of their average monthly profits over last three years.

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