COVID-19: New financial measures announced

  • 18th March 2020

The government yesterday announced £330bn in new financial measures to help individuals and businesses through the COVID-19 crisis.

A Government-backed loan fund will be launched shortly which will be interest free for six months to help pay or rent, supplies and salaries.

There will be an extension to business rates relief for the most affected sectors, being retail, hospitality and leisure businesses along with funding grants of between £10,000 and £25,000 for small businesses.

Three-month mortgage holidays are possible for those with cash flow difficulties linked to the COVID situation.

There is also a relaxation in red-tape, allowing pubs and restaurants to essentially operate as a takeaway without the need to obtain planning applications to assist in serving those self-isolating.

HMRC have also launched a COVID helpline for those concerned about paying tax. Call 0800 0159 559 to discuss options such as instalment arrangements and suspending penalties/surcharges.

The government has also put IR35 tax reforms on hold for a year in the wake of the COVID-19 crisis.

Keep checking our website for more updates on the COVID-19 crisis.

All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.