Here are a few of the measures Rishi Sunak has implemented to help businesses and employees.
For businesses with fewer than 250 employees, the cost of two weeks statutory sick pay will be government funded, where an employee is off work due to COVID-19.
The chancellor also spoke of a job retention scheme, where by 80% of an employee’s wage, up to a maximum of £2,500, is met by way of a grant. Employers will need to contact HMRC for employees not working but are furloughed and kept on payroll rather than being laid off.
Statutory sick pay will be paid from day 1, for those affected by coronavirus, at £94.25 per week.
Anyone self employed can claim universal credit or employment support allowance.
If you have business premises and are eligible for small business rates relief or rural rates relief, you may be eligible for a £10,000 grant – this will be administered by your local authority.
There are advanced measures for companies within the retail, hospitality and leisure industries.
There is also a business loan scheme with up to twelve months interest free.
VAT payments for the current quarter will be deferred until December 2020.
The self assessment payment on accounts, due in July, have been deferred until January 2021.
Most banks should now offer a three month mortgage break, to help people through difficult times. When mortgage payments resume, your monthly payments would be slightly more so as to not extend your mortgage term.
If you need any help please contact the HMRC Business support helpline on 0300 456 3565.