Guidance and Useful Links for Retailers During Covid-19 Pandemic
The current situation with Coronavirus (COVID-19) is changing on a daily basis but the below summarises guidance and links as of 7th April 2020.
Over the past few weeks, the UK Government has been announcing a range of initiatives, support packages and schemes to help retailers as a result of Coronavirus.
Our Retail team has been speaking to our retail customers to give them information on their individual bookings and venues in which they trade/are looking to trade in.
We have summarised the help and resources available to our retail business customers below :-
The Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least 3 months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by Coronavirus (COVID-19). The scheme is open to all UK employers with a PAYE scheme created and started before 28 February 2020.
UPDATE: The portal for applications has now opened on 20.04.20.
For more information on the Coronavirus Job Retention Scheme.
The Coronavirus Business Interruption Loan Scheme
The temporary Coronavirus Business Interruption Loan Scheme supports SMEs, who meet the eligibility criteria, with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.
The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
For more information on the Coronavirus Business Interruption Loan Scheme
Help with Tax Payments
Time to Pay Service
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
For more information on the HMRC Time To Pay Scheme.
Deferring VAT Payments
The UK Government is supporting businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer the payment until a later date or pay the VAT due as normal.
For more information on how to defer your VAT payment.
Deferring Self-Assessment Payments
If you’re due to pay a self-assessment payment on account by 31 July 2020 but the impact of the Coronavirus causes you difficulty in making payment by that date, then you may defer payment until January 2021.
For more information on eligibility and deferring self-assessment payments.
The Self-Employment Income Support Scheme
This scheme has been created to support self-employed individuals (including members of partnerships) who have lost income due to Coronavirus.
For more information on the Self-Employment Income Support Scheme.
Support For Businesses Who Are Paying Sick Pay To Employees
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.
For more information on paying sick pay to employees due to COVID-19.
Business Rates Holiday For Retail Businesses
A business rates holiday for retail businesses in England for the 2020 to 2021 tax year has been announced. Information on eligibility is set out in the expanded retail discount guidance.
There is no action for retailers, but the local authorities may have to reissue bills to provide this support.
For more information on the Business Rates Holiday for Retail Businesses.
Cash Grants For Retail Businesses
This scheme provides businesses in the retail sector with a cash grant:
- Retail businesses with a property that has a rateable value of up to £15,000 may be eligible for a grant of £10,000.
- Retail businesses with a property that has a rateable value of between £15,000 and less than £51,000 may be eligible for a grant of £25,000.
Eligible businesses will be contacted by their local authority, though some local authorities have decided to operate an applications process. For any enquiries on this, you are advised to contact your local authority.
For more information in the Cash Grants for Retail Businesses.
Support For Businesses That Pay Little Or No Business Rates
The Government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief.
Eligible businesses will be contacted by their local authority, though some local authorities have decided to operate an applications process. For any enquiries on this, you are advised to contact your local authority.
For more information on the Small Business Grant Scheme.
Commercial Insurance
Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers.
For more information on Commercial Insurance.
Protection From Eviction For Commercial Tenants
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. This is not a rental holiday and all commercial tenants will still be liable for the rent.
The change will come into force when the Coronavirus Bill receives Royal Assent. No action by tenants is required.
For more information of Protection From Eviction.
Guidance For Food Businesses On Coronavirus (COVID-19)
Food business operators should continue to follow the Food Standard Agency’s guidance on good hygiene practices in food preparation and their Hazard Analysis and Critical Control Point (HACCP) processes. The Government has also provided guidance on cleaning and waste disposal to help businesses reduce the spread of Coronavirus.
For more information and advice for food businesses during COVID-19.
Support For Businesses In Scotland And Wales
Since some elements of business support are devolved, the measures you can access may differ if your business is in Scotland or Wales.
Scottish Government support for businesses
The Scottish Government has announced a package of measures worth £2.2 billion to support Scottish businesses and has made changes to business rates in Scotland for 2020-2021 along with extra rates relief.
Businesses in Scotland can apply to the Business Support Fund for a grant and can use the Scottish Enterprise business support finder to find out what is available to them.
View the latest guidance on Coronavirus support for businesses in Scotland.
Welsh Government support for businesses
The Welsh Government has set out a range of support measures including a £1.4 billion business support package to help businesses across Wales. In addition, the £500m Economic Resilience Fund will support Welsh firms of all sizes.
View the latest guidance on Coronavirus support for businesses in Wales.
IMPORTANT INDUSTRY LINKS
For the most up-to-date information, please refer to the official Government website.
There is also a business support website for answers to frequently asked questions.
The British Retail Consortium has developed a Coronavirus hub, with some content available for non-members:
http://brc.org.uk/coronavirus/
REVO has also collated a number of different sources and information on Coronavirus relating to the retail industry here:
https://www.revocommunity.org/coronavirus/home
Retail Week has made a number of resources available without the need for a subscription:
NCASS (Nationwide Caterers Association) has a Coronavirus hub:
https://www.ncass.org.uk/coronavirus
The FSB (Federation for Small Businesses) has a range of resources and webinars relating to Coronavirus: