A number of measures designed to support small businesses with the impact of coronavirus have been announced. These include:
• For any company with less than 250 employees (as of 28 February 2020) the Government will refund Statutory Sick Pay for up to 14 days for each employee who is unable to work as a result of coronavirus. Any individual who is asked to self-isolate will also be eligible for Statutory Sick Pay.
• Businesses which qualify for small business rate relief will be eligible for a £3,000 grant.
• The Government underwriting loans to small businesses.
If you employ less than 250 people and an employee(s) is required to self-isolate because of coronavirus you will be able to reclaim the costs of their statutory sick pay from the Government. Equally if you qualify for small business rate relief you should be eligible for a £3000 grant from your local authority to help with ongoing business costs.
Taxation (UK wide)
The Chancellor confirmed that:
• Fuel Duty would be frozen for another year.
• Corporation Tax rate would remain at 19%.
• The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
Businesses that pay employer National Insurance contributions will see their contributions reduced.
Northern Ireland is to receive extra £210m for public services. The Department of Finance is due to give its assessment of the budget later this evening.