Morvern Community Development Company

Lochaline Harbour, Lochaline, Morvern, PA80 5XT

Coronavirus Information for Business and Self Employed

Loans

If your business needs short term cash flow support a loan scheme is to be set up to support primarily small and medium-sized businesses to access bank lending and overdrafts. Called the Coronavirus Business Interruption Loan Scheme, the scheme will provide lenders with a guarantee of 80% of a loan and businesses will be able to secure 12 months interest free repayments.

The British Business Bank will deliver this loan scheme. You should talk to your bank or finance provider (not the British Business Bank) as soon as possible and discuss your business plan with them. The scheme will be available from the week commencing 23 March 2020.

VAT

VAT payments have been deferred for three months from 20 March until end June 2020 and no VAT payments are needed during this period. Taxpayers will be given until the 5 April 2021 to pay any VAT liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

This is an automatic support and businesses do not need to apply.

Sick Pay

Small-and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. They will be able to reclaim 2 weeks’ SSP per eligible employee. There will be no need to provide a Doctors Fit Note but employers need to maintain records of staff absences and payments of SSP.

No detailed arrangements are yet available on how the repayment mechanism will work and how to apply.

Self Employed

The self employed income tax payments due on the 31 July 2020 will be deferred without penalty or late payment interest until the 31 January 2021.

This is an automatic support and businesses do not need to apply.

If you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to stay at home, you can make a claim for Universal Credit or new style Employment and Support Allowance. If you are eligible for new style Employment and Support Allowance, it will now be payable from day 1 of sickness, rather than day 8, if you have COVID-19 or are advised to stay at home.

If required you can access advance payments upfront without needing to attend a jobcentre, nor is there a need to attend a jobcentre to demonstrate gainful self-employment.

Outstanding Tax

If businesses and individuals who are in temporary financial distress as a result of Covid-19 and have existing outstanding tax liabilities, they are encouraged to contact HMRC as they may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.

Non Domestic Rates: Rates Relief

All non-domestic properties in Scotland will get a 1.6% rates relief. You do not need to apply for this relief and it will be applied to your bill.

Retail, hospitality and leisure businesses will get 100% rates relief. To get this relief, a property has to be occupied.

If you’re struggling to pay your non-domestic rates bill you should contact the Council’s Non Domestic Rates team and ask them about your payment options. Please note however, there is no requirement to make a payment toward your business rates account until 30 September 2020, this is without any penalty, interest or charge.