Financial Scheme information
This is an unprecedented time for all large businesses across Somerset. To mitigate the financial hardships caused by Coronavirus (Covid 19), the government have created tailored financial support packages. Details of these can be found below.
The government has also launched a Business Coronavirus Support Finder to quickly help businesses determine what financial support is available for themselves or their business.
VAT Deferral
The VAT deferral new payment scheme has now closed. Find out about VAT payments deferred between 20 March and 30 June 2020.
Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme were able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applied to employees who had been asked to stop working, but who were being kept on the pay roll.
The Coronavirus Job Retention Scheme ended on 30 September 2021. You can check a previous claim here
Apprentices
Providing apprenticeships during the coronavirus (COVID-19) pandemic – Find out how apprenticeships will continue during the coronavirus (COVID-19) pandemic.
Skill Up Somerset – Apprenticeship and Skills Advisory Service
Time to Pay
Businesses 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. Arrangements are agreed on a case-by-case basis and tailored to individual circumstances and liabilities. You can find out more here.
Information and assistance
Free information, support and advice for those needing help during Coronavirus can be obtained from:
The Heart of the South West Growth Hub
You can also find free support, advice and information on sources of finance, along with assistance on working from home through your local Heart of the South West Growth Hub.
GOV.UK Business Support
Get coronavirus (COVID-19) support for your business or if you’re self-employed, and find out how to keep your business and your employees safe on the GOV.UK Business Support website
Financial support for businesses during coronavirus (COVID-19) – Find out what financial support you can get for your business
HMRC Covid Helpline
HMRC have additional helplines, including one set up to support businesses concerned about not being able to pay their tax due to coronavirus on 0800 0159 559. You can find more details about contacting HMRC online.
Mind
The charity Mind provide advice on how to support your mental wellbeing during this difficult period. The Mind website includes practical advice on coping with staying at home and updates on how the new coronavirus laws could affect your rights. There is also useful information for any young person who is currently struggling.
Step Change
Contact the debt charity Step Change to get expert debt advice and fee-free debt management to help you tackle your debts. You can find out more on their website or phone 0800 138 1111