Support for small limited companies during Coronavirus

So far, with the Coronavirus announcements for small businesses, there have not been as much support for small limited companies and their directors. 

We are hoping that there will be more to come and that the administrative aspect is what has stopped more announcements so far.

What has been announced so far is included here.


Support for Small Limited Companies During Coronavirus

FAQ – What can I claim –
VAT payment delay

For businesses who are VAT registered the legislation around VAT payment delays is applicable – you can read fully about that here

Employee wages 80% Job Retention Scheme
For businesses with staff the employee wages 80% Coronavirus Job Retention 
Scheme is applicable and you can find out about that here
It is important to note that there is some debate around whether a director would be entitled to this or not. My reading of the legislation is that they wouldn’t as you wouldn’t be able to make yourself redundant – however others believe that it is claimable by directors. I have directly asked HMRC and they have said they will get back to me and they are unsure at the present time (but I know others have also asked and both yes and no have been given as answers) 
£10k and £25k grants
For businesses with premises the £10,000 and £25,000 grants are applicable 
£10,000 grant –
£25,000 grant –
Personal Tax July Payment on Account delay 
The chancellor announced a delay in the personal tax payment on account due to be paid by 31st July 2020. This payment will now not be due until January 2021. 
Note the payment is not being eliminated but delayed – so will still be payable.
Statutory Sick Pay (SSP)
As an employee of a limited company, if you become unwell or have to self-isolate you are entitled to Statutory Sick Pay –
Coronavirus Business Interruption Loan Scheme (CBILS) 
This is available for limited companies. You can read about there here
We will keep updating this page as and when more help is announced.

About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.