Construction support during Covid-19

With the government releasing a package of help for self-employed, BuildUK – the leading representative organisation for the UK construction industry, bringing together Clients, Main Contractors, Trade Associations – has produced a guide to assistance available to construction companies.

Business rates holiday:

Eligible: Retail, hospitality and leisure sector businesses in England

Guidance: No action required, will be applied to Council Tax bill in April 2020

Cash Grant:

Eligible: Retail, hospitality and leisure sector businesses in England

Guidance: No action required. Local Authorities will notify businesses. Available for each different property dependent on rateable value

Coronavirus Business Interruption Loan Scheme (CBILS):

Eligible: UK businesses with a turnover of less than £45M per year which meet British Business Bank eligibility criteria

Guidance: Available as of 23 March 2020. Loans of up to £5M, 12 months interest free. Find out more from British Business Bank or apply through your current bank or an accredited lender

Coronavirus Job Retention Scheme:

Eligible: All UK employers

Guidance: Employees that you can no longer afford to pay will be designated ‘furloughed workers’. Businesses can claim 80% of their wage costs up to a cap of £2,500 per month.

COVID-19 Corporate Financing Facility

Eligible: All UK businesses

Guidance: Available as of 23 March 2020. Purchase Commercial Paper (CP) during a defined period each business day. Businesses do not have to have previously issued CP. Available from the Bank of England.

Income Tax deferral:

Eligible: Self-employed workers

Guidance: Income Tax Self-Assessment payments due on 31 July 2020 will be deferred until 31 January 2021

MOT Suspension:

Eligible: Businesses utilising heavy good vehicles (HGVs) and public service vehicles (PSVs)

Guidance: Available as of 21 March 2020. Annual MOTs suspended for three months for all HGVs and PSVs. Vehicles to be issued with a certificate of temporary exemption (CTE). Find out more from the DVSA.

Small Business Grant Scheme:

Eligible: Small businesses that occupy property and receive Small Business Rate Relief (SBBR), Rural
Rate Relieve (RRR), or Tapered Relief in England

Guidance: No action required, Local Authorities will contact businesses. One-off grant of £10,000

Statutory Sick Pay (SSP) reclaim:

Eligible: Employers with fewer than 250 employees on 28 February 2020

Guidance: Claim back up to two weeks SSP per employee who is absent due to coronavirus (COVID-19).
Maintain records of absence, no GP fit note required.

Time to Pay – Tax Service:

Eligible: Businesses that pay tax to the UK Government and cannot pay a current tax bill

Guidance: Arranged on a case by case basis for current or imminent tax payments. Call HMRC on 0800 0159 559.

VAT deferral for 3 months:

Eligible: All UK businesses

Guidance: VAT payments will not need to be made between 20 March – 30 June 2020. You must continue to account for VAT on eligible goods & services. Deferred VAT will be due by April 2021. No penalties or interest will be charged. Vat refunds will be paid as normal. No application required to benefit from deferral.

If you would like to read more articles like this then please click here.

The post Construction support during Covid-19 appeared first on UK Construction Online.