This Content Was Last Updated on July 10, 2020 by Jessica Garbett
Updated 14 April 2020
The range of support from Government for businesses is extensive, and can easily become confusing and overwhelming.
This is our understanding of whats available for typical Yoga Businesses – as always E&OE
| Scheme | Eligibility and details | |
| You Have Business Premises (regardless of business structure) |
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| If your Rateable Value is below £15,000 | Small Business Grant Scheme £10k | All businesses claiming Small Business Rate Relief (SBRR) or Rural Rate Relief (RRR). Being paid by Local Authorities early April, register via your Local Authority – non repayable grant. |
| If your Rateable Value is over £15,000 and below £51,000 | Retail and Hospitality Grant Scheme £15k | Businesses in Retail / Hospitality / Leisure – should include Yoga Businesses. Being paid by Local Authorities early April, register via your Local Authority – non repayable grant.. |
| If your premises are not assessed for Business Rates, eg sub letting or working from home | No scheme | |
| You are a Sole Trader or in a Partnership | ||
| Loss of Business Profits | COVID-19 Self-employment Income Support Scheme | Non repayable grant of 80% of averaged business profits for three months, or £2,500/m whichever is lower.
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| If you are unable to work due to Sickness or Isolation | Employment Support Allowance | Claim via HMRC – not means tested. Subject to having paid NI.
NSESA is £73.10 (or £57.90 if aged under 24) a week – rises to £74.35 for 2020/21 |
| If you fall outside the above schemes / your profits are low | Universal Credit | Claim via HMRC – means tested Standard Universal Credit amounts (2019/20):
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| You are a Director / Shareholder in a Limited Company | ||
| Loss of Business Profits | No scheme available at present | |
| 80% Grant toward salary | Coronavirus Job Retention Scheme | 80% of your directors salary up to maximum £2,500/m.
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| If you are unable to work due to sickness or isolation | SSP | Via company payroll.
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| If you fall outside the above schemes | Universal Credit | Claim via HMRC – means tested Standard Universal Credit amounts (2019/20):
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| All Businesses regardless of Structure or Premises | ||
| VAT Deferral | No claim needed – but need to cancel your Direct Debit. Arrears will need to be made up. Details | |
| Self Assessment Deferral – July 2020 2nd Payment on Account 2019/20 | Automatic, no need to apply. The payment due in January 2021 will be higher accordingly. Applies to anyone with a Self Assessment payment due 31 July 2020 (2nd Payment on Account 2019/20) | |
| 80% Grant toward employees salaries if you have to Furlough (lay them off) | Coronavirus Job Retention Scheme | Details as above |
| HMRC time to pay on taxes (in addition to VAT and Self Assessment measures above) | Apply to HMRC | |
| Government Supported Loans | Coronavirus Business Interruption Loan Scheme | Offered by major banks, with security provided by Government and Government meeting interest and fees. |
Image by Gerd Altmann from Pixabay