Government support announced

The government are starting to filter information through in relation to business support and have introduced a number of measures to help the nation manage the repocussions of COVID-19.

Despite support announced this week by The Prime Minister and Chancellor Rishi Sunak, The British Institute of Kitchen, Bedroom & Bathroom Installation believe that more should be done to support the self-employed economically.

BiKBBI CEO Damian Walters wrote to The Chancellor today, asking that more be done “to protect the micro business”. Damian added: “Whilst we applaud the measures our government are taking, which we’re incredibly thankful for, the equivilent of less that £100 per week for the self-employed would plunge the UK into a downward economic spiral and widen a skills gap that is already impacting the country’s ability to build, refurbish and improve housing stock”.

The government have introduced a number of measures of support, which include:

Coronavirus Job Retention Scheme
An 80% contribution to all employed staff salaries

Deferring VAT and Income Tax payments
Moving many of the 2020 tax teadlines to later this year / 2021

Statutory Sick Pay relief package for SMEs
SSP for the self employed

12-month business rates holiday for all retail businesses in England
No business rates for those with retail showrooms

Grant funding of £10,000 for all business in receipt of small business rate relief
In the form of rates relief

Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million
Access to loans, subject to conditions

HMRC Time To Pay Scheme
Helping the nation financially through deferring tax liabilities