Job Retention Bonus Scheme Update

Mini Budget Summary

In his mini Budget, the Chancellor announced a number of new temporary measures to assist the economic recovery following the Covid-19 pandemic.

The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers starting from 1 March 2020.

This scheme helps small and medium-sized businesses affected by coronavirus (COVID-19).

The Scheme is open to most businesses, regardless of turnover, who meet the eligibility criteria and who were established on or before 1 March 2020.

Businesses in England may be eligible for a payment of £10,000 under the Small Business Grant Fund (SBGF).

The government has introduced a business rates holiday for retail, hospitality and leisure businesses.

Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow.

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support.