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This page has been compiled from recent announcements, on the various schemes, and is based on the most common queries we have received  The list is by no means exhaustive. 

Please check nibusinessinfo.co.uk as central comprehensive resource for NI businesses.

Last updated 5pm Wednesday 25th March 2020

SELF EMPLOYED SUPPORT (in draft bill format)

A self empoyment bill is imminent  - see  Parliament link for draft details   

Full information will be available NIBusinessinfo.co.uk at UK Gov Business Support

 

BUSINESS RATES HOLIDAY (in place)

ALL businesses will have a rates holiday until the end of June 2020.  This shall then be reviewed,  This is automatic. No application needed.

Full information will be available NIBusinessinfo.co.uk 

 

VAT & INCOME TAX DEFERRAL (in place)

VAT due for periods ending April to June 2020 can be deferred, with payment not being required until April 2021. 

Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

For further infromation, see NIBusinessInfo.co.uk

 

BUSINESS GRANTS (not yet open)

The Northern Ireland Executive has announced two grants will be available to local businesses impacted by the coronavirus.  Businesses in Northern Ireland will be able to access the following schemes.  COVID Small Business Grant - A grant of £10,000 for all small businesses who are eligible for the Small Business Rate Relief Scheme (ie all businesses with a NAV up to £15,000).  Hospitality, Tourism and Retail Sectors Grant Scheme - An immediate grant of £25,000 for companies in these sectors with a rateable value from £15,000  up to £51,000.  

For further infromation, see NIBusinessInfo.co.uk

 

80% WAGES FOR JOBS RETENTION (opens end April, however can be backdated to 1st March)

HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.  If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan (see below). 

For further infromation, see NIBusinessInfo.co.uk

 

BUSINESS INTERRUPTION LOANS (Open - apply today through your bank - interest free for 12 months - helps cashflow)

The Coronavirus Business Interruption Loan Scheme is now open through participating lenders.  Facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Interest free for 12 months. 

For further information please visit NIBusinessInfo.co.uk