Unfortunately, SEISS is only available to sole traders who work for themselves, and doesn’t include directors who are, technically, employees of their company. There are other options available to sole directors affected by the coronavirus COVI-19 pandemic.
As employees of their own company, sole directors may be eligible to furlough themselves under the Coronavirus Job Retention Scheme (CJRS).
This does mean having to stop working though, which many sole directors may be unenthusiastic about. Directors might also be eligible for other types of support such as Universal Credit, Employment & Support Allowance, or the Small Business Grant Scheme
Like any other employee on the payroll, directors are eligible for SSP as long as they satisfy the other conditions for receiving it. This also means that SSP can be reclaimed for directors off-sick with coronavirus, through the SSP Relief Scheme.
If the impact of coronavirus COVID-19 has affected your ability to file your company accounts on time, you can apply for more time to file them. Remember though, that you must take action before the filing deadline.
The next quarter of VAT payments have been deferred to help VAT registered businesses during the COVID-19 pandemic.
You will not pay any VAT from now until the end of June 2020, and have until the end of the financial year to repay those bills.
Businesses who need support dealing COVID-19 are eligible for a payment of £10,000 through the Small Business Grant Fund as long as:
The business is based in England and occupies a property
The business’s property was in receipt of Small Business Rate Relief or Rural Rate Relief on 11 March 2020
The CBILS is only open to businesses that are based in the UK, and whose turnover is less than £45 million per year.
Whilst the government have given people more time to pay their income tax and VAT bills because of coronavirus, the payment deadline for Corporation Tax has not been extended. You may be able to request more time using HMRC’s Time to Pay scheme.
The government-backed Small Business Bounce Back Loans allow small businesses suffering as a result of the coronavirus COVID-19 pandemic to borrow anywhere between £2,000 and £50,000.
The government are actively working to reassure lenders of their support, helping funds become available in just days, once approved.
No, the two loans are backed by the government, but operate under different schemes.
The fund is available to Scottish micro businesses that fall within its remit of creative, tourism or hospitality industries. The fund is only open to businesses employing fewer than 50 staff, and who have experienced a 50% drop in revenue as a result of the coronavirus pandemic.