Coronavirus: UK Business advice and support

Aaron Larsson

 · March 30, 2020  · 03/30/2020


Updated 30 March 2020

We’ve had many questions asking about the measures and support being provided by the UK Government during the coronavirus outbreak. Most importantly, how and when can you take advantage.

To make your life a little easier during these unprecedented times, we’ve compiled all the initiatives laid out by the Chancellor and answered the key questions.

Please remember, Revolut Business cannot provide you with any financial advice regarding the measures put in place by the UK government. The information below is to help you cut through the fog in these difficult times. For anything to do with your business account, you can always contact our support team who will be happy to help.

The package of measures to support businesses includes:

Coronavirus Business Interruption Loan Scheme (CBILS)

What is it?
A loan of up to £5m for nearly all SMEs, which is interest-free for 12 months.

Am I eligible?
Yes, if you’re a SME, sole trader, freelancer, body corporate, limited partnership, limited liability partnership or other legal entity carrying out a business activity in the United Kingdom, with annual turnover of up to £45m, operating in all sectors.

How can I access it?
You will need to contact an accredited lender directly - a full list can be found here.

Full details can be found here.

Retail and Hospitality Grant Scheme

What is it?
A cash grant of up to £25,000 per property if your business is in the retail, hospitality or leisure sector.

Am I eligible?
Yes, if your business is based in England* and in the retail, hospitality and/or leisure sector, with a rateable value of £51,000.

How can I access it?
You don’t need to do anything yet. Your local council will contact you if your business is eligible.

Full details can be found here.

Small Business Grant Fund

What is it?
A one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

Am I eligible?
Yes, if your business is based in England* and already receives small business rate relief (SBRR) and/or rural rate relief (RRR), and occupies property.

How can I access it?
You don’t need to do anything yet. Your local council will contact you if your business is eligible.

Full details can be found here.

Coronavirus Job Retention Scheme

What is it?
HMRC will reimburse 80% of wages, up to £2,500 per month, for ‘furloughed workers’.

Am I eligible?
Yes, if you’re a UK employer with a PAYE scheme – this includes the public sector, Local Authorities and charities.

How can I access it?
Once the new online portal is live, employers will have to submit information to HMRC about the employees that have been furloughed and their earnings (HMRC will set out further details on the information required).

Full details can be found here.

Business Rates Holiday for Retail, Hospitality and Leisure

What is it?
Businesses in the retail, hospitality and leisure sectors will not have to pay business rates for the 2020-21 tax year.

Am I eligible?
Yes, if your business is based in England* and in the retail, hospitality and/or leisure sector.

How can I access it?
You don’t need to do anything yet. Local authorities will apply the business rates holiday to your bills.

Full details can be found here.

VAT Deferral


What is it?
For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.

Am I eligible?
All UK businesses are eligible.

How can I access it?
You don’t need to do anything yet. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.

Income Tax Deferral

What is it?
For Income Tax Self-Assessment, payments due on the 31 July 2020 may be deferred until 31 January 2021.

Am I eligible?
If you are self-employed you are eligible.

How can I access it?
You don’t need to do anything yet. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged if you defer payment until January 2021.

Statutory Sick Pay relief package for small and medium sized businesses (SMEs)

What is it?
Legislation to allow SMEs and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.

Am I eligible?
Yes, if your business is UK based and is a small or medium-sized, employing fewer than 250 employees as of 28 February 2020.

How can I access it?
A rebate scheme is being developed. Further details will be provided in due course once the legislation has passed.

HMRC Time To Pay Scheme

What is it?
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.

Am I eligible?
Yes, if you pay tax to the UK government or have outstanding tax liabilities.

How can I access it?
If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559

The package of measures to support the self-employed includes:

Coronavirus Self-employment Income Support Scheme

What is it?
A taxable grant worth 80% of profits, up to a cap of £2,500 per month.

Am I eligible?
Yes, if you are self-employed or a partnership and had a trading profit of less than £50,000 in 2018-19, or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2017-18.

How can I access it?
You don’t need to do anything yet. HMRC will use existing information to identify those eligible and will invite applications.

*Because some elements of business support are devolved, the measures you can access may differ if your business is in Scotland, Wales or Northern Ireland.

View the latest guidance on coronavirus for businesses in Scotland.
View the latest guidance on coronavirus for businesses in Wales.
View the latest guidance on coronavirus for businesses in Northern Ireland.

For even more information, the government has launched a Business Support Campaign to help businesses across the UK meet the challenges brought about by the coronavirus. Click here to find out more.

We want you to know that the entire Revolut Business team is behind you, and throughout this crisis, we’ll continue to do everything in our power to support you and your business.

If you have questions or concerns about your business account, the best way to reach our customer support staff is via the help chat in your Revolut Business app. If the situation changes, we’ll keep you updated via email, our blog, and our social channels – Twitter, LinkedIn and Facebook.