Help for Small Businesses

As a small business we totally understand the pressures you are currently facing, thankfully the Government have put into place several measures to support small businesses through this period of economic uncertainty.

The current package of support includes:

Coronavirus (Covid-19) Job Retention Scheme

This grant will pay up to 80% of wages for employees not working, up to £2,500 per month. Our HR Partners at Adastra have produced this detailed factsheet which you can download here.

We understand that we will be given access to a portal to claim these amounts for staff.

Business Interruption Loan

These will be available to small business with a turnover of less than £41m per year. You can access the scheme by applying to one of the accredited lenders, we have a full list of these and can help you through this process. The scheme is now up and running and will be interest free for 12 months.

The Government will provide lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in providing finance to small businesses.

However, there are many other options out there that we can recommend to you, there are many lenders prepare to provide funding at favourable rates with very quick turnarounds (it can be done in as little as 48 hours). Please get in touch and we can advise you of the best solution for your business.

Business Rates Holiday for all retail, leisure and nursery business in England

A business rates holiday for the 2020 to 2021 tax year will be introduced for all retail, hospitality and leisure businesses. Any business that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority.

You will be eligible for the business rates holiday if:

  • Your business is based in England
    Your business is in the retail, hospitality and/or leisure sector

Properties that will be benefit from the relief will be occupied hereditaments that are wholly or mainly being used:

  • As Shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • For assembly and leisure
  • As hotels, guest and boarding premises and self-catering accommodation

What to do

Nothing, this will automatically be applied to your next Council bill in April 2020. Some local authorities may have to re-issue your bill to exclude the business rate charge, this will be done as soon as possible. You can estimate the business rate charge that you will no longer need using this calculator. https://www.gov.uk/calculate-your-business-rates

VAT Payments

VAT payments will be deferred for the next VAT period ending between 20 March to 30 June 2020. Businesses will not need to make a VAT payment during this period and will be able to make up any payments up to 5 April 2021. We strongly recommend that you defer your VAT payments to free up cash, please do get in touch if you need any support with doing this.

If you pay your VAT by Direct Debit, and you wish to defer your VAT then the advice we are receiving is to cancel your Direct Debit with HMRC.

Small Business Grant of £10,000 for all businesses in receipt of small business rate relief or the rural rate relief

For small businesses that pay little or no business rates the Government will provide an additional Small Business Grant of £10,000 to help with ongoing business costs.

You will be eligible for the small business grant if:

  • Your business is based in England
  • You already receive Small Business Rate Relief and/or Rural Rate Relief
  • You are a business that occupies a property

What to do

Nothing, your local authority will write to you if you are eligible for this grant, if you would like any clarification your local authority can provide this.

Grant funding of £25,000 for retail, hospitality and leisure businesses  

The Retail and Hospitality Scheme provides a £25,000 grant (per property) to businesses in the retail, hospitality and leisure sectors.

Businesses in these sectors with a property that has a rateable value of £15,000 and under will receive a grant of £10,000. Those with a property that has a rateable value of between £15,000 and £51,000 will receive a grant of £25,000.

You will be eligible for the business rates holiday if:

  • Your business is based in England
  • Your business is in the retail, hospitality and/or retail sector

Properties that will be benefit from the relief will be occupied hereditaments that are wholly or mainly being used:

  • As Shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • For assembly and leisure
  • As hotels, guests and boarding premises and self-catering accommodation

What to do

Nothing, your local authority will write to you if you are eligible for this grant, if you would like any clarification your local authority can provide this.

If you need help or support on any of the above initiatives, please contact the friendly team at Clear Vision on 01794 330 025 or email us. Alternatively, you can book an appointment with either Sean Daniel or Jordan Moody via the link below.