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Government Business Update

The pace of the impact of the Coronavirus is unprecedented and as a result we have a further update for you following the government updates.

Small Business Rates Relief – Grant
For businesses who qualify for small business rates relief, the cash grant was increased from £3,000 to £10,000. This grant will be managed by your local authority and they will be in touch with you if you are eligible. For more information on this grant visit the HMRC website.

Small Business Interruption Loans
The Coronavirus Business Interruption Loan Scheme (CBILS) supports small and medium-sized businesses, with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years. This loan will also be supported by the goverment’s Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. Find out more here.

Sectors – Travel, Hospitability including pubs and restaurants, Leisure and Related Trades
For businesses in these sectors with a rateable value up to £51,000 per annum, a cash grant of up to £25,000 is to be made available. To discover more click here.

For all businesses in these sectors, the business rates holiday of twelve months has been extended to all businesses regardless of the rateable value. Further information can be found on the HMRC website.

Self-Employed Individuals

The government has announced a scheme to support the self-employed, the Self-employment Income Support Scheme. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month. It will be available for 3 months, but may be extended. Click here for full details.

Individuals

For those with mortgages, mortgage lenders will be required to provide a three months payment holiday. Contact your bank or building society for full details.

For more information on the Job Retention Scheme take a look at our blog.

Please keep tuned and if you have any questions or if we can help in any way, please let us know by emailing enquiries@accountingandbeyond.co.uk.

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