With the ongoing Covid-19 pandemic, things remain tough for lots of business owners across the UK. This is why it is important to be proactive, ensuring that you are receiveing all the financial support available to you at the current time.
The Coronavirus Job Retention Scheme has been extended until the end of April 2021. This means that the government will continue to cover the cost of 80 per cent of the wages of furloughed employees for hours not worked – employers will only be asked to cover NICs and pension contributions.
The Self-Employed Income Support Scheme has been extended until April 2021. The government is now providing a third SEISS grant, covering 80 per cent of average trading profits between November and January 2021, capped at £7,500 in total. A fourth grant will also be introduced to cover February to April.
The government have extended the deadline and given businesses across the UK until the end of March to access the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme.
Businesses can also benefit from tax holidays and deferrals e.g. cutting VAT on hospitality and tourism from 20% to 5% and business rates holidays for eligible businesses across the retail, hospitality and leisure sectors (as well as Nurseries).
The Future Fund which issues convertible loans worth between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak remain open until the end of January 2021.
Businesses forced to close can claim grants of up to £3,000 per month (worth over £1 billion per month). Any business in England forced to close due to national or local restrictions can claim grants, via their local authority, of up to £3,000 per month, per business premises, depending on rateable value. Businesses that remain open, but are impacted by local restrictions, can also claim grants worth up to £2,100 a month, whilst wet-led pubs also benefitted from a £1000 one-off extra grant in December 2020.
In addition, on 5 January, the government announced all businesses in England forced to close can claim a one-off grant of up to £9,000. This is in addition to the monthly closed grant amounts above. The one-off additional grant each business premises will receive depends on their rateable value.
The Trade Credit Reinsurance Scheme that ensures trade credit insurance coverage and credit limits are maintained during the coronavirus pandemic to help businesses to trade with confidence has been extended to June 2021.
If you have any queries regarding the support available to your business, please reach out to our team of dedicated accountants.
At Gow & Partners, we are eager to make sure that our clients are getting all the financial support that they are entitled to, in order to ensure the strength and continuity of their businesses.
Simply give us a call on 01254 589799, or email firstname.lastname@example.org