Covid 19 Restriction Funds
Business Closure Fund
This applies to business that have been instructed to close completely since October 9.
These are Licensed Premises (apart from licensed cafes),Snooker/Pool Halls, Bowling Alleys, Casinos, Bingo Halls and Gyms who cannot operate group classes.
For Rateable values of less than £51,000 the grant is £2,875 and for Rateable Values of more than £51,000 the grant is £4,310.
In future a grant of either £2,000 or £3,000 depending on rateable value will be given to businesses for every 4 week period of closure.
Business Hardship Fund
This applies to businesses who still open but are restricted by law or to suppliers of perishable goods to the licensed trade who have lost turnover due to enforced closures.
For Rateable values of less than £51,000 the grant is £1,440 and for Rateable Values of more than £51,000 the grant is £2,155.
In future a grant of £1,400 or £2,100 depending on rateable value will be given to businesses for every 4 week period of closure.
Applications for both grants are made via your local council website.
Extension of Hospitality VAT Cut
The rate of VAT on hospitality will remain at 5% until 31 March 2021.
Extension of Deferred VAT Payment Term
VAT payments for returns due in April, May and June 2020 that has been deferred until March 2021 can now be paid by 11 instalments in the 2021-22 tax year. Applications for this are not yet open.
Extension of Self Assessment Payment Term
The second instalment for 2019-20 that had been due to be paid in July 2020 ,any balancing payment for 2019-20 and the first instalment for 2020-21 due to be paid by 31 January 2021 can now be paid by instalments until January 2022. Applications for Time to Pay will be made online via the HMRC website.
Extension of Loan Terms
Bounceback and Business Interruption loans can now be repaid over a period of up to 10 years . Interest free periods and payment holidays can also be arranged.
If you have any queries about how any of this affects you then please contact us.