27th March 2020 Posted by - Alexander Accountancy
Following the recent announcements of support for businesses, we are awaiting further guidance from Government on how this will be implemented. The Government have updated their web page on employer and business support please keep your eye on Government pages for updates.
This business support page also provides useful information coronavirus business support.
The Stoke and Staffordshire Growth Hub has provided a summary and overview of what measures are to be put in place by central Government and you can find that here: https://stokestaffsgrowthhub.co.uk/news/covid-19s-business-support-information.
In the meantime, if you have any concerns about paying tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559.
(new) On Thursday 26th March 2020, the Chancellor announced a support package for the self-employed whereby self-employed people with trading profits of up to £50,000 will be able to access a taxable grant based on 80% of their average monthly profits over the last 3 years, up to £2,500 per month. The scheme will be implemented no later than the beginning of June and HMRC will be contacting eligible people directly in due course.
The Council has published a list of business types that are required to close or remain closed until otherwise directed. For businesses that wish to amend their service so that they can continue to trade, for example a restaurant may wish to offer takeaway or food delivery, they will need to email planning to let us know their intentions and ensure that they comply with their premises licence conditions.
The Coronavirus Business Interruption Loan Scheme (CBILS) is now open and is being provided by commercial lenders, backed by the British Business Bank. In order to enquire about this loan, please contact your bank or one of the accredited lenders on this list. For more information please go to https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/.
Commercial tenants who cannot pay their rent because of coronavirus will be protected from eviction for at least three months.
With regards to business rates, the Council has annouced that it intends to award the revised retail discount relief to all relevant accounts in the next few days and issue confirmation of the awards to those ratepayers, along with revised business rates bills showing no rates liability for 2020/21.
Ratepayers who pay by Direct Debit and who are awarded this relief will not have payments requested from their bank for their 2020/21 liability.
Small Business Grant Funding – If either Small Business Rate Relief or Rural Rate Relief are shown on your Business Rates bill and you do not pay your Business Rates by Direct Debit, we do not hold any bank details for you. We’ll need you to confirm your business’s bank details in order to make a payment to you.
Retail, Hospitality and Leisure Grant Funding – A grant of £10,000 for businesses with a Rateable Value of up to £15,000 and a grant of £25,000 for businesses with a Rateable Value of between £15,001 and £50,999. If you do not pay your Business Rates by Direct Debit, we do not hold any bank details for you. We’ll need you to confirm your business’s bank details in order to make a payment to you.
Please go to our Coronavirus Business Rate Relief page for more information and to submit your business’s bank details.