Business Rates Holiday for Nurseries
: Nurseries do not have to pay business rates for the 2020-2021 tax year.
Top-up to local business grant funds scheme: On Friday 1 May the Government announced a further grant scheme for some businesses not covered by the existing grants. This additional fund is aimed at small businesses with ongoing fixed property-related costs. Once the government has issued the funding, detailed guidance and the full eligibility criteria, the council will be responsible for administering the grant. The council will publicise the application process when it becomes available. For more information, please visit the GOV.UK website.
Bounce Back Loan: The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
Future Fund Scheme: Aimed at start-ups and high growth businesses, the scheme will provide convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal matched funding from private investors. The scheme is currently expected to run until the end of September 2020. This scheme is now live, to find out how to apply, guidance can be found here.
Self-employment Income Support Scheme: Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits. This scheme is now live, to find out how to apply, guidance can be found here.
Coronavirus Business Interruption Loan Scheme: This scheme will help businesses affected by coronavirus to access bank lending and overdrafts if they need to. For loans up to £5 million, the Government is providing a guarantee of 80% for each loan.
Coronavirus Job Retention Scheme: Under the coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees' salary for those that would otherwise have been laid off during this crisis. This scheme is now live, to find out how to apply, guidance can be found here.
Statutory Sick Pay Rebate: The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus.
Support for Businesses Paying Tax: All businesses and self employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC's Time to Pay service.
VAT Deferral: We will support businesses by deferring Valued Added Tax (VAT) payments for 3 months.
Income Tax Deferral for the Self-Employed: If you are self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
Support for Businesses Paying Tax: All businesses and self- employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC's Time To Pay service.
COVID-19 Corporate Financing Facility: The new COVID-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies.
Deferral of Self-Assessment payment: The Self-Assessment payment on account, this is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until January 2021.
Arts Council England: £160 million of emergency funding available for those organisations and individuals.