KPMG2.jpg

GOVERNMENT SUPPORT PACKAGE

The government has set out a package of temporary financial measures to support businesses through this period of disruption caused by the COVID-19 pandemic. Measures including grants, business rates relief, salary support, sick pay relief, deferral of tax payments and loan schemes.

Watford Borough Council is leading on the delivery of business grants and business rates relief set out by government.  To date the council has paid out in excess of £17 million in grants to over 1,400 small businesses and more than £36 million in business rates credits to businesses in the retail, hospitality and leisure sector.

To help navigate through the government support on offer you can use this business support finder to see what support is available for you and your business.

RECOVERY ADVICE FOR BUSINESS

The Professional and Business Services Sector and Enterprise Nation, supported by the Department for Business, Energy & Industrial Strategy, have teamed up to offer small and medium sized businesses free advice to help them recover from the impact of COVID-19.  This offer will be available until 31st December 2020.

Professional bodies and trade associations are mobilising experts in their sector to offer free calls on topics from accounting to advertising, HR and legal affairs.

For further information please visit https://www.enterprisenation.com/freesupport/.

BUSINESS SUPPORT GRANTS

Local Restrictions Support Grant (Closed) - The Local Restrictions Support Grant (LRSG) supports businesses that are required to close due to temporary COVID-19 local or national lockdown restrictions imposed by the government.  Businesses required to close will be eligible for the following:

  • For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;

  • For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;

  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

 

You can find and check your business rates valuation at https://www.gov.uk/correct-your-business-rates.

For 5 November to 2 December a 28-day payment cycle will be applied.  If the national restrictions continue past 2 December or if Watford is placed in Local Covid Alert Level (LCAL) 3 further payments under the LRSG may be due.

Businesses that are eligible are those that have been mandated to close by Government and include non-essential retail, leisure, personal care, sports facilities and hospitality businesses.  A list of business that must close can be viewed here.

If your business meets these criteria and you haven’t yet applied for a Local Restrictions Support Grant please do so now.

Businesses that are able to continue to trade because they do not depend on providing direct in-person services from premises and can operate their services remotely are not eligible for the grant.

applyButton.png

BUSINESS RATES RELIEF

Retail, hospitality or leisure business rates relief - Businesses in the retail, hospitality and leisure sectors will not have to pay business rates for the 2020 to 2021 tax year.


If you are eligible you do not need to apply for business rates relief we will automatically update your business rates account and you will be sent a new business rates bill.
 

Nursery business rates relief - Nurseries on Ofsted’s Early Years Register providing care and education for children up to five years old will not have to pay business rates for the 2020 to 2021 tax year.
 

If you are eligible you do not need to apply for business rates relief we will automatically update your business rates account and you will be sent a new business rates bill.

PAYING YOUR EMPLOYEES

Coronavirus Job Retention Scheme - Claim for up to 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of COVID-19.


Several updates have been made to this scheme since it was first announced in March 2020 so please check the latest information and guidance at https://www.gov.uk/government/collections/coronavirus-job-retention-scheme.

PAYING SICK PAY

Claim back Statutory Sick Pay - If you're an employer you may be able to use the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees' coronavirus-related Statutory Sick Pay (SSP).


Several updates have been made to this scheme since it was first announced in March 2020 so please check the latest information and guidance at https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19.

PAYING TAX

Deferral of VAT payments - Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 have been made to help businesses manage their cash flow.
 

For further information please visit https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19.
 

Deferral of Self-Assessment tax bill - The deadlines for paying your tax bill are usually 31 January – for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account – and 31 July for your second payment on account.


Because of COVID-19, you can delay making your second payment on account.  You’ll not be charged interest or penalties as long as you pay before 31 January 2021.
 

For further information please visit https://www.gov.uk/pay-self-assessment-tax-bill.
 

If you cannot pay your tax bill on timeAll businesses and self-employed people in financial distress may be eligible to receive support with their tax affairs through HMRC's Time to Pay Service.
 

For further information please visit https://www.gov.uk/difficulties-paying-hmrc.

SUPPORT FOR THE SELF-EMPLOYED

Self-Employment Income Support Scheme - If you're self-employed or a member of a partnership and have been adversely affected by COVID-19 you may be able to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.


Several updates have been made to this scheme since it was first announced in March 2020 so please check the latest information and guidance at https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.

Self-employment and Universal Credit - Universal Credit is a monthly payment to help with your living costs. You may be able to get it if you’re on a low income, out of work or you cannot work.

For further information please visit https://www.gov.uk/self-employment-and-universal-credit.

BUSINESS LOANS

Bounce Back Loan - The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.


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.

 

The scheme is open for applications until 31 January 2021.

For further information please visit https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan.
 

Future Fund - The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.


These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
 

The scheme is open for applications until 31 January 2021.

For further information please visit https://www.gov.uk/guidance/future-fund.
 

Coronavirus Business Interruption Loan Scheme - The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by COVID-19.


The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.  The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

 

The scheme is open for applications until 31 January 2021.

For further information please visit https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme.
 

Coronavirus Large Business Interruption Loan Scheme - The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by COVID-19.


The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.  The government guarantees 80% of the finance to the lender.
 

The scheme is open for applications until 31 January 2021.

For further information please visit https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme.
 

COVID-19 Corporate Financing Facility - This scheme helps large businesses affected by COVID-19 through the purchase of their short-term debt.


For further information please visit https://www.gov.uk/guidance/apply-for-the-covid-19-corporate-financing-facility.

PROTECTION FROM EVICTION FOR COMMERCIAL TENANTS

Commercial tenants who cannot pay their rent because of coronavirus will be protected from eviction for a set period of time.


For further information please visit https://www.gov.uk/government/news/government-extends-support-to-stop-business-evictions-this-year.

 
 
 
 
 
 
 
 
 
WatfordBC_(white).png