Business Grants Update
In light of recent government updates, there are several elements of the government’s coronavirus support package which we are keen to draw your attention to.
Second self-employment grant
HMRC have started to contact self-employed tax-payers to advise them that they can now claim a second grant to support the loss of income due to coronavirus. HMRC will be contacting eligible tax-payers over the coming days. The maximum grant this time around is £6570. The eligibility criteria for this grant are the same as for the first grant except that:
- there is no requirement to have claimed the first grant to be eligible for the second
- to be eligible for the second grant, your business must have been adversely affected by the coronavirus pandemic since 14 July 2020
It is important to note that while HMRC guidance states that there is no minimum threshold for a business being adversely affected, businesses do need to keep records to demonstrate that the pandemic has had an impact. HMRC have also provided useful examples of when a business is considered to have been affected.
Find out more details about Self Employment Grant
Once again, HMRC requires self-employed tax-payers to make the claims for the grants themselves.
Claims can be made at any time from when HMRC contact you to advise that a claim can be made until 19 October 2020.
Self-employed individuals whose businesses are currently not financially affected by the pandemic in any measurable way should remember to reconsider their position close to the claim deadline of 19 October. A claim will be possible if the business is affected by the coronavirus during the autumn even if it is not now.
Business rate, retail leisure and hospitality, and council discretionary grant schemes
As we have previously advised the government has announced that the business rate, retail leisure and hospitality, and local councils’ discretionary grant schemes for businesses affected by coronavirus will close on 28 August 2020.
This means that if you have not already claimed either the business rates (£10,000) or leisure and hospitality (up to £25,000) grant then the final deadline for doing so is next Friday, 28 August.
The discretionary grants we have highlighted in our prior emails, in most local authority areas, are now closed to new applicants. This is in order to provide time to deal with appeals or obtain further information from applicants by the 28 August. Therefore do not delay in providing information or appealing, otherwise there could be a chance that your application is rejected.
New Government Grant
Thousands of smaller businesses in England are set to benefit from £20 million of new government funding to help them recover from the effects of the coronavirus pandemic, the Minister for Regional Growth and Local Government has announced.
Small and medium-sized businesses will have access to grants of between £1,000 – £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back on track. Find out how to claim funding through your local growth hub.
Bounce Back Loans
The bounce-back loan scheme will end on 4 November so ensure you make your application as soon as possible. Many clients have applied for this and found it to be easy and quick to obtain. For details on Bounce-Back Loans
Harts Webinar Series – Success in a Changing Landscape
This week we held the first in our series of seven fortnightly interactive webinars to help keep your business agile, proactive and thriving in uncertain times. Each 45-minute sessions, hosted by Steven Glicher and guests, are designed to provide practical, really useful information and the opportunity to discuss any issues raised.
Don’t miss our second seminar ‘Cash Management’ on the 1st September, EventBrite details will follow to book your place.
In the meantime, please visit our YouTube page to catch up on this weeks Webinar – 1 Strategy & Planning
Cheadle Office is Now Open
Our Cheadle office is now open with restricted hours, please contact us before visiting.
However, Macclesfield Office remains open normal hours.
Get in Touch
Call or email us at Harts if you have any queries about topics covered above or to find out more about our services at Harts. Call us on 01625 669669 or email firstname.lastname@example.org or follow us on LinkedIn for up to date information.