Announcement of Further Business Support Grants

The Chancellor this morning announced one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. In addition there is a £594 million discretionary fund also made available to support other impacted businesses.

The grants will be provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK. A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities. The one-off top-ups will be granted to closed businesses as follows: • £4,000 for businesses with a rateable value of £15,000 or under • £6,000 for businesses with a rateable value between £15,000 and £51,000 • £9,000 for businesses with a rateable value of over £51,000 • any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant Business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner: • the Scottish Government will receive £375 million • the Welsh Government will receive £227 million • the Northern Ireland Executive will receive £127 million We will keep you up to date with further details as and when the Governments release information.

Business West COVID-19 Business Grants – Application Process Closes 21st September

Just a reminder that the Business West COVID-19 Business Grants Application window closes on the 21st September 2020. 

Fully funded grants of between £1,000 and £3,000 are available to businesses in North Somerset and Bristol for business coaching, IT hardware and software etc.

Applications for funding will only be open until Monday 21st September. Any applications made after this date will not be considered.

You can read more information on the Business West grants here: https://www.businesswest.co.uk/covid-19-business-support 

The grants for businesses based in Taunton and Somerset are being administered by The Heart of the South West Growth Hub. 

Read more information here for Taunton and Somerset businesses: https://www.heartofswgrowthhub.co.uk/business-support-programmes/growth-support-kickstart-grant-scheme/

Weekly Update 29th May 2020

Below I have summarised all the main tax related updates we’ve seen this week. 

• Chancellor extends self-employment income support scheme
• Major changes to the furlough scheme
• North Somerset Council Discretionary Grants Fund Now Open (closes the 8th June)
• ow to Claim back Statutory Sick Pay due to coronavirus (COVID-19)
• Temporary Coronavirus Tax Exemption for Homeworker Expenses
• How to register as a self-employed subcontractor in the construction industry

As always if you need any support or advice please don’t hesitate to contact me.

I hope you have a great weekend! 

North Somerset Council Discretionary Grants Fund Opens 26th May

Small businesses in North Somerset, which have yet to receive financial support during the COVID-19 crisis, can now apply for additional funding following an announcement from the Government.

A grant of £2.1 million has been awarded to North Somerset Council as part of a new Government Discretionary Grants Fund, and will offer financial support to small businesses that can demonstrate:

-they have suffered a significant fall in income because of the Covid-19 pandemic

-have fixed property-related costs

-employ fewer than 50 employees

The Government is asking councils to prioritise the following types of businesses:

-small businesses in shared offices or other flexible workspaces

-regular market traders who do not have their own business rate assessment

-bed and breakfasts (excluding Airbnb) which pay council tax instead of business rates

-charity properties that receive charitable business rates relief, which would otherwise have been eligible for small business rates relief or rural rate relief

Organisations applying for the fund must have been trading on 11th March 2020 and not have received any other Government funding.

Businesses need to apply online to the Discretionary Grants Fund quickly, as the window is only open for two weeks from the 26th May until the 8th June.

You can read more here: https://www.n-somerset.gov.uk/2020/05/22/new-government-grant-launched-to-help-small-businesses-during-coronavirus

Weekly Update 7th May 2020

Weekly Update 7th May 2020

 

Below I have summarised all the main updates we’ve seen this week from HMRC. 

• New Bounce Back Loans Launch

• Important Changes to Self-Employment Income Support Scheme Grants (SEISS)

• Read our Step by Step Guide on How to Claim for the Self-Employment Income Support Scheme (SEISS) Grant

• Small firms that missed £10k grant could benefit from £617m new grants

As always if you need any support or advice please don’t hesitate to contact me.

 

I hope you have a great bank holiday weekend!

Small firms that missed £10k grant could benefit from £617m new grants

There could be some good news for small businesses that missed out on the £10,000 government grant because they were not on their local council’s rates list as they may now be able get the money.

The Government has announced £617m in new grants to support businesses in shared spaces, regular market traders and small charity properties. This includes businesses who pay Business Rates indirectly via their landlord rather than being on the rates list themselves. 

It will be at local authorities’ discretion who gets the money, and can include Bed & Breakfasts that pay council tax rather than business rates.

To qualify, a business must have under 50 employees and be able to demonstrate that they have seen a significant drop of income due to coronavirus restriction measures. Grants of £10,000 and £25,000 will be available, and local authorities can choose to make payments of any other amount under £10,000 depending on local economic needs if they wish.

The local Council will need to set up a new payment system to administer the grants, so they are not available immediately. 

We will keep you up to date with any developments. 

Weekly Update 17.04.2020

Weekly Update 17.04.2020

Below I have summarised all the main tax updates we’ve seen this week from HMRC.

-Chancellor extends furlough scheme to end of June
-HMRC issue updated guidance for the Self-employment Income Support Scheme
-Furlough scheme cut-off date extended to 19 March
-List of lenders offering 3 month mortgage holidays
-Changes to off-payroll working rules delayed until 2021
-Qualification for retail, hospitality or leisure business rates relief due to coronavirus

As always if you need any support or advice please don’t hesitate to contact me.

Have a great weekend!

Qualification for retail, hospitality or leisure business rates relief due to coronavirus

It has been brought to our attention this afternoon that there is some confusion around who qualifies for the “retail, hospitality or leisure business rates relief due to coronavirus” You can find out more about how it works locally here… https://www.n-somerset.gov.uk/my-business/business-rates-payments/covid-19-business-grants/covid-19-grants/ However, at the moment, there is no definitive list of what activities are or are not included. We are hearing that trades that you thought might not be included have received the grant in their areas. So, our advice is, if you fall into one of these categories it is well worth claiming to see if you will receive the grant…(It could be the difference between getting £10k and £25k)

Weekly Update – 3rd April 2020

Weekly Update - 3rd April 2020

In this constantly changing and challenging environment, I thought it might be useful to drop you a quick update with all the main HMRC and tax updates we’ve seen over the past week. 

Please don’t hesitate to drop me a line if you have any queries or require support. 


COVID-19 Small Business Grant applications now live for all local councils

Over the past few days we have seen all the local Councils launch their online grant application forms. For more information visit our website here: https://www.hillmans.co.uk/covid-19-business-grants

Below are the links to the online grant forms for all the local Councils:

North Somerset Council:
https://forms.liberata.com/business-rates/covid19-grant-request/north-somerset

Sedgemoor District Council:
https://www.sedgemoor.gov.uk/COVID19grants

Somerset West and Taunton Council:
https://www.somersetwestandtaunton.gov.uk/business-rates/business-grants-covid-19-response/ 

Bristol City Council:
https://www.bristol.gov.uk/business-rates/grant-funds-application-form

North Somerset Council Business Grant Schemes Open

Just a quick update to advise North Somerset Council has opened the application process for the COVID-19 Business Grant Schemes.

To apply to receive the grant you must email: n-somersetnndr@liberata.com and provide the following information:

• business name (i.e. sole trader or limited company name),

• property address,
• company registration number (as registered with companies house),
• VAT registration number (if applicable),
• account details (bank account number, sort code, business account name),
• your business rates account reference (the number on the business rates bill beginning with 7000, or 06) and;
• a full contact name, number and email address.

•You can read full details here at the North Somerset Council website:
https://innorthsomerset.co.uk/support-for-those-affected-by-covid-19

If you need any support please don't hesitate to drop me a line.

Best wishes,

Steve

Steven Hillman ACA

Chartered Accountant