Other types of support during COVID-19
There are other types of support available during the COVID-19 pandemic;
At Partner Accountancy, we’re dedicated to staying abreast of COVID-19 UK Government financial updates, developing policies and guidelines. By informing our practice and clientele, we create practical dialogues that provide information, enabling smart choices.We’re here to help you make sense of these new developments, with support as you navigate new waters. Whether you’re an employee, director, share-holder or business owner, you can contact us to figure out what’s best for your situation – we’re here for you!
Some types of support include:
1. Grant funding for those who have business premises
Your local council should have written to you if you are eligible and hopefully by now aid the grant has hit your bank account.
2. Small business rate relief
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.
You’re eligible if your property is a:
- restaurant, café, bar or pub
- cinema or live music venue
- assembly or leisure property – for example, a sports club, a gym or a spa
- hospitality property – for example, a hotel, a guest house or self-catering accommodation
You don’t need to apply for this, your local authority will apply the discount automatically.
3. VAT payment deferral
If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer making the payment up until 31 March 2021
If you pay by Direct Debit please ensure you cancel this before the usual payment due date
4. Self-assessment payment on account deferral
You can delay making your second payment on account, which would usually be due 31 July 2020, until January 2021. There will be no interest charge for this late payment.
5. Companies House filing extension deadline
Companies House have allowed an additional three months to file your accounts, so for example if your usual filing deadline would be 31 March 2020, this can be extended until 30 June 2020.
Please note that you must still apply for the extension, it is not granted automatically. Companies House may take longer than usual to grant the extension due to limited staff being available to process requests.
6. Coronavirus Business Interruption Loan Scheme (CBILS)
Available to businesses with an annual turnover of up to £45 million, to access credit of up to £5 million for up to 6 years.
The Government has made the scheme free of any interest and fees for the first 12 months, in addition they will provide a guarantee to the lenders of 80% of the loan value.
WHO IS ELIGIBLE?
Your business must:
- Be UK-based in its business activity
- Have an annual turnover of no more than £45 million
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
- Self-certify that it has been adversely impacted by the coronavirus (COVID-19).
OUR CLOSING NOTE
If you’d like to learn more about other types of business support available to business owners, or how it might apply to you, we are happy to help you interpret and apply these new policies for transparency.
PARTNER ACCOUNTANCY IS HERE TO HELP
The P.A. Team