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Receive more money from our friend Sunak…
What is it?
The Chancellor has annouced a new £4.6 billion support deal for the retail, hospitality and leisure sectors during the current lockdown.
Due to the lockdown non-essential businesses have been forced to close until the 15th February at the earliest.
Businesses forced to close may be entitled to up to £9,000 per property.
Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.
How much is it?
The grants will be based on the rateable value of the property.
For a rateable value of up to £15,000 the grant will be £4,000.
For a rateable value of £15,001 to £51,000 the grant will be £6,000.
For a rateable value of over £51,000 the grant will be £9,000.
What other help is available?
HMRC have set up a payment plan, where you can pay your tax over a number of months.
To be eligible for this payment plan you need to:
owe £30,000 or less
have no other tax debts
have no other HMRC payment plans set up.
This support is in addition to other Covid-19 support schemes from the Government which include, amongst others:
The furlough scheme to help keep your staff employed
Self-Employment Income Support Scheme (SEISS)
Tax deferral schemes for VAT and income tax
If you want to find out more about these schemes click on the link above to use the COVID-19 help finder.
Kind regards Ilyas