On The Spot Blogs

Coronavirus Grants 2.0 - Finding Your Exit - Small Businesses

Two and half months after his first announcement on government help for businesses, on Friday the Chancellor amended and extended the self employed (SEISS) and employee (CJRS) grant schemes to reflect the anticipated gradual exit from the Coronavirus lockdown.

 

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Coronavirus - Limited Companies - What Are Your Choices?


Now we've probably heard all the major Coronavirus announcements from the Chancellor, what choices do Director-Shareholder Limited Companies have to help them through this crisis? We provide a checklist below with signposting to the relevant part of gov.uk.

Time To Pay

Applicable to all companies and all taxes, you can call HMRC and agree a scheduled delay to paying your taxes. Have a realistic proposal that you can stick to. Signpost: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

Time To File

Companies house will allow you to send in your accounts 3 months later than normal, a increase from the usual 9 months to 12 months, as long as you ask before the 9 month deadline.

 

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Coronavirus - Loans, Grants & Tax - Small Businesses


Here’s a quick summary of the sort of practical help notified this afternoon by the Chancellor. Together with a reminder of some useful tax rules which may also help with your cashflow.

Business Rates:

No rates payable for 12 months for any business in the retail, hospitality or leisure sectors.In those sectors, if your rateable value is less than £51k, you'll also receive a cash grant of up to £25,000.Any business which gets small business rates relief, will receive a cash grant of £10,000 (increased from £3,000 announced in the Budget).

Government Backed Loans:

 

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Budget 2020 - A pot-hole free drive in your electric car through magic money trees?


There is much to be happy about in today's Budget, where the magic money trees are well and truly thriving!

Businesses will benefit from many announcements, particularly those who trade from a property, have one or two employees, and need a new car!

Business rates are abolished for a year for rateable values of less than £51k and these same businesses will receive a £3k grant, as a response to the Coronavirus but it's also part of the overall picture of dealing with competition from Amazon and other online retailers.

 

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