5 recommended government initiatives to help businesses during coronavirus
- Credit: Richfoto
At this stressful and ever-changing time, it can be difficult for business owners to step back and think about the options at hand for their business.
John Mayer, owner of TaxAssist Accountants in Weston-Super-Mare is helping to ease the burden by providing information about the business grants and schemes he recommends taking advantage of.
1. Retail business rate relief
All North Somerset retail, leisure and hospitality businesses are eligible for 100pc business rate relief for 12 months starting April 2020. Estate agents, letting agents and bingo halls are also eligible for this.
COVID-19 has left all retail businesses struggling to survive after being forced to close for the foreseeable future.
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This particular measure has been put in place to give retail businesses a years’ ‘holiday’ from their normal business rates, freeing up some money, and most importantly reducing outgoings.
2. Small business rate relief
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Similar to the retail business rate relief, but for those small businesses that don’t fall under the retail umbrella in need of support.
Your business is only eligible for this if your rateable value (value of owned non-domestic premises) is under £15,000. The amount of relief you will receive depends on your rateable value.
Check with your local council if you’re eligible and what percentage of relief you could receive.
3. COVID-19 business grants
Small businesses and those in the retail, hospitality and leisure sector may benefit from a business grant.
You may be entitled to a grant of between £10,000 and £25,000 to use in any way you like within your business. All business grants are classed as taxable income; however, they are non-repayable, meaning you won’t have to pay them back at any point.
4. Self-Employment Income Support Scheme
If you’re self-employed or in a partnership and you can prove you have lost profit due to coronavirus, you may be able to claim a grant.
If deemed eligible, applying for this scheme could result in you claiming a taxable grant of 80pc of your average monthly profits, for three months.
Although this is currently only a temporary scheme, and the grant has been capped at £7,500 altogether, this is certainly something worth looking into if you’re struggling to make ends meet.
5. Coronavirus Job Retention Scheme
Otherwise known as the furlough scheme, this enables businesses who are struggling, to temporarily put some or all their employees on leave. These employees will still be kept on the payroll, but they won’t be allowed to work.
Employers can put workers on furlough who are not needed due to a lack of business, who can’t work because they have childcare responsibilities or simply because the business is not able to operate. 80pc of the furloughed staff members’ salaries will be reimbursed by the government.
How can TaxAssist Accountants in Weston-Super-Mare help?
As a local business respected by our clients, we are here to support the community during this tough time and provide any advice needed. We are offering telephone and video consultations.
As TaxAssist Accountants is such a large establishment, we can benefit from a pool of expertise and knowledge which we share frequently on our website. Our dedicated coronavirus advice and resource page is particularly useful at this time.
It’s important that businesses focus first and foremost on survival – this could mean adapting to meet the changing needs of their customers or taking advantage of the above measures if necessary – and then turn their heads to being proactive about the future.
For more information visit www.taxassist.co.uk/accountants/weston-super-mare or contact them on 0800 0523 555.