To quickly and easily find out about what financial support you may be available for, use the Government's Coronavirus Business Support Finder, https://www.gov.uk/business-coronavirus-support-finder. Call the Government's business support helpline for further business-specific support: 0800 998 1098
- The Chancellor has announced £5 billion in Restart Grants for high street shops and hospitality firms – ensuring that the hardest-hit businesses have the support they need through the next stage of recovery.
- Non-essential retail businesses will open first and therefore receive grants of up to £6,000.
- Hospitality and leisure businesses – including personal care, hairdressers and gyms – will receive grants of up to £18,000.
- The grant is being administered by the City of Wolverhampton Council. Applications will go live on Thursday, the 1st of April and close on the 30th of June 2021.
- Businesses with a rateable value of £51,000 or above: £9,000.
Local authorities in England are being given an additional £500 million discretionary funding to support local businesses. This builds on the £1.1 billion discretionary funding (worth £20 per head of population) which local authorities in England have already received to support local economies and help businesses impacted.
The City of Wolverhampton Council has launched a new range of discretionary grants to support city businesses and organisations. The new grants will target three areas - assisting businesses and organisations not eligible for the Government’s mandatory Restart Grant; helping businesses, organisations, clubs and charities undertake COVID-19 Compliant Scheme measures in line with public health requirements; and supporting Relight Business Programme businesses to invest in and grow their businesses.
The Wolverhampton Restart Grant offers a one-off payment ranging from £500 to £18,000, based on similar criteria used for previous discretionary grants, subject to proof of losses due to Covid-19. It’s open to organisations, community groups, charities and retailers, as well as hospitality, accommodation, leisure, personal care and gym premises.
The Covid Compliant Scheme offers grants of £500 or £1,000 depending on the size of the businesses, community organisation, sports club, social club, independent trader, or sole trader that is investing in Covid safe practises.
The Relight Business Support Grant will support SME businesses to undertake small investments based on recommendations from the Relight Business Programme. Businesses must first join the programme to qualify for the grant - details can be found at www.wolverhampton.gov.uk/business/wolvesinbusiness. Some of the funds would be matched with a current ERDF grant programme to maximise external funds. Based on the growth plan submitted to the Relight Business Support team, a business can apply for a maximum grant of £5,000 to invest in equipment and services.
Eligibility criteria and how to access the online application process for the new grants is available at www.wolverhampton.gov.uk/businessgrants.
Funds are limited and grants will be allocated on a first come, first served basis.
With non-essential retail and outdoor hospitality due to re-open on the 12th of April, businesses – ranging from coffee shops and restaurants to hairdressers and gyms and can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000.
Insurance, Tax Cuts and Deferrals:
Businesses in the retail, hospitality, and leisure sectors have benefitted from a 12-month business rates holiday until April 2021. We will continue that 100 per cent holiday for the first three months until June, before cutting rates by two-thirds for the remaining nine months, up to a maximum of £2 million per business. We are also extending the 5 per cent reduced rate of VAT for a further six months until the end of September. The rate will then increase to 12.5 per cent from October until the end of March 2022, before returning to the normal 20 per cent rate from April 1.
From the 1st of April 2021 until the 31st of March 2023, companies investing in qualifying new plant and machinery assets will be able to claim a 130% super-deduction capital allowance on qualifying plant and machinery investments; a 50% first-year allowance for qualifying special rate assets. The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest, ensuring the UK capital allowances regime is amongst the world’s most competitive.
The Government has allowed businesses until March 2022 to defer VAT repayments.
HMRC have set up a new Covid-19 helpline and will waive late payment penalties and interest where a business experiences difficulties making a payment due to Covid-19. If a business has missed – or is worried about missing – their next tax payment due to coronavirus, they should contact HMRC on 0800 024 1222.
Businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim (subject to the terms and conditions of their policy). Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Businesses are encouraged to check the terms and conditions of their policy and contact their providers.
‘Help to Grow’ Initiative
The ‘Help to Grow’ initiative will be launching next month to support small businesses. In June, small businesses will be able to access a 12 week-programme delivered by leading business schools across the UK. The programme will combine a practical curriculum, with 1:1 support from a business mentor, peer-learning sessions and an alumni network. The programme is 90% subsidised by Government.
Since 2012, over 86,000 Start Up Loans worth over £769 million have been issued to new entrepreneurs.
Page Last Updated: 10/09/21.