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 Additional Restriction Grant – Taxi and Private Hire Grant Scheme is offering eligible divers a one-off payment of £2,000. It is aimed at Hackney Carriage and private hire taxi drivers. In order to be eligible for the grant, drivers must be a resident of Wolverhampton and have been significantly impacted by government restrictions. Applications are to be made to the City of Wolverhampton Council.
The Business Testing Grant is available to any organisations which commit to over 75% of its workforce being tested twice a week. Grants of £500 are available to businesses with one or two employees, £2,000 is available to those with between three and 49 employees, businesses with 50-249 staff can apply for grants of £5,000 and grants of £10,000 are available to those employing 250 or more workers.
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.
The VAT deferral new payment scheme is open for businesses who deferred paying VAT due between the 20th of March and the 30th of June 2020 and have been unable to pay in full by the 31st of March 2021. Businesses can apply now to spread these payments over a number of months. Businesses can join the scheme quickly and simply online without needing to call HMRC. To find out more information, including the things businesses need to prepare before joining online, go to GOV.UK. Businesses need to apply by the 21st of June 2021 at the latest if they want to join the scheme online.
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 Scheme
Too often our brilliant small firms don’t have the time or resources to get the extra skills they need to be more productive. So our new Help to Grow: Management scheme will help SMEs get world-class management training through government-funded programmes delivered through business schools, with businesses contributing only £750, just 10 per cent of the overall cost of the course. Help to Grow: Digital will level up the digital skills of our small businesses with a voucher entitling them to 50 per cent off the purchase of new productivity-enhancing software, up to a total of £5,000 each. Help to Grow will launch this Autumn and could benefit 130,000 SMEs.
If you are unsure which grant to apply for, you can contact the City of Wolverhampton Council via email email@example.com or by calling the business support phoneline on 01902 290242 between 9am and 5pm from Monday to Thursday or from 9am to 4.30pm on Fridays.
Page Last Updated: 21/04/21.