Support for businesses in the third UK lockdown
One week into the third UK lockdown, with the UK Government able to offer no assurances about when it will be lifted, Chancellor Rishi Sunak announced further financial support packages for business.
It is safe to presume or at least plan for the lockdown as it stands, running into the Spring, with the vaccination roll out programme needing to have hit targets before any easing of restrictions is considered.
Many businesses and self employed will rely on the finance being offered by the government and as such we have listed below some of the key advice sites and financial resource sites here if your business is in need of advice or financial support.
We will continue to process information as it becomes available and provide analysis and signposting what is relevant for you on our site.
With furlough and business grants and loans being made available, it is important to remember that this money will at some stage need to be accounted for. Grants, although extremely helpful, do not need to be repaid but are classed as taxable income. As with any cash received, it must be included in your accounts and tax returns. Keep all records and be in conversation with your accountant.
Bounce back loans have been offered for business survival. These need to be paid back. We would always advise you consult your accountant about the decision to take out any business loan. The terms of these loans are very generous, but they will need to be repaid.
HMRC – Overview of Covid 19 Support for UK businesses – https://www.gov.uk/coronavirus/business-support
HMRC Support Assessment tool – find out what you are eligible for https://www.gov.uk/business-coronavirus-support-finder/y
Self Employed Grant checker – if you haven’t yet claimed a grant for up to 80% of your income, check if you are eligible here – https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
Local Restrictions Support Grant – available if your business has had to close including non-essential retail, leisure, personal care, sports facilities and hospitality businesses, and you occupy property in which you pay business rates – https://www.gov.uk/guidance/check-if-your-business-is-eligible-for-a-coronavirus-grant-due-to-national-restrictions-for-closed-businesses
Additional Restrictions Grant (ARG) supports businesses that are not covered by other grant schemes or where additional funding is needed – https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-additional-restrictions-grant
Crowdfunder ‘Pay it forward’ – Crowdfunding opportunities for your business if you have been affected by Covid19 https://www.crowdfunder.co.uk/pay-it-forward
Business support and advice
Federation of Small Businesses – Guidance for all UK small businesses and self-employed – https://www.fsb.org.uk/campaign/covid19.html
NRLA (National Residential Landlords Association) Helpline – https://www.nrla.org.uk/advice/faq?ref=hpbox
CIPD – Advice for UK employershttps://www.cipd.co.uk/knowledge/fundamentals/emp-law/health-safety/coronavirus-factsheet