The UK government has announced a new wave of business support ahead of fresh lockdowns in England and Scotland. Here is what’s available for your business.
Another year, another lockdown.
Following a record surge in Coronavirus infections, the government has once again told non-essential businesses and hospitality venues in England to shut up shop.
This time, until at least the end of February half term.
Facing another bout of economic turmoil, Chancellor Rishi Sunak has unveiled a £4.6 billion support package designed to help businesses through the difficult winter ahead.
Here are the main points from the Chancellor’s announcement.
Grants for retail, leisure and hospitality businesses
The new funding primarily targets companies in the retail, leisure and hospitality sectors, many of which will receive one-off cash grants worth up to £9,000.
These grants will be distributed on a per-property basis, and based on a recipient’s rateable value:
- A £4,000 grant for businesses with a rateable value of £15,000 and under
- £6,000 for companies with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of more than £51,000
The grants are expected to benefit more than 600,000 properties. They will be available to any business legally required to shut and which “cannot operate effectively remotely”.
Companies can apply for these grants through their local authority, which can be located through the GOV.UK website.
£600 million discretionary aid
The UK government is also providing £600 million to local authorities in England, Scotland, Wales and Northern Ireland to help businesses that aren’t eligible for the new lockdown grant.
This funding will be distributed at the discretion of local governments.
Companies outside the leisure, hospitality and retail sectors interested in this funding should contact their specific authority to see whether they might be eligible.
What other support is available?
This latest round of government aid adds to a growing list of coronavirus support schemes.
For a full breakdown of what funding available, which companies are eligible, and how much each business could earn, check out our comprehensive guide.
And if your business is conducting research and development – designing new products, upgrading existing solutions – then you could qualify for thousands of pounds of R&D Tax Credits.
Last year the average R&D Tax Credit payout was £87,000. To find out if you’re eligible for this kind of funding, just drop us a line.
One of our experts will be right with you.