Business Support: VAT deferral & Cash Grants
VAT
Any VAT payable from now until the end of June will be deferred until the end of the current financial year. Please note you will still need to submit your VAT return on time. The deferral only relates to payment.
How to apply:
Payment deferral applies automatically. Any VAT refunds will be paid by the Government as normal. If you have a direct debit set up to pay your VAT – this will need to be cancelled.
CASH GRANTS FOR SMALL BUSINESSES:
If you receive small business rates relief (SBBR) and or/ rural rate relief (RRR) you will be eligible for a one off cash grant of £10,000.
Your local authority will write to you to inform you if you are eligible for this grant and tell you how to apply. If you have not heard from your local authority we would recommend reaching out to them to try and kick start the process.
CASH GRANTS AND BUSINESS RATE FOR THE RETAIL, HOSPITALITY & LEISURE SECTOR:
Businesses in this sector will qualify for an automatic business rate holiday for the year 2020-2021. This is known as the Expanded Retail Discount and will be provided automatically.
This applies to businesses operating as shops, restaurants, takeaways, coffee shops, sandwich shops, hair and beauty businesses, petrol stations, estate agents, car showrooms, dry cleaners, laundrettes and many more. The full list of who is eligible can be found here.
Those that qualify for the Expanded Retail Discount above, will also qualify for a cash grant of up to £25,000 per property. The size of the grant depends on the rateable value of your business.
If your rateable value is over £15,000 and below £51,000 you receive a £25,000 cash grant. If your rateable value is below £15,000 the maximum cash grant available is £10,000.
If you have any questions, feel free to get in touch.