By Maddy Weeks
With government support for the pandemic coming to an end, here is a reminder of support still available for businesses (July 2021).
A 5th and final Self-employment income support scheme grant (SEISS).
A fifth and final grant will cover May to September, claims can be made from late July 2021.
To be eligible there needs to have been a reduction in demand, the grant income will also be restricted to 30% of 3 months average trading profits if the reduction in turnover in the year April 20/21 is less than 30%
Restart Grant in April
- Up to £6,000 grant per business premises for non-essential retail which could reopen in April.
- Up to £18,000 grant for hospitality, leisure and personal care businesses
Visit your local council’s website for information on how to apply.
Recovery loan scheme
Businesses can borrow £25,000 – £10,000,000, this will be 80% backed by the government. Businesses that have received bounce back and coronavirus business interruption loans can still apply.
The scheme is open until 31 December 21.
Business rates holiday
From 1 July for the next 9 months business rates will be discounted by two thirds up to £2,000,000 for closed businesses. The cap will be lowered for businesses that have been able to remain open.
Job retention scheme in place until 30th September 21
The government will continue to support the cost of employee’s wages until 30th September 2021.
From July, the government will provide 70% of the cost of the employees’ wages and in August and September this support will taper to 60% with employer’s topping up wages to 80%.
Reduced VAT rate for hospitality and tourism
The 5% reduced VAT rate for the hospitality industry has been extended until 30th September.
Following this an interim reduced VAT rate of 12.5% will be introduced to cover the next six-month period, returning to 20% on 1 April 2022.
If you have any questions regarding this article or the support available to businesses affected by the coronavirus please contact your local UHY Ross Brooke office.