service update – commercial management

Coronavirus – Government Assistance Measures for Business

Following the UK Government’s announcement on 23 March that all ‘non-essential businesses’, should close for a period of at least 3 weeks (and possibly beyond) we acknowledge that this could have a devastating effect on many business owners ability to trade and generate income.  We have summarised below the support measures offered by the UK & Scottish Governments which you may find helpful for your business.  We would encourage our commercial clients to contact our accounts team us if they are struggling to meet rent and service charge invoices and we will work closely with you and your Landlord to help you as much as possible through any difficulties.

UK Government Assistance Measures

  • Coronavirus Job Retention Scheme
  • Deferral of VAT and Income Tax payments
  • Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
  • 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses (England)
  • Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 (England)
  • Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
  • New lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • HMRC Time To Pay Scheme

Further information on how to apply for help is available through the following link:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Scottish Government – Additional Assistance Measures

  • 75% rates relief for retail, hospitality and leisure sectors with a rateable value of less than
  • £69,000 from 1 April 2020
  • £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing
  • the worst economic impact of COVID-19
  • 1.6% rates relief for all properties across Scotland, effectively reversing the planned below
  • inflation uplift in the poundage from 1 April 2020
  • Fixed rates relief of up to £5,000 for all pubs with a rateable value of less than £100,000
  • from 1 April 2020

Further information on how to apply for assistance is available through the following link

https://www.gov.scot/news/gbp-320-million-package-of-support-for-businesses/

 

 

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