CORONAVIRUS: FURTHER SUPPORT ANNOUNCED
On 5 January 2021, further coronavirus support was announced for some businesses. What are the details?
Although many businesses deemed “non-essential” were already closed due to being in Tier 3 or 4 areas over the new year, the Prime Minister’s announcement on 4 January that the whole of England was being placed into a full stay-at-home lockdown (including closing schools to almost all children) still came as a huge blow. The new lockdown is set to last until at least the February half-term, and will be reviewed on an ongoing basis.
Perhaps unsurprisingly, this was quickly followed by an announcement of further support for affected businesses, namely those operating in retail, hospitality and leisure. Scotland had already announced similar national restrictions.
These businesses will be eligible to apply for a new one-off grant. The amount will be determined by the business property’s rateable value as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
Business support of this type is a devolved matter, so it is likely that applications for the new grants will need to be made to local councils - as was the case with the funding made available in November 2020. Businesses should therefore check with their local authority over the coming days as more information is made available.
Related Topics
-
Should you voluntarily payroll benefits in kind?
The window to sign up to voluntarily payroll non-mandatory benefits in kind for 2027/28 will open in November. Is it worth volunteering to pay HMRC earlier than required or should you wait until it becomes mandatory in 2028/29?
-
Wise tax statement errors could affect 4,000 customers
Around 4,000 UK customers of financial services provider Wise have been told that tax statements issued between 2021 and 2025 contained incorrect figures. The errors could have resulted in taxpayers paying too much or too little income tax and capital gains tax (CGT). What should affected customers check?
-
CT61