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How To Access Financial Support For Your Business & Update From National Business Crime Center.

25 March 2020

How To Access Financial Support For Your Business & Update From National Business Crime Center.

Dear Levy Community,

In response to the on-going coronavirus situation, the Government has announced a range of business support measures that have been made available to safeguard UK businesses and their employees.

The below website has been set up to help businesses find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.

https://www.businesssupport.gov.uk/coronavirus-business-support/

The website contains information on; 

Coronavirus Business Interruption Loan Scheme – This scheme will help businesses affected by coronavirus to access bank lending and overdrafts if they need to.

Business Rates Holiday for Retail Hospitality and Leisure – Businesses in retail, hospitality and leisure will not have to pay business rates for the 2020 – 2021 tax year.

Cash Grant for Retail, Hospitality and Leisure – Businesses within this sector will receive a cash grant of up to £25,000 per property if they have a rateable value of between £15,001 and £51,000.

Coronavirus Job Retention Scheme – All employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.

Small Business Grant Funding – Additional funding will be provided for businesses that already pay little or no business rates because of small business rate relief.

Statutory Sick Pay Rebate – Legislation will be brought forward to allow small and medium-sized businesses to reclaim Statutory Sick Pay for staff sickness absence due to coronavirus.

Time To Pay – Businesses and self-employed people in financial distress may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service.

Business Rates Holiday for Nurseries – Nurseries do not have to pay business rates for the 2020 – 2021 tax year.

VAT Deferral – Value Added Tax (VAT) payments will be deferred for 3 months.

Income Tax Deferral for the Self Employed. – If you are self-employed Income Tax payments due in July 2020 under the Self- Assessment system will be deferred to January 2021.

Update from the National Business Crime Centre.

The National Business Crime Centre represents the police forces to work in partnership with the business community to tackle crimes against businesses. They have released the following advice for businesses that remain open and for those who will temporarily shut in the coming weeks.

Our BID Town Centre Rangers will continue to support businesses that remain open and Hampshire Police operations within our BID area. If you need to contact them please call 07821 131027 or email ranger@basingstoketogether.co.uk

Regards,

Jane Stewart

Chief Executive