Business relief and discount update and free information webinar from The Federation of Small Businesses.
Dear Levy Community,
The BID is working with Business partners to support you getting information that will support your business. Here is an update on the latest information available.
On Tuesday 17 March, the Government announced a new set of financial support measures. These include:
· A 12-month business rates holiday for all retail, hospitality and leisure businesses in England. This includes (but is not limited to) shops, charity shops, hair and beauty services, restaurants, pubs, cinemas, theatres and live music venues.
· Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
· Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
· The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
· Statutory sick pay relief package for SMEs, covering up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19
Whilst a number of these measures will be facilitated through Basingstoke and Deane Borough Council, we are aware that they have not yet received the guidance from Government as to how the funding and support should be administered and delivered. Our expectation is that the majority of the support for business rates and grant funding should happen automatically if you are eligible.
As soon as they are able to, BDBC will provide further updates on the situation. Please follow their Twitter channel to be kept up to date with the latest developments.
Time to pay arrangement for outstanding tax liabilities
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to COVID-19.
The helpline allows any business or self-employed individual who is concerned about paying their tax due to coronavirus to get practical help and advice. If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559.
For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:
· Agreeing an instalment arrangement
· Suspending debt collection proceedings
· Cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately
Business support organisations are opening up advice webinars to all businesses not just their members. The Federation of Small Businesses will be live streaming advice, guidance and answers to your questions on Friday 20 March at 11am.
The panel includes:
· David Perry, Managing Director of FSB Insurance Service
· Marcus Gruenwald, CTO FSB Funding Platform
· Hannah Thomas, Employment law expert from FSB Legal Protection Scheme
· Philip King, Interim Small Business Commissioner
This panel will discuss:
· Staff protection: Keeping your employees safe
· Finance: Access to funding and credit
· Business continuity: what you can do immediately to secure your firm Your questions will also be answered by the panel. Tweet your questions to @FSB_Policy using the hashtag #FSBhelp. You can sign up for the webinar here.
The BID Team are here to support you. Contact us through the website, via firstname.lastname@example.org or any of our social media channels and we will point you in the right direction to get the advice you need.