Covid-19: Business Grant & Financial Support Update

Covid-19: Business Grant & Financial Support Update

We have been working closely with Leeds Council Business Rates Team this week to give them as much assistance as we can to ensure their records are correct with regards to our Otley levy payers. This is to ensure that the below Business Grants which are about to be issued are mailed out to the correct businesses & their current addresses.

You are now able to fast-track receiving the Grant applicable to you, by providing your bank details to Leeds Council. Click the below link to complete the Application Form:

Fast-Track Grant Application

 

Please see below links with further information and detail of action you need to take to receive this financial support:

 

SUMMARY OF FINANCIAL SUPPORT FOR BUSINESSES

 

Business Grants

There are 2 Grant Schemes available:

  1. The £10,000 grant is for any business in receipt of Small Business Rates Relief regardless of the nature of it;
  2. The £25,000 is for those businesses in receipt of retail relief. The list of business types who qualify for this is expanding almost daily so please keep reviewing the link below for more information.

 

Where can I find the information?

 

What do I need to do?

Businesses who are entitled to cash grants to help manage the impact of the coronavirus (COVID-19) can now provide their bank details online, instead of waiting for a cheque to be posted to them.
Complete the Application Form HERE.

 

Job Retention Scheme – Update

The Treasury have today (27/3/20) updated their Coronavirus Job Retention Scheme guidance with specific reference to National Insurance and pension contributions for furloughed workers. Find out more at https://bit.ly/2wJrnJ9

 

Aid for the Self Employed

Rishi Sunak announced yesterday (27/3/20) the following benefits for the Self Employed:

  • The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
  • Self-employment Income Support Scheme: bit.ly/SelfEmployedSupport
  • In addition, please see link to FAQs relating to the scheme, which can be found here https://bit.ly/SelfEmployedFAQs

 

Business Rates Holiday

There will be a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Find more information here – https://www.leeds.gov.uk/coronavirus/business#all

 

Valued Added Tax (VAT) Payments

The government are deferring Valued Added Tax (VAT) payments for 3 months. It will apply from 20 March 2020 until 30 June 2020.

You do not need to apply for the deferral. Find out more about deferred tax payments.

 

Income Tax Payments

Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period – https://www.leeds.gov.uk/coronavirus/business#all

 

Council Commercial Properties Rent Relief

Help & support can be found on the Leeds Council website here – https://www.leeds.gov.uk/coronavirus/business#all 

 

Queries

If you have any queries or problems regarding the above, please contact us at info@otleybid.co.uk.

Kind regards & stay safe

 

Tom Hatley

Chair of Otley Business Improvement District