Financial help for businesses
Find out what support is available for your business.
The Government business support finder webpages include a wealth of information available for businesses and you will find it beneficial to review this material. Support is available to employees and the self-employed, including sole traders and limited company directors. Whether your business is open or closed during this pandemic, you may be eligible for loans, tax relief and/or cash grants.
Government Business Grants
All Grant schemes are now closed for new applications.
- Local Restrictions Support Grant (LRSG)
- Additional Restrictions Grant (ARG)
- Restart Grants
- Bounce back loan scheme (BBLS)
- Coronavirus Small Business Interruption Loan Scheme (CSBILS)
- Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- COVID-19 Corporate Financing Facility - Corporate Financing Facility
- Culture Recovery Fund
- Future Fund Scheme
Business rates relief:
Retail, hospitality, leisure and private nurseries businesses
Government announced on the 3rd March 2021 that eligible retail, hospitality and leisure businesses in England will continue to be provided with 100% business rates relief from the 1st April 2021 to 30th June 2021, followed by 66% relief until the 31st March 2022, capped at £2 million per business that were required to be closed on the 5th January 2021 or £105,000 per business for other eligible properties. Nurseries also quality for relief in the same way.
Self-employed income support scheme
The UK Government recognises the continued impact that coronavirus (COVID-19) has had on the self-employed and has taken action to provide support.
The Self-Employment Income Support Scheme Grant Extension provides critical support to the self-employed in the form of grants, each available for three month periods.
The online service to claim the fifth grant will be available from late July 2021.
You must make your claim on or before 30 September 2021.
Visit the gov.uk guidance webpages to find out more.
Statutory sick pay (SSP)
If you run a small or medium sized business (of less than 250 employees), you can reclaim any statutory sick pay (SSP) incurred due to Covid 19, for up to two weeks per eligible employee.
Visit the government website to find out how to claim.
Tax: unable to pay on time
If you find that you cannot pay your tax on time, you must contact HM Revenue and Customs (HMRC) as soon as possible. How you contact HMRC depends on what you need to pay. Visit the government website to find out more.
Tourism and hospitality
Tourism and hospitality sectors received a temporary government 15% cut to VAT until the end of March 2021.
Those businesses who have deferred their VAT bills are also able to pay back in smaller instalments – 11 smaller interest free payments during the 2021-22 financial year, instead of March 2021.
Talk to your finance team if you wish to take up this scheme.
We urge you to seek advice as soon as possible if your business is affected. As well as the Government website, you might find the Money Advice Service useful as they provide free, impartial money advice:
- Advice and guides to help improve your finances
- Tools and calculators to help keep track and plan ahead
- Support over the phone and online
You may also find it beneficial to get in touch with The Federation of Small Businesses. They provide advice and guidance to small businesses and the self-employed on reducing the risks from coronavirus.