Act now to secure financial help for your business

This third client bulletin concentrates on financial steps business should take now.

Small Business Bonus Relief (to reduce non-domestic rates)

“Small business bonus relief” is an existing scheme which reduces the amount of non-domestic rates that are paid by small businesses.

Obtaining this relief is a qualifying criteria for a new cash grant from the described next.

APPLY:-

• South Lanarkshire Council:  https://www.southlanarkshire.gov.uk/forms/form/311/en/small_business_bonus_relief
• North Lanarkshire Council:  https://www.northlanarkshire.gov.uk/index.aspx?articleid=29202
• Glasgow City Council:  https://glasgow.gov.uk/index.aspx?articleid=23635

CORONAVIRUS BUSINESS SUPPORT FUND (cash grants)

This fund provides cash grants. There two versions of the grant depending upon which sector your business operates within (see below).

 

APPLY for £10,000 GRANT from Local Authority for small businesses [excluding Retail, Hospitality, Leisure businesses (see below)]

From April, if your business receives “small business bonus relief” you will probably be eligible to receive this £10,000 cash grant (not a loan) from the Local Authority.

Small business bonus relief reduces the amount of non-domestic rates that your business has to pay.

Although this grant is linked to small business bonus relief  it is important to be aware that it is in addition to the non-domestic rates reduction.

APPLY NOW:-

• South Lanarkshire Council: https://www.southlanarkshire.gov.uk/info/200279/support_for_business/1870/coronavirus_business_support_fund
• North Lanarkshire Council:  To apply, download the application form from this web link:  https://www.northlanarkshire.gov.uk/index.aspx?articleid=34891 
• Glasgow City Council:  https://www.glasgow.gov.uk/coronavirusbusinessfund

APPLY for £25,000 GRANT for Retail, Hospitality, Leisure businesses

If your business operates within Retail, Hospitality, Leisure then you may qualify for a £25,000 cash grant (not a loan) from your Local Authority.

APPLY NOW:-

• South Lanarkshire Council: https://www.southlanarkshire.gov.uk/info/200279/support_for_business/1870/coronavirus_business_support_fund
• North Lanarkshire Council:  To apply, download the application form from this web link:  https://www.northlanarkshire.gov.uk/index.aspx?articleid=34891
• Glasgow City Council:  https://www.glasgow.gov.uk/coronavirusbusinessfund

 

APPLY for PAYMENT HOLIDAY on borrowings

If your cash-flow forecast shows that you need to reduce or stop loan repayments you should apply now. Some lenders are already reporting 10 days delays in dealing with requests.

It will probably be difficult to speak with your normal contact at the bank, and so we recommend you put your request in writing as soon as possible.

As we explained yesterday, Coronavirus Business Interruption Loan Scheme (CBILS) is open for applications. You can apply via your usual business bank, and so you may want to combine both applications in your email/letter. You may find the attached draft a helpful starting point.

 

APPLY for Universal Credit

Many people regard Universal Credit as a hideously complex and unfair system. Nevertheless, you may need to apply if you have no other source of income.

The application process is different for employed and self-employed people. As part of the emergency measures, the “Minimum Income Floor” which is normally used in self-employed applications will be removed from 5th April. This change means that if you have no, or very low earnings, may qualify, whereas previously you would not.

Apply now. These links give you the official guide, calculators, and application process:-

• Employed: https://www.gov.uk/universal-credit
• Self-employed:  https://www.gov.uk/self-employment-and-universal-credit

 

NORMAL BOOKKEEPING, ACCOUNTS, TAX, and COMPANIES HOUSE