Government Funding.

UK Government Restart grants are now available to businesses in England that have been most affected by the Covid-19 pandemic. The scheme provides funds to help retail, hospitality, accommodation, leisure, personal care, and gym businesses relaunch their operations.

As the nation re-opens after lockdown, Restart grants are available to give hard-hit businesses a healthy running start. Read on to find out more about the scheme and if your business qualifies.

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How much can I get?

Eligible non-essential retail businesses can claim a grant of up to £6,000 per premises.

Businesses in the hospitality, accommodation, leisure, personal care, and fitness sectors may claim a grant of up to £18,000 per premises depending on their rateable value:

It's also worth understanding:

If your rateable value is £15,000 or less, you can claim up to £8,000.
If it’s between £15,000 and £51,000, you can receive up to £12,000.
•  If your rateable value is over £51,000 then you can claim up to £18,000

Grants do not need to be repaid, but they will be treated as profits and may be subject to tax.

Budget 2021 and what it means for business.

Running a business comes with legal and accounting responsibilities, so it’s important you’re clear on what’s involved

Now that the government-backed bounce back loan (BBL) and coronavirus business interruption loan scheme (CBILS) have finished, the Treasury has launched the new Recovery Loans scheme, which will run until the end of the year. Loans can be between £25,000 and £10m.

Under the new Super Deduction, for two years from 1 April 2021 any investments your business makes in plant and machinery will qualify for a 130% capital allowance deduction.

Hospitality and leisure businesses will pay no business rates for three months, then rates will be discounted for the remaining nine months of the year by two-thirds, in a £6bn tax cut.

5% reduced rate of VAT will be extended until the end of September. Then it will be gradually increased, at 12.5% for six months, before returning to the standard rate from April 2022. The Government says this cut is worth £5bn.

The Government says total direct cash support to businesses has so far reached £25bn.

See full details of the 2021 budget here.

Business rates information can be seen here.

Is there other financial support for business during Coronavirus?

On 8th March 2021, the UK Government updated the list of available grants for businesses affected by the Covid-19 pandemic. The grants provide support for most business sectors. Sums available range from a few thousand pounds per business to more than £10 million. See the full list of available grants and their closing dates to make a claim here.

Additionally, the Swoop network provides access to a variety of funding alternatives for UK businesses. From asset and invoice finance to business loans, start-up loans, and thousands of different business grants, we have a financial solution for your current situation. Get in touch to discover the best options for all your funding needs.


Business rates info:

Budget in detail info:

Can't find what you need?

If you are interested in any of the services above please do not hesitate to contact us. Alternatively, if there is a service not listed that you require, RDS Consultants may still be able to help. We look forward to working with you and improving your business.

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