Finance information for Exmoor Businesses

Finance and Grant Funding

Restart Grants - Information from Somerset West & Taunton

You may be aware that the Chancellor of the Exchequer announced a Restart Grant scheme in his Budget statement.

These grants will be payable to non-essential retail, hospitality, accommodation, leisure, personal care and gym businesses, within the business rates system, to help them get through to June 21.  The Government has published a guide to the Restart scheme , Annex C of which provides details of the types of businesses that are eligible for this scheme.
We expect to receive funding from the Government during the week commencing 5 April. In the meantime we are currently preparing pre-payment bank and company checks (required by Government) as well as designing a short confirmatory email process which we aim to send to businesses that have previously received a grant from us,  that may be eligible to receive a Restart Grant, around 9 April.
We anticipate being able to start to make Restart Grant payments around 16 April. Payment will be made to the person / business named on the Council’s business rates system for the premises concerned at 1 April 2021.
For businesses within the rating system that meet the criteria within the guide,  that have NOT received a business support grant from the Council since November 2020, it will be necessary to firstly complete a Register of Interest form via our website.

This step is not required for businesses that have received a business support grant  from the Council since November 2020. 

Additional Restrictions Grant (ARG) - Information from Somerset West & Taunton

Businesses which are not eligible for a ‘Restart Grant’ may still be eligible for support under the Additional Restrictions Grant. However in April 2021 the policy will be reassessed to align with the easing of restrictions which are expected over April and May 2021. We expect the new scheme policy to be in place by mid-April, at which time we will publicise the scheme. If you have previously completed a Register of Interest form and received a payment from us under the ARG there is no need to reapply we will be in contact if your business is eligible under the new policy.

For businesses that have not received support from the Council since November 2020 it will be necessary to firstly complete a Register of Interest form via our website. 

Help to Grow: Management

Take your business to the next level with the government’s new Help to Grow programme. The programme will help small and medium sized businesses across the UK learn new skills, reach new customers and boost profits.

What is it?
– From June, small businesses will be able to access a 12 week-programme delivered by leading business schools across the UK. The programme will combine a practical curriculum, with 1:1 support from a business mentor, peer-learning sessions and an alumni network.
– Designed to be manageable alongside full-time work, this programme will support small business leaders to develop their strategic skills with key modules covering financial management, innovation and digital adoption. By the end of the programme participants will develop a tailored business growth plan to lead their business to its full potential.
– 30,000 places will be available over 3 years. The programme is 90% subsidised by government – participants will be charged £750.
Who is it for?
– UK businesses from any sector that have been operating for more than 1 year, with between 5 to 249 employees are eligible.
– The participant should be a decision maker or member of the senior management team within the business e.g. Chief Executive, Finance Director etc.

– Charities are not eligible.

Pay As You Grow

New Pay As You Grow facility will enable more flexible repayments on Bounce Back Loans for UK smaller businesses. The British Business Bank, the UK’s economic development bank, has announced further details of Pay As You Grow, which helps UK smaller businesses that have taken out a Covid-19 emergency Bounce Back Loan to manage their cashflow and have a better chance of getting back to growth. 

FCA Business Interruption Policy Checker and FAQ

Following the Supreme Court test case on a range of business Interruption insurance policies, the FCA has produced a Policy Checker which takes businesses through a process whereby they can check to see whether their insurance policy covers business interruption losses due to coronavirus. It should be noted that each claim will still need to be individually considered to determine whether the policy provides cover for the effects of coronavirus. Policyholders will need to check:

– the extent of their cover including how long it covers them for (length of their indemnity period)
– what losses are included – such as loss of profit, fixed costs or increased costs of working
Additionally, the FCA had also developed a FAQs which gives business further information on:
– How to make a claim
– The disease clauses in policies
– What to do if they have already made a claim or complaint

– What they can claim for. 

Support Finder Tool

The Government has launched a support finder tool which can be useful for businesses directing employees to individual support which may be available from government on paying rent, mortgage, financial support, self-isolating, mental health and wellbeing or more general concerns about Covid.

Temporary reduced rate of VAT for hospitality, holiday accommodation and attractions

5% Reduced Rate: In response to the economic difficulties caused by the coronavirus (COVID-19) pandemic, HMRC has announced a reduction in the rate of VAT to 5%, affecting hospitality, holiday accommodation and attractions. The reduced rate covers the period from 15 July 2020 to 12 January 2021.

Read more:

Revenue and Customs Brief 10 (2020): temporary reduced rate of VAT for hospitality, holiday accommodation and attractions

VAT: reduced rate for hospitality, holiday accommodation and attractions

VAT on admission charges to attractions 

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