CORONAVIRUS: FURTHER SUPPORT ANNOUNCED
On 5 January 2021, further coronavirus support was announced for some businesses. What are the details?
Although many businesses deemed “non-essential” were already closed due to being in Tier 3 or 4 areas over the new year, the Prime Minister’s announcement on 4 January that the whole of England was being placed into a full stay-at-home lockdown (including closing schools to almost all children) still came as a huge blow. The new lockdown is set to last until at least the February half-term, and will be reviewed on an ongoing basis.
Perhaps unsurprisingly, this was quickly followed by an announcement of further support for affected businesses, namely those operating in retail, hospitality and leisure. Scotland had already announced similar national restrictions.
These businesses will be eligible to apply for a new one-off grant. The amount will be determined by the business property’s rateable value as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
Business support of this type is a devolved matter, so it is likely that applications for the new grants will need to be made to local councils - as was the case with the funding made available in November 2020. Businesses should therefore check with their local authority over the coming days as more information is made available.
Related Topics
-
What can you learn from HMRC’s input tax toolkit?
You know that penalties can be charged on careless errors and many mistakes relate to input tax being wrongly claimed. How can HMRC’s input tax guidance help your business to claim the right amount?
-
A £3,000 side-hustle allowance: more generous than it looks?
People making money from small side businesses will have more room to earn without paying income tax, following a Budget decision to triple the trading allowance. However, the figure relates to what you receive before expenses, not the profit you keep. Will the £3,000 allowance actually save you tax?
-
Electronic VAT return and payment due


This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.