Government Grants

In the March 3rd budget the Chancellor announced a range of support measures for businesses across sectors that have been hardest hit by the pandemic.

For further details on these grants

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Business Rates Holiday – additional 3 months (1st April 2021 –30th June 2021)

The current 12-month business rate holiday in England has been extended by an additional three months. This discount will be processed automatically by the local authority with business rates to be issued from 1st July 2021. Further business rates relief is available to those businesses who are still unable to trade.

More details here Reduced rate of VAT of 5% extended until 30th September 2021 (Hospitality only)

The government has extended the temporary 5% reduced rate of VAT until 30th September 2021. To help businesses manage the transition back to the standard rate, a 12.5% rate will then apply for a further six months, until 31st March 2022.

More details here

Recovery Loan Scheme

A new Recovery Loan Scheme will also be launched to replace the existing government guaranteed schemes which have supported £73 billion of lending to date and close at the end of March.

More details here Restart Grant – up to £6k for retail and up to £18k for hospitality

A new grant fund will be available to businesses in England through a new £5 billion Restart Grant scheme to help the high street, providing up to £18,000.