31st March 2020
... Comments


My advice is: JUST TAKE THE MONEY 

I know I’m stating the obvious here, but we all know that the last 2 or 3 weeks has been a big blow to not just the majority of businesses right there in TOWN, but also across the whole of the UK.

However, as business owners, we have control over how we address and react to the situation. Our attitude will be imperative to how our business survives over the coming weeks and beyond when the country comes out the other side.

There are dozens of things we can help you with to prepare your business for that time but right now we think it’s most useful to direct you to how you can make sure your business is protected because there is help available.

Many business owners are deciding to ignore it and turn their back and stop everything.

But the sensible ones are taking advantage of the help from the government (and there’s lots of it).

Let’s look at what you can take advantage of…

  • Ø VAT – Payments have been deferred until end of June. This is a VAT holiday, not a waiver
  • Ø Employees – Job Retention Scheme: 80% of wages, subject to a max of £2500/mth, will be paid by Government so that staff are furloughed rather than laid off. This is to protect jobs of employees who are NOT working as a result of the virus. It also saves you having to recruit again when things get back to normal.
  • Ø Business rates are abolished this year for businesses in retail, hospitality or leisure.
  • Ø Grants – Grants up to £25,000 will be available to retail, leisure and hospitality businesses & up to £10,000 to all other business owners who occupy business premises and qualify for Small Business Rates Relief - (Automatic notification if you’re eligible)
  • Ø Business Interruption Loans – Up to £5m, will be provided to small business, via traditional banks with 80% of the loan guaranteed by the government. They’re interest free for 12 months. Contact your own bank to see if you’re eligible.
  • Ø Self-employed – There is a taxable grant worth 80% of your average monthly profits over the last three years, up to £2,500 a month.

-          It’s open to anyone with income up to £50,000.

-          Those who are already in self-employment, who have a tax return for January 2019, will be able to apply.

-          The self-employed have been given an extra 4 weeks from 26th March 2020 to submit your tax return if you haven’t already done so.

-          Self-employed people may also be eligible for the business interruption loans – check with your bank.

-          Self-assessment income tax payments, that were due in July, can be deferred to the end of January next year.

-          The scheme is intended to last for three months (although that may be extended if necessary). However, people cannot claim yet and it is not payable until June. 

-          Self-employed people can also now access Universal Credit in full.

-          Full details outlined on the gov.uk website.

So our advice is TAKE THE MONEY!

Whatever your views of the government, they have made the money available and put it there for YOU!

Please call us on 01787 211 100 or email us via sudbury@thebestof.co.uk if you need guidance on anything at all as we are going to do everything we can to help and support the brilliant local businesses  during these unprecedented times.

About the Author

Penny W

Member since: 17th March 2014

Hello! I'm Penny from thebestof Sudbury, shouting about the best local businesses from Hadleigh through the Clare. When I'm not doing that, you'll find me knitting socks or tending to my 6 chickens

Popular Categories