The following is a copy & paste of updated information for businesses received in an email from SMBC following the PM’s Daily Update on 25 March:
Off licences have been added to the list of retailers who are allowed to remain open
Further expansion of business rate discount:
HM Treasury has announced that estate agents, lettings agencies and bingo halls that have closed as a result of coronavirus measures to restrict the spread of the virus will now be exempted from business rates in 2020-21. This is part of the business rates holiday introduced from 1 April 2020.
Eligible businesses will be rebilled by their council and the new bill will give them the discount of 100%. If businesses have made payments in the meantime, they will be refunded by their council. Councils will be fully compensated.
More information on the announcement can be found here: https://www.gov.uk/government/news/covid-19-estate-agents-lettings-agencies-and-bingo-halls-to-pay-no-business-rates-this-coming-financial-year
Extension to filing of company accounts
The Department for Business, Energy and Industrial Strategy and Companies House announced that businesses will be able to apply for a 3-month extension for filing their accounts.
Deferred VAT payments:
HMRC have updated their guidance and are now advising companies to cancel direct debits. So if you would like to defer payment for your March 2020 return then please cancel your direct debit with HMRC directly through your bank. Direct debits can be set up again at a later date. Please note, currently the deferral of payments only applies to this next quarter, for any returns after this you will need to pay them by the due date as normal unless HMRC issue any updated guidance which we will keep you up to date with. HMRC have updated their guidance at the below link which is being updated on a regular basis. Apologies for any confusion, as mentioned this has been updated since our discussion yesterday. Further information can be found HERE
Grants administered by Stockport Council:
Stockport Council are expecting to receive the funding from the government from 1st April and the council have preparations in place to process the payments as soon as the funds are made available.
Cash grants of £10,000 (rateable value of up to £15,000) and £25,000 (rateable value of between £15,001 and £51,000) are being administered by the Local Authorities so no application is required. Guidance on the scheme is being issued to the Local Authorities. Stockport Council has a section on its website where businesses qualifying for SBRR can upload their company VAT and Bank Account details: Stockport Council Grant scheme: https://www.stockport.gov.uk/business-rates-support-measures
The Government’s new website for all support measures: www.businesssupport.gov.uk/coronavirus-business-support/
How are you doing?
If you are a business owner, Totally Stockport and Stockport Council are also keen to find out what your needs are at this difficult time so they can provide the most appropriate advice and support.
To help them understand more, visit www.bidsurvey.com and help them to help you.
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