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This article contains details of the:
‘Help to Grow’ Support Scheme now open
The Help To Grow scheme is part of the Government strategy to support small businesses achieve their desired growth potential, post-pandemic.
The programme is made up of 2 parts:
1. Help to Grow Management
Access to a 12 week programme delivered by leading business schools in the UK. The programme is 90% subsidised by the Government and combines one-to-one business mentoring, peer-learning sessions and an alumni network.
2. Help to Grow Digital
A discount of up to 50% on the costs of approved software. The vouchers are expected to be available for software that helps build customer relationships, increase sales, make the most of selling online and manage accounts and finances digitally.
The current eligibility criteria (to be confirmed) states that businesses must:
Employ between 5 and 249 employees (this could potentially include directors who receive a salary via PAYE).
Are registered at Companies House (this therefore excludes self-employed individuals and unincorporated partnerships).
Have been trading for more than 12 months.
Are purchasing the discounted software for the first time.
The vouchers could be of particular interest to businesses who are preparing for the forthcoming Making Tax Digital changes.
The below portal is now open for eligible companies to register their interest:
https://helptogrow.campaign.gov.uk/
Brexit Support Grant
Applications are open for the Brexit Support Grant until 30 June 2021. The grant is intended to support small and medium sized businesses to adjust to the new customs, rules of origin and VAT rules when trading with the EU.
The grant can cover professional fees for up to £2,000 and support businesses to ensure that they can continue trading effectively with the EU.
If you require VAT advice from Simpkins Edwards relating to post-Brexit trade with the EU, please contact us to discuss how we can be of help and the availability of grant funding.
More information is detailed on the link below:
https://www.customsintermediarygrant.co.uk/sme-grants-available-advice
Self-Employment Income Support Scheme (SEISS) – Grant 4
The 4th SEISS grant portal is due to close on 1 June 2021. If you meet the stringent eligibility criteria it is essential that you apply by this date via: https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme
Further details can be found below.
Restart Grants
To help businesses reopen after the current lockdown, the Government has launched the Restart Grant which opened 1 April 2021.
Non-essential retail businesses may be entitled to receive up to £6,000 per premises.
Hospitality, accommodation, leisure, personal care, hairdressers and gyms may be entitled to receive up to £18,000 per premises, based on rateable value.
Your business may be eligible if it is:
Based in England
Rate-paying
In the non-essential retail, hospitality, accommodation, leisure, personal care or gym sectors
Trading on 1 April 2021
In most cases Local Authorities should contact eligible businesses directly, but if you believe you may be eligible and have not heard anything, please contact your Local Authority.
Coronavirus Job Retention Scheme (CJRS)
The CJRS has been extended until 30 September 2021. Employees will receive up to 80% of their salary for hours not worked up to a maximum of £2,500 until the scheme ends. For employers, the scheme will continue in its present form until 30 June 2021.
In July, employers will contribute 10% towards the cost of unworked hours, rising to 20% in August and September.
A summary of the latest Covid-19 support can be found on our factsheet: https://www.simpkinsedwards.co.uk/government-support-factsheet/
If you would like to discuss any of the support grants available or require any assistance, please do not hesitate to contact your local Simpkins Edwards office.
Self-Employment Income Support Scheme (SEISS) – Grant 4
The criteria for the fourth and fifth SEISS grants will include 2019/20 self assessment tax return data and widen the scheme to hundreds of thousands more taxpayers, but close it to others.
It had been hoped that the delay in announcing the eligibility criteria for the fourth self-employment income support scheme (SEISS) grant would allow the government and HMRC to use data from 2019/20 tax returns to widen the scheme, including to some who started self-employment in that year, and so it proved.
HMRC estimates that up to 300,000 taxpayers who started self-employment in 2019/20 may now qualify for the remaining two grants, alongside a further 300,000 who were previously ineligible because they failed either the £50,000 income cap or the test which checks that their trading income was less than half their total income (the 50% test).
The inclusion of 2019/20 data will also mean that, in individual cases, the grant available may be more or less than previous grants.
To qualify for the fourth and fifth SEISS grants, taxpayers must have filed their 2019/20 self assessment tax return by 2 March 2021. This applies to all claimants and with more than 1m returns still outstanding on 28 February, some who claimed the earlier grants may now be disappointed as they failed to file their 2019/20 tax return in time.
The criteria are otherwise unchanged, and the government resisted calls to change the £50,000 income limit and 50% test or to extend support to those trading through limited companies.
The tests of eligibility are first applied to 2019/20. If the tests are failed, they are then applied to the four years 2016/17 – 2019/20, where available. There is no confirmation as to how the rules will work for those that did not trade in all four years.
The fourth SEISS grant covers February to April 2021. It has been set at 80% of three months’ average trading profits and is capped at £7,500. Average trading profits are calculated over the four years 2016/17 – 2019/20, where available.
HMRC will have contacted potentially eligible taxpayers in mid-April and applications have been open from late April to the end of May 2021. Many will have been disappointed that claims could not be made until late April, but HMRC needed that time to check the 2019/20 tax return data and to carry out pre-verification checks.
More information can be found at https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.
Self-Employment Income Support Scheme (SEISS) – Grant 5
Information relating to the fifth grant is limited, however it covers May to September 2021.
The grant will be calculated by reference to the reduction in a business’ turnover. Where the reduction is more than 30%, the resulting grant will be 80% of 3 months average profits capped at £7,500. Where the reduction is less than 30%, the grant will be 30% of 3 months average profits capped at £2,850.
More information will be released in due course.