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Government Announces Three Month Extension for Businesses to File Accounts

26 Mar 2020

The deadline for filing all accounts will be extended by three months for businesses that have been affected by Covid-19
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Help with non-domestic rates in Scotland during coronavirus (COVID-19)

25 Mar 2020

To help owners of non-domestic properties, including businesses, deal with the impact of COVID-19, the Scottish Government has made changes to non-domestic rates (business rates) for 2020-21.... Read more…

COVID-19 Job Retention Scheme Advice for employers

24 Mar 2020

Tthe latest information on how employers can access the Job Retention Scheme (JRS) to continue paying 80% of the salary for employees that would otherwise have been laid off or made... Read more…

The Government's latest COVID-19 resources for retailers

16 Mar 2020

Resources for retailers with regard to the developing situation on COVID-19 including workplace absences, travel advice, office hygiene, the 2020 Budget and sick pay.
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How your independent shop will be affected by the budget

12 Mar 2020

How the Chancellor's Budget will affect independent shops as it sets out the Government's fiscal measures and response to Coronavirus

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Local Bike Shop Day Stories: Rides on Air

11 Mar 2020

Rides on Air has been in Wallingford town centre for almost 100 years. Read about how they will be celebrating Local Bike Shop Day this year!
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Get your shop involved with Local Bike Shop Day Stories

5 Mar 2020

Local Bike Shop Day Stories is an initiative that helps to spread the word of the positive impact that local bike shops have on their local communities
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Government Responds to Business Rates Inquiry

3 Mar 2020

IRC member, ACS,has called on the Government to get on with its fundamental review of business rates after broadly dismissing recommendations made by the Treasury Select Committee
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Indie Retail Calendar 2020: March

2 Mar 2020

The Indie Retail eCommerce calendar for the month ahead to plan your sales & marketing strategies
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Get involved with National Stationery Week

28 Feb 2020

Fill your pencil cases, sharpen your pencils, grab a clean sheet of paper and get ready to celebrate - National Stationery Week is coming
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How your independent shop will be affected by the budget

Posted on in Business News, Political News

The Chancellor presented his Budget to Parliament yesterday setting ouHouses of Parliament, budget 2020t the Government's fiscal measures and response to Coronavirus (COVID-19).

This briefing outlines the most relevant Budget policies for independent shops. The full Budget documents are available here

 

COVID-19 Business Support Package

"We will get through this together. The British people may be worried but they are not daunted"

The Chancellor set out a £12 billion package of ‘temporary, timely and targeted' measures in a three-point plan to support public services, individuals and businesses through the economic disruption caused by the coronavirus (COVID-19). The support package for business includes:

 

Statutory Sick Pay

The Government confirmed that Statutory Sick Pay (SSP) will now be available for people who are unable to work because they are self-isolating in line with government and medical advice.

The Government will bring forward legislation to allow small and medium-sized businesses and employers (with up to 250 employees) to reclaim up to 14 days of SSP paid for sickness absence due to COVID-19.

People who are advised to self-isolate for COVID-19 will soon be able to obtain a fit note by contact NHS 111 rather than visiting a doctor. This can be used by employees where their employers require evidence. Further details will be confirmed shortly.

Business Rates

The Government will extend the Retail Rate Relief scheme giving business 100% rates relief if they have a rateable value under £51,000 for 2020-21. Businesses that received the retail discount in 2019-20 will be rebilled by their local authority as soon as possible. If businesses have any enquiries about their eligibility, they should contact their local authority.

 

Small Business Grant Funding

The Government will provide a one-off grant of £3,000 to small businesses that already pay little or no business rates because of the Small Business Rate Relief (SBRR). This funding is to support small businesses help meet their ongoing business costs. This will provide £3,000 to around 700,000 business currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs. Businesses eligible for the newly expanded retail discount may need to apply to their local authority to receive the discount.

 

Coronavirus Business Interruption Loan Scheme

The Government will launch a new, temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, to support businesses to access bank lending and overdrafts. The Government will provide lenders with a guarantee of 80% on each loan (subject to a per lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The Government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £1.2 million in value.

 

HMRC Time to Pay

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC's Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Businesses can contact HMRC's new dedicated COVID-19 helpline from 11 March 2020 for advice and support.


For more information about any of the measures the Government has announced to support public services, people affected by COVID-19 and businesses experiencing increases in costs of financial disruptions, click here.

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