Business support in Sheffield during Covid-19 Lockdown

Business support grants

There are 3 grants available for small businesses in Sheffield:

  • £10,000 for businesses in receipt of Small Business Rates Relief (SBRR) or Rural Rates Relief
  • £10,000 for retail, hospitality or leisure businesses with a rateable value of £15,000 or less
  • £25,000 for retail, hospitality and leisure businesses with a rateable value between £15,000 and £51,000

Charities that currently occupy premises that have a rateable value, might be entitled to access a grant of £10,000 or £25,000 per property if it is used for retail, hospitality or leisure.

If you are unsure whether your property falls within retail, hospitality or leisure, refer to the business rates guidance to check

Business rates holiday

  • The the start of the 2020/21 business rate collection is being delayed
  • Sheffield Council will not collect business rates in April
  • Businesses eligible for a business rate holiday in 2020/21 will receive a new bill

Businesses entitled to a rate holiday are:

  • Any property in the retail, hospitality or leisure sector
  • Ofsted registered nurseries

You can contact the Sheffield business rates service for more information via business.rates@sheffield.gov.uk

Rent relief for council business

For non-residential council tenants:

  • Sheffield Council are suspending arrears enforcement action for an initial 3 month period
  • The Coronavirus Act 2020 protects business tenants against action for re-entry or forfeiture of tenancies for non-payment of rent until 30 June 2020

Coronavirus job retention scheme

The Government will help all UK employers by:

  • paying up to 80% of the salaries of employees who would otherwise have been laid off.
  • paying up to a capped amount of £2,500 per month.

Employees must be registered for PAYE online in order to be furloughed, this can take up to 10 days.

Coronavirus business interruption loan scheme

You are eligible for a loan if your business:

To apply for a loan you should contact your business bank.

VAT deferral scheme

Businesses will not need to pay VAT from 20 March 2020 to 30 June 2020. All businesses are eligible and you do not need to apply.

Income tax deferral

Income tax self-assessment payments due on 31 July 2020 have been deferred until 31 Jan 2021

Statutory sick pay relief

Changes have been made to Statutory Sick Pay:

  • employers with fewer than 250 employees will be able to reclaim Statutory Sick Pay for employees unable to work because of coronavirus
  • this refund will be for up to 2 weeks per employee

This ensures people suffering from coronavirus can take the necessary time off to stay at home or to prevent its spread.

Support for self-employed people

The Government self-employed scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months.

 

Millhouses Accountancy