20th March 2020

Details of how to access the financial support offered by the Government

If you think you need support or relief with your general tax liabilities, you can get in touch through HMRC’s Time to Pay service. Call 0800 0159 559

    • You have to phone separately for each tax i.e. VAT, PAYE, Corporation tax
  • You have to phone each month if it is a monthly bill
  • You may be charged interest, but we suspect that is the script under normal hardship, not COVID-19

We strongly advise all of our tenants and lessees to ask for a deferment as soon as possible.

Business Rates Support

You won’t have to pay your business rates bill for the coming tax year 2020/21.

Small business £10,000 grant
This is for businesses who are registered for “SBRR” (Small Business Rate Relief) i.e. rateable value below £15,000. You do not need to apply for this as the local authority will contact you directly. The government website advises that funding should be sent to you in April.

£25,000 hospitality industry grant
This is for those with a rateable value between £15,000 and £51,000.

How do I access this support?
Local authorities will be given guidance on how to help businesses with this measure. You should get in touch with your local authority after 20th March once this is done.

When does it come into force?
The guidance to local authorities will become available on 20th March.

Business Interruption Loans

You will be able to get a “Coronavirus Business Interruption” loan from the bank, backed by the Government. You won’t pay interest on that loan for the first 6 months. (Loans are up to £5million in value)

How do I access this support?
The scheme should be set up by next week. More information on how to access these loans will be provided by the government website (as outlined above).

When does it come into force?
Week commencing 23rd March 2020

If you need any hekp, advice or support on any of the above then please contact your Business Development Manager.

You can keep up with the latest news from Trust Inns by visiting our blog page.

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