In-Accountancy

News and Views

Additional Restrictions Grants

On December 21st the Government announced that there would be a new round of additional restrictions grant funding released specifically for those retail and hospitality businesses who were hit hard by the spiraling Omicron outbreak.

These additional restrictions grants are to be applied for via the local authorities, and this article will outline the criteria required, process to follow and links to where to apply if your business is in any of the following local authorities: Stockport, Cheshire East, Tameside, Sheffield or Warrington.

Who can apply?

Businesses in the Hospitality, Leisure and Accommodation Sectors

Examples of such businesses include, but are not limited to:

  • Restaurants, Cafes, Pubs and Wine Bars
  • Hotels and Wedding Venues
  • Cinemas, Museums and Art Galleries
  • Night Clubs and Discos
  • Amusements, theme parks and soft play centers
  • Holiday homes – cottages, apartments, bungalows
  • Guest houses and B&Bs
  • Campsites and caravan parks

How will the amount of grant be calculated?

Grants will be awarded per PREMISE rather than per business, and will be calculated based on the Rateable Value of each premise as follows.

Each local authority the amounts vary, so please see your area below, and note that the bands are as follows unless otherwise indicated:

  • £0 – £15,000 – award £2,667
  • £15,001 to £50,999 – award £4,000
  • £51,000 and above – award £6,000

Will I have to pay tax on grant income?

Yes!

Grant income received by any business is taxable, and will need to be included on any self assessment or corporation tax return.

If you need any help with your accounts or tax returns, please don’t hesitate to contact any of the IN Accountancy Team, who will be happy to help.

What if my business has been affected but I don’t pay rates?

We understand that further money will be made available for such businesses, but details are yet to be confirmed – we will keep you updated as and when further information comes to light. Some LAs have already decided on the amount to be offered to home based businesses – again see below for details.

When and where can I apply from?

Each local authority will have slightly different timelines as to when the online application forms will be made available, and further eligibility rules and timescales for payment will be updated as and when available.

So far, we have been able to fund out the following:

Stockport Local Authority

Cheshire East Local Authority

Tameside Local Authority

  • Expects to have their application form to be available ‘soon’
  • Cannot be reached by email, but have Live Webchat available on their website below
  • Further details can be found online at: https://www.tameside.gov.uk/coronavirus/supportforbusiness
  • Home based businesses with no commercial premises – no information available

Warrington Local Authority

Sheffield and South Yorkshire Local Authorities

Full guidance has now been published and can be read in full here:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1044354/omicron-hospitality-and-leisure-grant-guidance.pdf
I think that just about covers it – please look carefully at the information which is relevant to you and please do not hesitate to contact us should you require any support.

Related articles

Accountants for Amazon Sellers
Limited Companies

Amazon Sellers – top tips to ensure your long term success

Have you ever considered selling on Amazon or eBay, setting up an eCommerce business, or a little side hustle?

If this sounds like you, it seems you are not alone.

More and more people these days are selling online to boost their income, sometimes just for a bit of fun and with no higher plans, and other times in the hopes of turning this so called side hustle into their dream job and their very first foray into entrepreneurship…

We have been receiving lots of enquiries recently about accounts and tax for Amazon sellers, so I’ve recorded a little video outlining our top tips if you are thinking about giving it a go yourself…

Read More »

Find out how we can help?

Lectus scelerisque a donec tincidunt litora per eleifend eget ut sagittis conubia pharetra scelerisque dui ultricies duis parturient auctor adipiscing.

 

Let’s start a conversation 

    Subscribe me for updates and news from In Accountancy

    IN-ACCOUNTANCY