New £1bn support package announced

The Chancellor, Rishi Sunak has announced a new £1bn support package for businesses most impacted by the highly transmissible Omicron variant that is sweeping across the UK. The biggest single measure is the re-introduction of one-off grants of up to

The Chancellor, Rishi Sunak has announced a new £1bn support package for businesses most impacted by the highly transmissible Omicron variant that is sweeping across the UK. The biggest single measure is the re-introduction of one-off grants of up to £6,000 for businesses in the hospitality and leisure sectors (in England) many of whom have seen their seasonal trade hugely impacted by this latest COVID-19 variant. It is thought that some 200,000 businesses will be eligible for these new grants.

The main support measures announced on 21 December 2021 are as follows:

  • Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises.
  • £102 million top-up for discretionary funding will be made available for local authorities to support other businesses outside the hospitality and leisure sectors.
  • Government will also cover the cost of Statutory Sick Pay for COVID-related absences for small and medium-sized employers across the UK. This applies to businesses with less than 250 employees for up to 2 weeks per employee. Firms will be eligible for the scheme from 21 December and will be able to make claims retrospectively from mid-January.
  • £30 million further funding will be made available through the Culture Recovery Fund, enabling more cultural organisations in England to apply for support during the winter.

The devolved administrations in Scotland, Wales and Northern Ireland will receive an additional £150m through the Barnett formula to help offer similar measures. This will be allocated with around £80 million going to the Scottish Government, £50 million for the Welsh Government and £25 million for the Northern Ireland Executive.

Source: HM Treasury Tue, 21 Dec 2021 00:00:00 +0100

Latest INSIGHTS

Check out our latest Insights for useful accounting tips and information.

Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and

Read More

Structures and Buildings Allowances

The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures.

The

Read More

ISAs 2022-23

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000.

ISA’s are a valuable and flexible relief and should be considered as an option for most investors.

An ISA is a tax-exempt savings account available to

Read More