New Lockdown Grants Announced in UK (Thomas Westcott)

Thought Leadership
January 14, 2021 - Westcotts

This is a thought leadership article by PrimeGlobal member firm Thomas Westcott discussing new Covid support grants available in the United Kingdom.

Businesses in the retail, hospitality and leisure sectors will receive a one-off grant worth up to £9,000 following the Prime Minister's announcement of a new national lockdown in England to tackle the growing cases of Covid-19.

There is a one-off top up grant for retail, hospitality and leisure firms worth up to £9,000 per property to help businesses through to the Spring. A £594 million discretionary fund will also be made available to support other impacted businesses. The new grant is provided on a per-property basis, and is expected to help over 600,000 business properties, worth £4 billion in total across the UK.

These new one-off grants come in addition to other business support, including grants worth up to £3,000 per month for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.

This is on top of the £1.1 billion further discretionary grant funding already made available to Local Authorities, Local Restriction Support Grants worth up to £3,000 a month, and the extension of the Coronavirus Job Retention Scheme through to the end of April.

The one-off top-ups will be granted to closed businesses as follows:

  • £4,000 for businesses with a rateable value of £15,000 or under
  • £6,000 for businesses with a rateable value between £15,000 and £51,000
  • £9,000 for businesses with a rateable value of over £51,000

Businesses should apply to their relevant Local Authorities for this grant funding. From previous experience, there is quite a variation in how quickly individual Local Authorities make funding available in their area, so it is important that business owners keep a watchful eye on when their relevant grant funding becomes available.

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Westcotts

Westcotts is a firm of Chartered Accountants and Business Advisers, with more offices in the South West than any other firm. We have a team of experienced and talented experts that have a wealth of knowledge, with a wide range of specialisms and services. As well as offering general accountancy and taxation advice, Westcotts offer a full-range of services and expertise including all aspects of accountancy, audit and tax compliance and planning, digital services, corporate finance, payroll bureau, probate, financial planning and business recovery and insolvency advice. Dedicated specialist teams include tourism and leisure, charities and not for profit, technology, education, and a full agricultural consultancy service. The company has supported individuals and businesses across diverse sectors operating in local, national and international markets for over 40 years. Westcotts is committed to South West communities and the team provides a very personal and local service to thousands of clients, who rely on us as business partners. A forward-thinking firm, embracing new technologies and innovation, Westcotts delivers exceptional service with clear, calm, and expert advice. We pride ourselves on getting to know our clients, tailoring our approach to the individual needs of your organisation, and working together for the best solution for you and your circumstances. Westcotts makes sure we understand your business, adding value and helping you to flourish. We’re here to help.

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