This follows the Prime Minister’s announcement on the 4th January that these business will be closed until at least February half-term in order to help control the virus, and, together with the wide range of existing support, provides them with certainty through the Spring period.
The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities.
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
any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.
VAT deferred due to coronavirus
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make you can:
pay the deferred VAT in full on or before the 31 March 2021
opt in to the VAT deferral new payment scheme when it launches (it has not yet launched)
contact HMRC if you need more help to pay
If you want to opt in to the new payment scheme you cannot opt in yet. The online opt in process is due to be available soon.