Technical

Navigating government funding support

There are multiple packages of government support for those affected by COVID-19.

We can help navigate your way to the most appropriate package(s) of support available to your business.

In addition to the specific ways outlined below, we can assist across all support measures in ways including:

  • Cash flow forecasting – to help assess what funding is required at what timeframes
  • Scenario planning and business case preparation – to model options, inform decisions, and prepare business cases for funding applications
  • Sounding board – to ensure your interpretation of guidelines is correct, and to challenge how government support fits into your overall plan
  • Resource to complete applications – and to deal with the necessary administration or logistics
  • Employee engagement – helping to communicate the right messages within your organisation, including Employee Hotlines as an outsourced service

24 hour debt advisory helpdesk

For all companies, lenders, sponsors and other stakeholders who may have any questions or wish to speak with a debt advisory expert on any of the government guarantee/lending schemes announced, please email us and send a message to one of our experts. We endeavour to respond within 24 hours.

CBILS: for companies with revenue of up to £45 million: cbils-sme-enquiries@uk.gt.com

CLBILS: for companies with revenue over £45 million: clbils-medium-enquiries@uk.gt.com

CCFF: for companies rated investment grade or similar: ccff-enquiries@uk.gt.com

Support for all businesses
Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme has been extended until 30 September 2021. From 1 July 2021, the level of grant will be reduced and you will be required to fund 10% of wages for non-work days (70% funded by the government).

From August 2021, you will be required to fund 20% of wages for non-work days (60% funded by the government).

Find out more about how the scheme is changing.

Claims for furlough days in Claims must be submitted by
May 2021 14 June 2021
June 2021 14 July 2021
July 2021 16 August 2021
August 2021 14 September 2021
September 2021 14 October 2021

Source: Guidance - Claim for wages through the Coronavirus Job Retention Scheme

How we can help

We can:

  • provide you with up-to-date information, taking account of ongoing development of the scheme as announced by the government, and consider how this applies to you
  • support your HR functions in considering the options available to you (including furlough), and we can offer additional support on cost, agility, employer brand, talent engagement and retention, benefits and pensions
  • assist with preparation and maintenance of Coronavirus Job Retention Scheme records, which are subject to audit by HMRC
  • run an employee hotline or 'keep in touch' capability as an outsourced service to help you communicate with your furloughed employees, taking pressure off your HR departments
  • review your past claims, decision-making processes and records, for any inaccuracies. Getting this right now will minimise the chances of future penalties and publishing.

For more support with identifying the right options for you, as well as assistance with furloughing employees and supporting HR departments, contact David Francis or Justin Rix.

Recovery Loan Scheme

The Recovery Loan Scheme will replace CBILS, BBLS and other business support schemes from 6 April 2021 until 31 December 2021, subject to review. Businesses of any size can apply for 80% government-backed loans of between £25,000 and £10 million, so they can recover after the transition period.

Additional Restrictions Grant

The Additional Restrictions Grant (ARG) supports businesses that are not covered by other grant schemes or where additional funding is needed. Local councils can determine which businesses to support and determine the amount of funding provided from the ARG scheme.

Visit your local council’s website to find out how to apply.

Time to Pay

All businesses and self-employed people in financial distress, with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay (TTP) service. Businesses may request a deferral of tax debts to be paid in instalments over a set period (typically 3-12 months).

How we can help

  • We can help you understand the factors that should be considered when contemplating a TTP, including how it fits into your wider business strategy, plans for addressing liquidity challenges and cashflow forecasting
  • We can provide an overview of the TTP service and what to expect when contacting HMRC, including whether TTP is the right step to take and how to approach discussions with HMRC
  • If TTP is appropriate, we can help with your preparation and submission of a proposal to HMRC

For support with identifying if TTP is right for your business, and help with proposals to HMRC contact David Gregory or David Francis.

VAT Deferral

You can pay VAT payments deferred between 20 March and 30 June 2020 now or join the VAT deferral new payment scheme.

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 now
  • join the VAT deferral new payment scheme – the online service is open between 23 February 2021 and 21 June 2021
  • contact HMRC by 30 June 2021, if you need extra help to pay

How we can help

  • We can help with understanding the relevant periods covered by the deferral - including complexities relating to Payments on Account
  • We can discuss broader VAT cashflow optimisation

For more support, including broader conversations on VAT cashflow optimisation, contact Alex Baulf.

Support for individuals
Income Tax Deferral for the Self-Employed

Self assessment taxpayers were given the option of deferring payment of their July 2020 Payment on Account until 31 January 2021.If you had difficulty in making all your payments at once, you may have chosen to set up a Time To Pay instalment arrangement with HMRC.

How we can help

  • We can help you to consider reducing payments on accounts due for the 2020/21 tax year If you cannot pay your self assessment liabilities in full, we can assist with negotiating time to pay arrangements with HMRC in due course to agree a suitable repayment plan

For more support on self-assessments contact Dan Hartland.

Self-employed Income Support Scheme

Self-employed individuals and members of partnerships who have lost income due to COVID-19 can claim a taxable grant of 80% of trading profits up to a maximum of a total of 3 months’ worth of profit, capped at £7,500 in total. A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021.

Support for small and medium sized businesses
Bounce Back Loan Scheme

The Bounce Back Loan scheme closed to new applications and top-up applications on 31 March 2021. The scheme was designed to help small and medium-sized businesses to borrow between £2,000 and £50,000. The government guarantees 100% of the loan and loans will carry no fee or interest for the first 12 months (after this the interest rate with be 2.5% a year). Loan terms will be up to six years.

How we can help

  • Our dedicated growth finance team is experienced in advising companies in raising venture and growth finance, helping companies in preparing a funding strategy, business plan and other fundraising documents.
  • We can identify and make introductions to new investors who may be relevant to the company, as well as liaising with existing investors in the business.
Cash Grant for Retail, Hospitality and Leisure

The Retail, Hospitality and Leisure Grant Fund is now closed.

You should have received your grant by 30 September 2020. Contact your local council if you think you’re eligible for a grant but have not yet received it.

Future Fund

The Future Fund scheme closed to new applicants on 31 January 2021. The online portal remains open for investee companies with legally completed convertible loan agreements (CLAs) to submit information.

How we can help

  • Our dedicated growth finance team is experienced in advising companies in raising venture and growth finance.
  • We can help in preparing a funding strategy, business plan and other fundraising documents. We can identify and make introductions to new investors who may be relevant to the company, as well as liaising with existing investors in the business.
  • We can manage the investment process from distributing fundraising documents and facilitating meetings, to negotiating terms with investors and any diligence processes they may require.
  • We will manage the whole process through to completion and funds in the bank.
Small Business Grant Funding

The Small Business Grant Fund is now closed.

You should have received your grant by 30 September 2020. Contact your local council if you think you’re eligible for a grant but have not yet received it.

Statutory Sick Pay Rebate

The government allows SMEs to reclaim Statutory Sick Pay (SSP) for staff sickness absence due to coronavirus. This will cover up to two weeks’ SSP per eligible employee.

Available for organisations with fewer than 250 employees who qualify as SMEs.

How we can help

  • We can provide you with up to date information taking account of the latest Government policies available to support employers and those self-employed understand the options in place during the coronavirus pandemic
  • We can help your HR functions in considering the impact of the SSP rebate and provide resource to access this, as well as reviewing from a tax and benefits perspective
  • We can support the review of workforce planning and skills mapping to allow internal mobility, providing resilience to areas with high sickness where they are business critical

For more information on SSP rebate and support for your business on dealing with a large percentage of your workforce off sick, contact Justin Rix or Monique Beaulieu.

The Local Restrictions Support Grant

The last payment cycle for the Local Restrictions Support Grant scheme closed to new applications on 31 May 2021. If you haven't received your payment by 30 June 2021, contact your local council. 

Support for specific sectors
Restart Grant

The Restart Grant scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant, to reopen safely as COVID-19 restrictions are lifted.

  • Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council.
  • Eligible businesses in the hospitality, accommodation, leisure, personal care and gym sectors may be entitled to a one-off cash grant of up to £18,000 from their local council.

Visit your local council's website to find out how to apply.

Cash Grant for Retail, Hospitality and Leisure

The Retail, Hospitality and Leisure Grant Fund is now closed.

You should have received your grant by 30 September 2020. Contact your local council if you think you’re eligible for a grant but have not yet received it.

Business Rates Holiday for Retail, Hospitality and Leisure

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.

If you're eligible, you could get:

  • 100% off your business rates bills for the 2020 to 2021 tax year (1 April 2020 to 31 March 2021)
  • 100% off your business rates bills for the first 3 months of the 2021 to 2022 tax year (1 April 2021 to 30 June 2021).
  • 66% off your business rates bills for the rest of the 2021 to 2022 tax year (1 July 2021 to 31 March 2022) - up to a total value of £105,000.

How we can help

  • We can advise on the scope and extent of relevant reliefs and help with the application to the local authority, but this relief should be automatic for most affected businesses

For support on how to identify and access the relevant reliefs, and your applications to local authorities, contact Justin Rix. 

Business Rates Holiday for Nurseries

Nurseries in England do not have to pay business rates for the 2020-21 tax year.

How we can help: 

  • We can advise on the scope and the extent of relevant reliefs and help with the application to the local authority.