Name: Swindells Chartered Accountants
Address: Wilson House, 48 Brooklyn Road, Seaford, East Sussex, BN25 2DX
Price range: ££

Support schemes available for businesses in 2022

Melanie Richardson

15/01/2022

including the ‘Help to Grow Scheme’

Even though the government did not introduce new Covid restrictions in the UK, the Chancellor announced measures in December to help the hospitality, leisure and tourism industry. This article will outline the help available to qualifying businesses.

Hospitality and leisure grant

Businesses within the leisure, hospitality and tourism sector will be the main beneficiaries. Pubs, restaurants, cinemas and theatres can apply for a grant for each of their premises. The amount of grant paid will be dependent on the premises’ rateable value (RV) as below:

Up to £15,000 - £2,700 grant
£15,001 to £51,000 - £4,000 grant
Over £51,000 - £6,000 grant

Businesses will need to apply through their local council and further information can be found on their websites.

Statutory Sick Pay rebate scheme

For employers with fewer than 250 staff, this scheme is being re introduced, meaning that qualifying businesses can claim back the cost of paying SSP to employees affected by Covid. Use the link below to start your claim or learn more.

https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19

VAT rate reduction

The VAT rate reduction on accommodation, food, drink (excluding alcohol) and attractions increased from 5% to 12.5% on 1 October 2021. It is due to revert to 20% on 1 April 2022. Make sure you’re taking advantage of the scheme while it's still available.

Help to Grow - digital scheme

See our previous article for more information on the scheme

Help To Grow – Register your interest now

From December 2021, the Help to Grow - digital scheme offers SMEs free and impartial advice on how technology can help their business. The aim is for the scheme to aid qualifying businesses to identify their digital technology needs, assess technology purchasing options and implement new technologies in their operations.

Eligible businesses will also be able claim a voucher covering up to 50% of the costs of an approved digital software, up to a maximum of £5,000.

Apply or find out more here https://smallbusinesscharter.org/help-to-grow-management/

If you have any questions or queries about how to take advantage of these schemes, please get in touch with your Swindells’ partner who will be able to advise you further.

Key questions when it comes to inheritance tax

Inheritance tax (IHT) is a complex and often misunderstood aspect of tax law that can have significant implications for your estate. The new Labour government is likely to have plans to change the rules around inheritance tax and so we in this article, we look at the current rules.

Labour’s plans to impose VAT on independent schools

As a Labour government takes office, we look at Labour’s stated intention to apply VAT to independent school fees. This initiative is part of their pledge to “recruit 6,500 new teachers in key subjects to prepare children for life, work and the future, paid for by ending tax breaks for independent schools.” They estimate the policy will raise around £1.6 billion, which is “urgently needed to improve the state school system” used by about 93% of students in the country.

Cash flow management: strategies to keep your business healthy all year round

Managing cash flow is crucial for the success and sustainability of any business, whether you’re a small start up or an established company. Proper cash flow management ensures that your business can cover its expenses, invest in growth opportunities and weather financial uncertainties. Here are some strategies to keep your business’ cash flow healthy all […]