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A Closer Look: Which UK Government Financial Scheme is Most Fit for Your Business?

30 Apr 2020  |  
Tags: announcements HMRC COVID-19 Support
QXAS Explains Small Business Bounce Back Loans
Editor's Note: This blog was published on 1st May 2020 and it constantly being updated for freshness and accuracy as the government releases more information about the new financial schemes.

With new financial schemes rolling out almost every other day – it’s getting confusing for businesses and accountants to pick the right schemes to apply for financial support during the crisis. In this blog, we are decoding the technical jargon of the schemes and simplifying the terms on which you apply to these.

Our experts at QX have also contributed in the blog with informed advice on how to take advantage of the schemes depending on your industry and size of the business.

Are your unsure how to take advantage of the Job Retention Scheme? Do need to know more about helping your practice’s self-employed clients in accessing the Government’s self-employed support scheme? We’ve gone out and about, researched on the schemes and brought back some exclusive information for you.

In this blog we will discuss:

Schemes for SMEs
Small Business Bounce Back Loans [NEW]
Coronavirus Business Interruption Loan
Coronavirus Job Retention Scheme
Statutory Sick Pay Rebate
£10,000 Small Business Grant Funding
VAT Deferral

Schemes for Large Businesses
Coronavirus Large Business Interruption Loan [NEW]
COVID Corporate Financing Facility
Support for Businesses Paying Tax
Coronavirus Future Fund [NEW]

Schemes for Self-Employed
Income Tax Deferral for Self-Employed Individuals
Self Employment Income Support Scheme

Schemes for Retail, Hospitality and Leisure
£25,000 Cash Grant for Retail Hospitality and Leisure
Business Rates Holiday for Retail, Hospitality and Leisure

Schemes for Other Sectors
Business Rates Holidays for Nurseries

For Small and Medium Businesses

Small Business Bounce Back Loans [NEW]

A fast-track 100% Government backed finance scheme helping small businesses to borrow up to £50,000 through an easy, online and short standardised online application.

Available Now.

Form of Funding: Term Loan

Is your business eligible for applying?

Any small or micro business who hasn't received funding through CBILS is eligible to apply.

How will it support your business?

The Bounce Back Loan scheme is designed for small and medium-sized businesses and will allow qualifying businesses to apply for loans from £2,000 to £50,000 at a fixed interest of 2.5 per cent. Businesses won’t have to make any repayments or pay interest or fees during the first 12 months of the loan.

The key feature of the bounce back loans is its swift access to businesses. ‘Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis,” said Rishi Sunak, Chancellor of the Exchequer.

How can your business access it?

Businesses will be required to fill out a short application form (seven questions long) on their accredited lenders website, which will self-certify whether you'll apply for the loans or not.

Here are the application guidelines from The British Business Bank.

Have you already applied for CBILS?

Don't fret. If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

Recent Updates on Bounce Back Loans, 04 May 2020

Initially, a lot of bankers were worried that they will end up violating the Consumer Credits Act of 1974 for lending money to failed businesses. So, the chancellor has taken out Bounce Back Loans of less than £25,000 from the Consumer Credicts Act clause. This way the treasury is encouraging more microbusinesses to draw loans.

Coronavirus Business Interruption Loan (CBILS)

This scheme helps smaller businesses (SMEs) across the UK that are experiencing a loss in revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.

Is your business eligible for applying?

Any UK Businesses that have been disrupted by the onset of covid-19 and have an annual turnover of no more than £45 million can apply for it. However, businesses must self-certify to government on the grounds of which your business has been disrupted by the pandemic.

Form of Funding : Term Loan, Overdraft, Invoice Finance, Asset Finance

How will it support your business?

  • It will finance up to £5 million, available on repayment terms of up to 6 years. For overdrafts, invoice financing facilities, the terms are upto 3 years.
  • It will cover most business financing services, including term loans, overdrafts, asset finance and invoice finance.
  • A government-backed, partial guarantee against the outstanding balance of the finance is provided to the lender.
  • The borrower is 100% responsible for the debt.
  • The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.
  • For facilities above £250,000, personal guarantees may still be required, at a lender’s discretion.

How can your business access it ?

The Coronavirus Business Interruption Loan Scheme is available now and is operated by more than 40 accredited lenders, including high street banks that offer services to SMEs. We recommend you first speak to your bank provider

To apply for the funding, you will have to confirm that your turnover is less than £45m. You also have to provide a borrowing proposal that would be considered viable by the lender if the coronavirus disruption was taken out of the equation.

! What is a borrowing proposal?
Borrowing proposals are formal, written documents that small businesses must prepare when they approach potential lenders or investors for funding. A complete loan proposal package should consist of completed loan application forms (if required), and a comprehensive business plan with complete financial statements.

As mentioned above, you will need to demonstrate that the provision of finance will allow your business to support itself during the crisis and counter the revenue loss you are facing.

Watch out for personal guarantee. Lenders will not ask you for personal guarantees on savings or property for loans that are less than £250,000. For loans that are more than this amount, banks might ask for personal guarantees.

You must keep in mind that the borrower always remains 100% liable for the debt.

What QX Advises:

Apply with your own bank as the banks will give preference to their existing customers over others.

Some Supporting documents that you may have to keep handy while applying include -

  1. Last 3 years tax returns
  2. Most recent management accounts, ending between Dec-19 to Feb-2020
  3. Last 6 months bank statements
  4. Cash flow projection for next 6/12 months
  5. Business forecasting for next 6 months

Coronavirus Job Retention Scheme (CJRS)

The Coronavirus Job Retention Scheme is an initiative to enable employers to retain employees who they may otherwise have been forced to lay off during the Covid-19 pandemic.

Is Your Business Eligible for applying?

Business must check off the following factors to be eligible for this scheme:

  • Have a UK bank account
  • Have created and started a PAYE payroll scheme on or before 19 March 2020
  • Have enrolled for PAYE online

Form of Funding : Grant

How will it support your business?

Under the Coronavirus Job Retention Scheme, HMRC will refund:

  • 80% of employees' wage costs up to a maximum of £2,500 per month
  • Plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that subsidised wage.

Employees who are paid through the scheme will become classified as ‘furloughed workers’.

Employees you can claim for:

Furloughed employees must have been on your PAYE payroll on 28 February 2020, and can be on any type of contract, including:

  • full-time employees
  • part-time employees
  • employees on agency contracts
  • employees on flexible or zero-hour contracts
  • Apprentices

The scheme also covers employees who were made redundant since 28 February 2020, if they are rehired by their employer. The deadline of the scheme has been extended to 30 June 2020.

How can your business access it?

  • HMRC is accepting claims through a government gateway portal that use can use to file the claim.
  • You can only submit one claim at least every 3 weeks, which is the minimum time an employee can be furloughed for. Claims can be backdated until the 1 March, if applicable.
  • You will also need to designate affected employees as ‘furloughed workers’ and notify your employees of this change. These changes remain subject to existing employment law.
  • Next, you’ll need to submit information about the employees that have been furloughed to HMRC, including salary details.
  • Once HMRC have received your claim and you are eligible for the grant, HMRC will reimburse 80% wages of your organization’s furloughed workers within 6 working days.

What QX Advises

Be watchful of your accounting and tax treatment. Payments received by a business under the scheme are made to offset these deductible revenue costs. Hence, they must be included as income in the business’s calculation of its taxable profits for Income Tax and Corporation Tax purposes, in accordance with normal principles.

Businesses can deduct employment costs as normal when calculating taxable profits for Income Tax and Corporation Tax purposes.

If you've recently fuloughed staff members or moved to a remote-working model with fewer staff members, QXAS CEO, Dishant Desai, has shared his tips on how to maximise the efficiency of your remote accounting firm or business. See Below:

Statutory Sick Pay Rebate (SSP)

Statutory Sick Pay (SSP) is paid by employers to employees who are off work because of sickness. The government has said it will reimburse employees who have to make payments in light of coronavirus.

Is your business eligible for applying?
Any UK based Small or Medium-sized businesses that employs fewer than 250 employees (as of 28 February 2020) is eligible for apply for the rebate.

Form of Funding : Claim

How will it support your business?

  • The refund will cover up to 2 weeks’ of SSP per eligible employee who has been off work because of COVID-19.
  • Employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19

How can your business access it?

  • Employers should maintain records of staff absences and payments of SSP, but employees will not need to provide a GP fit note. If evidence is required by an employer, those with symptoms of coronavirus can get an isolation note from NHS 111 online and those who live with someone that has symptoms can get a note from the NHS website.
  • The government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible
  • A refund scheme is still underway. Further details will be provided in due course once the legislation has passed.

What QX Advises

This scheme is intended to mirror the support given for furloughed employees. It will allow you to claim a taxable grant.

£10,000 Small Business Grant Funding

The scheme will provide a one-off grant of GBP 10,000 to small businesses that already pay little or no business rates. The requirements to receive the grant will depend on where your business is located in the UK.

Is your business eligible for consideration?

The Small Business Grant Scheme covers 700,000 of the UK’s smallest businesses. But for your small businesses to qualify for this their grant, you must meet the following factors:

  • Your business must be based in England
  • Your business must occupy property
  • You are receiving small business rate relief or rural rate relief as of 11 March under small business rate relief (SBRR), rural rate relief (RRR) and tapered relief

Form of Funding : Term Loan

How will it support your business?

QX recommends that this grant can be beneficial for covering ongoing business costs and liabilities due to the COVID-19 slowdown in business.

How can your business access it?

You need not apply for this loan. Local authorities in England have been asked to write to businesses who are eligible for securing this grant. It is expected that local authorities will automatically pay the grant to eligible businesses.

What QX Advises

If your business is struggling and you haven’t heard back from your local authorities yet, find your local authority in this government search finder and contact them at the earliest.

VAT Deferral

Any UK VAT registered business that has a VAT payment due between 20 March 2020 and 30 June 2020, will now have the options to:

  • defer the payment until a later date
  • pay the VAT due as normal

Is your business eligible for applying?

All UK VAT registered businesses are eligible for a VAT deferral.

Form of Funding : A Deferment of payment due between 20 March-30 June 2020

How will it support your business?

Businesses aren’t required to make VAT payments for the three month period of 20 March to 30 June 2020 and defer their payments until the end of the 2020/21 tax year.

How can your business access it?

You need not apply for a deferral. You don’t even need to make a VAT payment by 30 June 2020, if you don’t wish to since now, you have an extended deadline until the end of 2020/21 tax year. VAT refunds and reclaims will be paid by the government as usual.

What QX Advises

Keep in mind that if you choose to defer your VAT payment in the light of coronavirus, you must pay the VAT due on or before 31 March 2021. See how QXAS can help you pay VAT on time.



For Large Businesses

Coronavirus Large Business Interruption Loan (CLBILS) [NEW]

It is the large business counterpart of the CBILS Scheme. This loan scheme set up to help large businesses or businesses with an annual turnover of more than 45m – that are struggling with cash flow because of loss of revenues due to deferrals or loss due to the Coronavirus outbreak.

Form of Funding : Term Loan, Overdrafts, Invoice Finance, Asset Finance

Is your business eligible for applying?

For your business to be eligible for this scheme, it must qualify the following conditions:

  • Be a UK-based business
  • Have an annual turnover of more than £45 million
  • Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic, and for which the lender believes the provision of finance will enable the business to trade out of any short-term to medium-term difficulty
  • Self-certify that it has been adversely impacted by the coronavirus (COVID-19)
  • Not have received a facility under the Bank of England’s Covid Corporate Financing Facility (CCFF).

Your lenders might need further information to confirm eligibility. All lending decisions remain fully delegated to the accredited lenders.

Businesses from any sector can apply, except the following:

  • Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive), insurers and reinsurers (but not insurance brokers)
  • Building Societies
  • Public-sector bodies
  • Further-education establishments, if they are grant-funded
  • State-funded primary and secondary schools

How will it support your business?
For large businesses with an annual turnover that is between £45m and £250m, banks can offer loans of up to £25m, which are backed by an 80% guarantee from the government.

And for those companies with an annual turnover that exceeds £250m, loans of up to £50m will be available to them.

Lenders will carry out the usual credit risk checks. However, the aim of the government guarantee is to enable more ‘no’ decisions to become ‘yes’ outcomes.

Short-term loans, overdrafts, invoice finance and asset finance are the products included in the scheme, and will be offered at commercial rates of interest.

How can your business access it?

The Government has launched an application process on Monday 20 April. The Scheme will be available through these accredited lenders, provided by the British Business Bank.

What Your Lender will need from you :

When you apply for a business loan, most lenders will ask you for the following:

Details of the Loan :

  • The amount you would like to borrow
  • What the money is for — the lender will check that it’s for a suitable business purpose and the right type of finance for your needs
  • The period over which you will make the repayments — the lender will assess whether the loan is affordable for you

Supporting Documents:

You will need to provide certain evidence to show that you can afford to repay the loan. This is likely to include:

  • Management accounts
  • Cash flow forecast
  • Business plan
  • Historic accounts
  • Details of assets

The above requirements will vary from lender to lender. If you do not have everything listed here, a CLBILS loan could still be an option to provide finance to support your business. See how QXAS is filings out applications on behalf of businesses to fast-forward the process of filing for loans.

What QX Advises:

Here’s a reminder of how the government is encouraging lending through this scheme:

  • Guarantee to the lender to encourage them to lend: The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding balance of the finance.
  • The borrower remains fully liable for the debt: Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000.
  • For facilities above £250,000, personal guarantees may still be required, but claims cannot exceed 20% of losses after all other recoveries have been applied.

    QXAS is helping businesses and accountants to prepare supporting documents, historic accounts and details of assets to file for these loans. See below:

COVID Corporate Financing Facility (CCFF)

This scheme will support corporates who would normally seek market-based finance for their working capital. The facility stands ready to support unlimited financing to eligible companies.

As of now, a lot of information is not yet available in the public domain. All eligible businesses or corporates will have to contact their Bank helpdesks to find out the way forward.

Form of Funding : Commercial Paper

! What is a Commerical Paper?
Commercial paper is an unsecured, short-term debt instrument issued by a company.

Is your business eligible for applying?

All non-financial companies that meet the criteria set out on the Bank of England’s website are eligible.

What does it mean to be in sound financial health?

The clearest way to demonstrate this test is to have, or acquire, a rating. For such firms, investment grade means a short-term rating of A3/P3/F3/R3 or above, or a long-term rating of BBB-/Baa3/BBB-/BBB low or above by at least one of the major credit ratings agencies: S&P, Moody’s, Fitch or DBRS Morningstar.

How will it support your business?

The scheme provides a quick and cost-effective way to raise working capital for companies who are fundamentally strong but are experiencing severe disruption to cash flows, helping businesses across a range of sectors to pay wages and suppliers.

How can your business access it?

For applying companies must issue a commercial paper directly to the Bank of England (BoE) to receive an immediate cash injection by selling short term debt.

The Facility will purchase sterling-denominated commercial paper, with the following characteristics:

What QX Advises:

Be watchful of criteria that will not qualify your business for this loan.The BoE doesn’t accept commercial paper with non-standard features such as extendibility or subordination, for example:

Commercial paper issued by banks, building societies, insurance companies and other financial sector entities regulated by the Bank of England or the Financial Conduct Authority will not be eligible.

Support for Businesses Paying Tax (SF –BPT)

It’s a scheme that extends to all businesses and self-employed individuals who pay taxes or have outstanding tax liabilities.

Form of Funding : Case by case basis via HMRC’s Time to Pay Scheme

Is your business eligible for applying?

The scheme is eligible for all businesses and self-employed people who:

  • Pays tax to UK Govt.
  • are in financial distress in the light of coronavirus
  • have outstanding tax liabilities

How will it support your business?

If your business (or you are self-employed) is struggling to meet outstanding tax obligations due to financial difficulties, you can contact HMRC to see if you are eligible for support via its Time to Pay scheme.

You will most probably receive support in the the following forms:

  • Agreeing on an instalment arrangement
  • Suspending debt collection proceedings
  • Cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately

How can your business access it?

Contact HRMC to avail the benefits of this scheme.

Call the helpline number, on 0800 0159 559, to see if you are eligible for Time to Pay support. Help from HMRC is assessed on a case-by-case basis.

What QX Advises:

If your business (or if you are self-employed) have missed a tax payments to the HRMC, we suggest you contact HRMC at the earliest to seek a tailor-made case by case based solution.

Coronavirus Future Fund (CCF) [NEW]

This scheme will provide government convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

It will launch in May 2020.

Form of Funding : Convertible Loan

! What is a Convertible Loan?
A convertible loan is one that entitles the lender (or the holder of loan debenture) to convert the loan to common or preferred stock (ordinary or preference shares) at a specified conversion rate and within a specified timeframe

Is your business eligible for applying?

Your business is eligible if it meets the following conditions:

  • Your business is based in the UK
  • Your business can attract the equivalent match funding from third-party private investors and institutions
  • Your business has previously raised at least £250,000 in equity investment from third-party investors in the last 5 years
  • Full eligibility criteria will be published shortly by the Government.

How will it support your business?

The Government will make unsecured bridge funding available under the scheme, and these have to be atleast matched by private investors. The loans will constitute no more than 50% of the bridge funding being provided to the company, with the remaining amount provided by matched investors.

The bridge funding must be used solely for working capital purposes; not to repay any borrowings, make any dividends or bonus payments to staff, management, shareholders or consultants and other prohibitions you will find here.

The bridge funding shall automatically convert into equity on the company's next qualifying funding round at a minimum conversion discount rate of 20%

How can your business access it?

The Loan scheme will launch in May 2020 and will continue until September 2020. More information will be available to loan seekers in May.

What QX Advises:

The Future Fund delivered in partnership with the British Business Bank may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.



For Self-Employed

Income Tax Deferral for Self-Employed Individuals

The chancellor has announced that all individuals who pay Income Tax on the profits from their self-employment are able to defer any payments due by 31 July 2020 until the end of January 2021.

Form of Funding: Deferral

Is your business eligible for applying?

All self-employed individuals due for self-assessment payment on 31 July.

How will it support your business?

If you are a self-employed individual due to pay your second self-assessment payment on 31 July 2020, you may wish to defer your income tax payment 31 January 2021.

How can your business access it?

You need not apply for this scheme. It’s an automatic offer from the government. Income tax refunds will be paid by government as usual and no late penalties or interests for late payments will be charged until January 31.


Self Employment Income Support Scheme (SEIS)

This scheme will support self-employed individuals (including members of partnerships) who have lost income due to coronavirus (COVID-19)

This scheme will allow self-employed individuals to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

Form of Funding : Grant

Is your business eligible for applying?

Individuals who are eligible for this scheme must meet following conditions:

  • Have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
  • Have traded in the tax year 2019-20
  • Are trading when you apply, or would be except for COVID-19
  • Intend to continue to trade in the tax year 2020-21
  • Have lost trading/partnership trading profits due to COVID-19
  • Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:
  • having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
  • having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 2016-19, HMRC will only use those years for which you’ve filed in your Self-Assessment tax return.

If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.

How will it support your business?

HMRC has capped the grant at £2,500 per month, so theoretically could be worth £7,500, but is calculated by taking a basic average of your taxable profits as mentioned earlier.

If you have not submitted Self Assessment tax returns for all 3 years:

The Governement will work out your average trading profit based on continuous periods of self-employment, which will be either:

  • the tax years 2017 to 2018 and 2018 to 2019
  • the tax year 2018 to 2019 only, even if you were self-employed in the tax year 2016 to 2017

The grant will be 80% of your average trading profit, divided by 12 which will give a monthly amount. HRMC will pay this or up to a maximum of £2,500 a month, whichever is lower – directly to your bank account from June 2020.

How can your business access it?
You cannot make a claim yet.

HMRC will aim to contact you by mid May 2020 if you’re eligible for the scheme, and invite you to claim using the GOV.UK online service.

What QX Advises

This scheme is intended to mirror the support given for furloughed employees. It will allow you to claim a taxable grant.

For Retail, Hospitality and Leisure

£25,000 Cash Grant for Retail Hospitality and Leisure

This scheme is offering a £25,000 one-off grant to eligible retail, hospitality and leisure businesses who have incurred loss in revenue due to the onset of COVID-19. Note that the requirements to receive the grant will depend on where your business is located in the UK. (See below)

Form of Funding : Cash Grant

Is your business eligible for applying?

Your business is elgibile if you meet the following conditions:

  • Your business is based in England
  • Your business is in the retail, hospitality or leisure sector
  • Your business has a rateable value of under £51,000

Properties that will benefit from the relief will be occupied properties that are wholly or mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • for assembly and leisure
  • for hospitality, as hotels, guest & boarding premises or self-catering accommodation

How will it support your business?

Two reliefs are available for businesses in the retail, hospitality and leisure sectors:

  • 100% relief from business rates for the 2020/2021 tax year. This applies to all businesses in these sectors in England and Scotland. In Wales relief is given to businesses with rateable value below £500,000. This scheme does not operate in Northern Ireland – instead all businesses will pay zero rates for April, May and June 2020.
  • Cash grants of £25,000. These will be given to businesses in these sectors with rateable value between £15,000 and £51,000 (in England). Small businesses with a rateable value below £15,000 (in England) will receive a cash grant of £10,000. These grants are also paid in Scotland, Wales and Northern Ireland, although different thresholds apply.

How can your business access it?

You need not apply for this loan. Local authorities in England have been asked to write to businesses who are eligible for securing this grant. It is expected that local authorities will automatically pay the grant to eligible businesses.

What QX Advises

If your business is struggling and you haven’t heard back from your local authorities yet, find your local authority in this government search finder and contact them at the earliest.

Business Rates Holiday for Retail, Hospitality and Leisure

Businesses in a number of eligible sectors don’t have to pay business rates for 12 months, covering the 2020/21 tax period so that they can work to maintain property payments and cover ongoing costs.

Form of Funding : Business rates holiday for the 2020 to 2021 tax year

Is your business eligible for applying?

Your business is eligible for the business rates holiday if:

  • your business is based in England
  • your business is in the retail, hospitality and/or leisure sector

Properties that will benefit from the relief will be occupied properties that are wholly or mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • for assembly and leisure
  • for hospitality, as hotels, guest & boarding premises or self-catering accommodation

More information on eligibility is set out in the expanded retail discount guidance.

How will it support your business?

The grant covers businesses and properties that are wholly or mainly being used:

  • As shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • Estate agents, letting agencies and bingo halls
  • For assembly and leisure
  • As hotels, guest and boarding premises and self-catering accommodation
  • Occupied by providers on Ofsted’s Early Years Register
  • For the provision of the Early Years Foundation Stage.

The government has confirmed that businesses who received the retail discount in the 2019/20 tax year will be rebilled by their local authority as soon as possible.

How can your business access it?

There is little for you to do at this point since these changes should be made automatically for your next council tax bill for April 2020. However, local authorities may have to reissue your bill to provide this support. They will do this as soon as possible.

You can estimate the business rate charge using the business rates calculator.

What QX Advises:

If your business is struggling and you haven’t heard back from your local authorities yet, find your local authority in this government search finder and contact them at the earliest.



For Other Sectors

Business Rates Holidays for Nurseries

Similar to the Retail, Hospitality and Leisure sector, this scheme will allow Nurseries to receive a business rates holiday for the 2020/21 tax year.

Form of Funding : Business rates holiday for the 2020 to 2021 tax year

Is your business eligible for applying?

To be eligible premises must be:

  • occupied by providers on Ofsted’s Early Years Register, and
  • wholly or mainly used for the provision of the Early Years Foundation Stage.
  • Premises that are occupied but not wholly or mainly used for the purposes above will not qualify for the relief.
  • Premises which have closed temporarily due to the government’s advice on COVID19 will be treated as occupied for the purposes of this relief.

How will it support your business?

Businesses will receive a bill showing no business rates charge for the 2020/21 tax year. Those who had already received bills for the 2020/21 tax year will be rebilled.

How can your business access it?
There is little for you to do at this point since these changes should be made automatically for your next council tax bill for April 2020. However, local authorities may have to reissue your bill to provide this support. They will do this as soon as possible.

You can estimate the business rate charge using the business rates calculator.

What QX Advises

If your business is struggling and you haven’t heard back from your local authorities yet, find your local authority in this government search finder and contact them at the earliest.

Note from the Editor: This blog is a part of a special series that explores "COVID-19 Support for Accountants". Stay tuned for more updates on this or contact our experts for discussing support strategies during COVID-19.

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.


About Rishmita Aich

My name is Rishmita and I’m an aspiring journalist and blogger. I love telling stories – of people and brands. When I’m not too busy typing out incessantly on the computer, you’ll find me reading some old American classics or petting some furry stray cats.