Our business is struggling with the economic downturn. Where can we get help?
The Government in the UK has introduced a range of measures, check the following links:
Enterprise Finance Guarantee (EFG)
Under the EFG, the government will guarantee lending to viable businesses for working capital and investment. The scheme will support bank lending of 3 months to 10 year maturity, to UK businesses with a turnover of up to £25 million. It will enable businesses to secure loans of between £1,000 and £1 million and is available up to 31 March 2010.
The guarantee can be used to support new loans, refinance existing loans, or to convert part or all of an existing overdraft into a loan to release capacity to meet working capital requirements. Potential eligibility can be established at the following web address:
HMRC Payment Support Service
This Pre-Budget Report (PBR) measure deals with problems relating to meeting tax, NI, VAT and other payments owed to HMRC. A Business Payment Support Line can be called seven days a week and temporary options can be discussed, i.e. arranging for you to make payments over a longer period.
Tel: 0845 302 1435 (Monday-Friday 8 a.m. to 8 p.m., Weekend 8 a.m. – 4 p.m)
Tax Relief On Carry Back
Businesses that have recently become loss-making can benefit from trading loss carry-back , will be extended for a temporary period from one to three years, for up to £50,000 of losses. This came into effect on 24 November 2008.
Further information can be found at http://www.hmrc.gov.uk/pbr2008/
Capital for Enterprise Fund
The Capital for Enterprise Fund will provide £75 million of equity, made up of £50m of Government funds and an additional £25 million from Barclays, HSBC, Lloyds TSB and RBS. The purpose of the fund is to provide equity and quasi equity of £250,000 to £2 million for companies with a turnover of up to euro 50 million who have viable business models and growth potential in need of long term capital. The Fund will be managed by professional experienced fund manager.
Capital for Enterprise Fund Registration Helpline: 0845 4599780
Empty Properties Rate Relief
The Government is temporarily increasing the threshold at which an empty
property becomes liable for business rates. For financial year 2009-10, empty properties
with a rateable value of less than £15,000 will be exempt from business rates. This will come into effect in April 2009.
Small Business Rate Relief
If you own a business which has a rateable value of below £15,000 a year (or less than £21,500 in Greater London) you could claim up to half of your business rates back. Applications for relief must be made to your local billing authority. Further information can be found at the following web address:
Labels: economic downturn, help for smaller businesses